Question

How are the profiles of online buyers and sellers changing? In your opinion, what are some of the strategic implications of these shifts to marketers (both online and traditional marketers)?

Answer 1

In the online commerce space, the profiles of online buyers have become dynamic and it is changing on the basis of trends more dominant in the market, buyers' focus on differentiated products that can cater the specific needs of the online buyers, buyers' approach to compare the goods on different platforms and convenient buying by the buyers. In response to it, online sellers are also changing. They keep benchmarking to put a competitive pricing, identifying occasions and time to give promotional offers and promoting those products that are in demand as per the trend. So, first its the buyers who are changing and following the clue, online sellers are changing.

It has strategic implications for the online and traditional marketers. Online marketers have become hyper local in its segmentation of the audience and targeting differently to different segments. In comparison to it, traditional marketers are ensuring that products on offer, are price competitive and it can cater the specific needs of the consumers to make them satisfied. Another strategic implication is that, online buyers are taking the help of sophisticated tools such as Alexa to know the movement of buyers from one website to another website. It helps them quote a competitive price. Further, they have also started customer loyalty as well as pay later scheme so that more buyers are attracted. While, traditional marketers are offering the customized messages to the consumers so that they can increase their local acceptability and local responsiveness. Here, both types of marketers are working with a change in strategic perspectives.