A market may have unlimited definitions. Let’s just get down to the basics and say out loud the first line that comes to our mind. Markets – A place where buyers and sellers meet, a place where goods are being sold to customers, a place where commodities are exchanged for money with the buyers– three answers that top the charts. But, for argument sake, let’s imagine a market without the buyers. A place where sellers are selling, goods are being sold and commodities are getting exchanged for money – & No sight of customers. Incomplete? Self-implied? Or does it sound familiar?
We see markets packed with people. And more often than not, we wish that the crowd around us would just disappear! Won’t that be so easy? No hassle to look for your size and a much needed break from the endless queues outside the trial rooms & billing counters. And snap goes the genie! You wished for it – you got it! Here comes the “e-commerce” boom. Isn't that “trending” these days?
Well, it has been here for a while now, hasn't it? It sure seems like that. Strange how a few shrink years can seem like an entire generation. A new generation of markets with their own definitions – much like the ones we most recently devised. A market without the customers! A market that travels. One that goes anywhere the buyers want it to come. But a market that, in essence, does not hold its buyers within it. Its like a separate entity altogether.
It seems like online is the future of the markets, i.e., if you still want to call them that! Just a small fact here, a recent study published in Forbes suggested that 68% of the sales happen online these days!
Oops I lied! What the study actually says is that a whopping 94% of total retail sales are still generated at brick-&-mortar stores. Though I’m pretty sure the first statement is much easier to believe! It’s true that online shopping is quite convenient and you get a lot of discounts, but while it might serve as a perfect (& much needed) complement, a supplement it might never.
In our rush to “digitize” everything that meets the eye, we often forget to separate ourselves from the technology that has become almost like another part of our body. These days, our eyes often travel from one screen to another and seldom from one person to another. Have you even noticed the lack of “human touch” in our lives? Probably not, we live in a generation that has adapted easily & too quickly to the tech advance. Now, it seems like our life would come to a stand-still without "our precious”- our gadgets. We might not notice the lack of personal interactions, but we definitely would notice if all of a sudden any of our electronics stopped working!
It is thus clear that most of us don’t even acknowledge the pleasure we feel subconsciously when we go to a shop and shop the “old way”. For someone, it might be touching the material of that dress that no description or HD image can match. While for someone else, reading an elaborate description or even watching a video might not match the rush to try out that latest technology that the salesman is so enthusiastically talking about, or the one they just happened to notice while mindlessly walking through a mall.
Online is a market in our pocket – no more are we a part of it, it’s a part of us! But have you ever wondered why so many of the "online only" stores are now opening up brick & mortar outlets for their consumers to check out their stuff? Why do sales, well at least 94% of them, still mean an in-person activity? Or why do you see stalls from so many online shops in Fairs and Events – even the ones selling, & here constantly talking (in person) about their digital goods! What do you think is THAT all about? It’s about fulfilling that gap of Meeting the customers. To fulfill what the technology has yet to capture – our need for human interaction.
The “online-only generation” – a whole new generation of markets was merrily growing at an exponential rate, right when it was caught in the foot and made to turn a complete circle! Where “unconventional” means of advertising and selling were being adopted by brands – we started seeing unconventional means being advertised through the “conventional” or traditional media. So it came back to advertising the Apps and Sites through televisions, through print and even through various events!
Intentionally or unintentionally, these online-only stores are again moving towards integrated marketing approach. They are automatically projecting themselves as complements while introducing themselves, with full conviction, as perfect supplements.
Tell me what you think about it! Leave a comment!
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The rate of improvements in technology is faster than the rate of change in perception of people.
ReplyDeleteSecondly, the market theme itself might be the cause, as in the standard products, for which one is sure of to be the same at any retailer/ seller/ market, one would be willing to buy it online, as there is no judgement from one needed.
For markets requiring one's awareness or knowledge to evaluate a product, it might have to be physical retailer.
But, I believe Electronics is one market which has changed this perception, for example buying a laptop online is not different than physical market. You can mix and match, read about it online, check reviews, etc; but for products like clothing, which have so many product specifications, are difficult to evaluate online, so a physical market is needed.
Many, like me would argue that physical books are more pleasure to read than e-books, but again, its the perception and mentality I believe.
Agreed. Usually, the rate of improvements in technology is much faster than the rate of change in perception of people. It's about how brands are trying to change this perception and the message they are trying to convey. I've added a few examples to show how the "online-only" stores are trying to frantically bridge the gap created by an inherent need for human interaction & in process are projecting themselves as a complement to the traditional shopping media.
DeleteMoreover, when high involvement goods are concerned, it is often observed that even with all the online research, some amount of personal interaction is appreciated. Whether it's just about credibility or there is something more associated with it, is still debatable. It is also found to vary across countries or cultures.
In the present times, a direct interaction seems the need of the hour. Now, what the brands have to choose is whether they would like that interaction to be a product-consumer interaction or a brand consumer one.
True, you summarised it well!
DeleteThanks Atul! :-)
DeleteGood Read !
ReplyDeleteThanks Sumit! :-)
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