1. Traditional market:
Traditional market is the market or shops from where we buy products. Normaly we can see people gather at the market premises and buy their required products from their. This is very common type of market which can be seen everywhere around the world. There are some advantages and disadvantages of this traditional markets.
First coming to advantage we can say the in traditional market buyers get the opportunity to buy products by seeing them and touching them. They can get sure about the quantity and quality of the product they are buying. Buyers can burgain with the shopkeepers regarding the price of the product they are buying.
It has some disadvantages too. One has to step out of home and move in to gathering to buy their product. Traditinal markets are opened for a stipulated time. hence buyers have to buy in that time span. In most of the cases buyers have to carry liquid cash with them.
Digital market:
Digital market on the other hand is a new inclusion in our society. This is based on internet. People can order and buy products from their mobile or laptop. Now a days people are getting accustomed with digital market very quickly. There are some advantages and disadvantages of this market.
The advantages are Digital markets are available at home comfort and the products can bought from digital market at any time of the day. This market is opened for 24*7. People can easily buy products without using liquid cash.
There are disadvantages too. As people buy products from home, they are unable to see or touch products before buying. Buyers cannot burgain with the price as they need to buy at the mentioned price only. Hence buyers cannot be alwys sure about quality and quantity of their product.
2. E-commerce has made a huge impact in fashion industry. E-commerce websites like Amazon, Flipkart have introduced many fashion garments and other accessories from companies all over the world just one click away from the buyer's home. The products are brought to their home and in most of the cases buyers are given opprtunity to pay the amount when the products are delivered to them. People can buy their suitable products by searching from a variety of collections and can buy their favorite one from home comfort. They are informed about the size of the garments in the website to help them to understand their suitable size. Though as buyers cannot see the size and cannot make trial before buying, they may have to return their product and buy some other size in some cases. The E-commerce companies also provide easy return and exchange schemes to make their service more reliable. A huge number of peoplr buy fashion products from E-commerce sites today. E-commerce sites have change the concept of shopping as a whole.
3.User generated reviews of products in online shopping helps buyers to trust about the product they are buying. The reviews provided by the buyers who have previously bought the product helps the new buyer to understand about the quality, quantity and sustainability of the product they are buying. But there are some shortcomings too. In many cases it is seen that the reviews provided in the E-commerce sites are fake. In some cases the manufacturers or the sellers post the revies in other names to increase sell of the produst and earn high profit. In some cases it is also seen that people post false reviews about some products only to show that the product is not good. We can also say that the honest revies given by the potential buyers also depend on mental state of the buyer. It is a kind of psychological behavior. One may like a product but that may not be liked by someone else. requirement of different kinds of features differs from person to person and it cannot be stated properly that someone is correct and someone is wrong about the requirement of features. Hence one must be very aware of understanding the buyer's mindset while reading reviews.
4.I would trust an expert's recommendation than a friend's recommendation while buying products in which I don't have knowledge at all or I possess a vey tiny amount of knowledge and on which I am investing a huge amount. For example suppose I am going to buy a new car and I don't have much knowledge about the features the companies are providing and their importance. Suppose I am confused whether I should buy a Hyundai car or a Maruti Suzuki car. In this I may ask my friend to suggest me but I must also take recommendation from an expert. Because only an expert can properly understand my needs and suggest me which one I should buy. As I am investing a huge amount in it, I must look for a stable suggestion.
On the other I should prefer an expert suggestion rather than a friend's suggestion in investments in which there is a good amount of risk. For example when I am going to invest in mutual funds, I should ask for an expert suggestion rather than a friend's suggestion. Because the investment contains a good amount of risk. Hence I should consult someone who can suggest me reasonably.
5.Social network is a place in which we love to engage ourselves. Most of the people spend a good amount of time everyday in social network. In twenty first century social networking ha become so popular that business companies are using these platforms to introduce their products to the buyers. They are buying slots to show video adds in the social b=network sites and with this they are able to reach their product to huge number of buyers. Suppose you are doing social networking and suddenly a video add starts in middle of the video and you have to watch the add upto a certain time after which you can skip the add. By watching the add time and again in several videos it must leave an impact on your mind. And in some cases people gets familier with many new products while watching adds.
6.I seldom use social network to decide which product to buy. Because I cannot fully believe the reviews and advertisements given in the social networks. Now a days thetre are many fake videos and reviews circulated in social networks which are given only to fool the buyers.
I always prefer professional reviews while buying any product. Because professional reviews are ment to give us proper information about quality, quantity, features of a product. Proffesionals understand the requirements of different kinds of buyers. Hence they provide useful videos. And most importantly in most of the cases proffesional rivies are not given to fool buyers, but to help buyers to understand their requirements and make decision.
7. A B2B directory ofor a business to business directory is a marketplace for international buyers and sellers. The directories operate in global basis. B2B industries like Alibaba contributes in international trade by providing a platform where one can find new products and business authorities can find new business partners. Most of the business houses today are registering their business houses with the B2B directories and promoting their apparels at global basis.
There are some limitations too of the B2B directories. The whole process may be dependent on multiple stakeholders and decision makers. Consumers have more decision making power than sellers in B2b business models as compared to other business models. This certainly contradicts the interrest of the sellers. There may be occurrence of demand customization, try to lower price rate in B2B directories.
8. Ride sharing is term commonly used in today's application based cab services. Though it is also done in general cab services.
The advantages of cab sharing are i. It reduces the cost of transport. The whole amount is shared among the riders. Hence it requires the riders to spend small amount. ii. Sometimes it provides securiies to female riders at abnormal times like late nights. As they get their co-passanger with them who may be known to her, it may become safer for her.
It also have some disadvantages i. People may have different destinations while riding. hence share ride normelly takes more amount of time than usual one. ii. At abnormal times like late night, it may not be safe for female passangers as they may have ride with unknown riders.
9. M-commerce or mobile commerce is a subsidiary of E-commerce. It is introduced in 1997 by Kevin Duffey in order to make E-commerce available at evry hand. Now a days people use smartphones. They can access wireless internat services from anywhere. They can access E-commerce sites and applications from their mobile phones and can buy products online by using their mobile phones. Hene M-commerce has become very popular now a days. Infact most of the online purchases are done from mobiles or tablets using different onliune shopping applications. Buyers are provided many offers for purchasing products using applications. In this way M-commerece is getting popularity among people and in near future it should expand and reach E-commerce.
10. Advisers are interested to promote their product to social networks because they believe that they can reach to a huge number of population and huge variety of population through social networks. Now a days social networking sites are accessed by all group of people and all aged people. People spend a huge amount of time everyday in social networking sites. Hence providing an advertisement to the social networking site can poularize a product easily among people. When people start seeing regular advertisement of a [product in social networking sites they must become interested about the product. An some potential buyers can find their required product from social networks by watching the advertisements.
Get Answers For Free
Most questions answered within 1 hours.