Q1) Why there is need of technology and concerns of technology in doing business?
Innovation is the great way to success in this digital age. The path of innovation in business means doing something different, smarter or better that will make a positive difference in terms of value, quality or productivity by using emerging or proved technologies of the world.
The technology which has already proved itself in last two decades is of course the information technology (IT). It has dramatically changed the lives of the individuals and organizations.
Currently online shopping, digital marketing, social networking, digital communication and cloud computing etc are the best examples of change which came through the wave of information technology. Following are business phases in which technology plays a vital role.
Speed and accuracy are at the heart of making right decision for your business. Every successful organisation has to go through a comprehensive market research process which enables management to make the right decision. Market research can be done in many ways through online surveys, forums, blogs, group discussions using World Wide Web and of course through in-person interviews as well. Currently Big data, Google Analytics and Microsoft CRM Dynamics are also great tools to extract useful information which can impact on decision making.
Marketing and Business Growth
The heart of the business success lies in its marketing which enables the management to identify its target audience first and then observe their trends and needs. Digital Marketing is a modern phenomenon which let you promote your products or services all over the world. It is a broad term which includes many concepts like search engine optimisation (SEO), pay per click (PPC), blogging, discussion forum, email shot, SMS, MMS, social media marketing and Smartphone app advertisement etc.
Customer Support and Satisfaction
Higher level of customer satisfaction is the key to success which cannot be achieved without a real time customer support process. Effective communication is the best tool to understand the customer demands, problems and their solutions. Thanks to the Internet Technology that has enabled us to communicate with millions of potential or existing customer in the real time. IT provides many channels to communicate with the customer without going out in snow or rain. Some of these channels are email, webinar, social media, member portals, online newsletters and text or multimedia messaging through the smart phone.
I think, it is impossible to attain long term business success without leveraging the benefits of information technology in this digital age. IT solutions continue to increase the productivity, efficiency and effectiveness of business operations and communication, business will continue to rely on Information Technology for success.
Q2) How 4-ps of marketing works for e-commerce and its convergence into e-commerce?
Now a days marketing through digital media is an effective way of promoting your product and attracting more customers and markets. Marketing famous 4’s is most commonly used business tool which provide useful framework E-commerce activities.
PRODUCT-Internet can be the medium for purchase (e.g. typical online retailers) or the medium for the product itself (social media, cloud storage, etc.).So make sure you have enough images, or even better a video, and have a clearly visible forum for questions and of course think about the cross-selling opportunities. If the product is itself Internet-based, even better. You can offer trial versions, demos, upgrades.
PLACE-In this context, Place means positioning in the major search engines. Most online businesses actively invest in SEO, either in-house or outsourced, and this is probably the single most important factor when it comes to planning your B2C marketing strategy. Promotion through advertising display, using media advertising and banners as promotional material can also be extremely effective if they are properly prepared and implemented.
PRICE-It has been shown that that promotional content with price information, whether text ads, banners or anything else, has a higher response and conversion rate. And since price is usually the defining criterion when customers browse for products you will do yourself no favours by hiding it.
PROMOTION-Promotion is where the Internet really comes into its own. Search-engine optimization (SEO) is a must-have for all online businesses and pay-per-click (PPC) advertising is also a very cost-effective tool and of course social media and email are great ways to get your products known
Convergence is the concept of polling together all materials and resources at one place for easy and guide distribution. Amalgamation, absorption and merge are taking place in the electronic markets. The aim of such convergence is to reduce the risk of uncertainly in the global market.
Multimedia convergence: It refers to the convergence of text, sound, data, image, graphics and video into digital content.
Cross media convergence: It refers to the convergence of various industries such as entertainment, publication, and communication media etc.
Storage convergence: The data are stored in services and digital libraries for easy access by the needed consumers.