Tuesday, August 31, 2010

Technology is changing everything

Down streaming the product and attempting to make the product more purchasers friendly had led to two major changes:
1. The products will evolve continuously to meet the consumer requirements. Unlike the olden days where the product version was not that dependant on customer views. This will not only increase the customer satisfaction, but will also act as a platform to increase the customer base for a given product.
2. The power of purchasing a product, unbiased solely lies in the hand of the customer. Hence, products which are not user friendly will be eradicated from the market, as there is no room for false advertisements that might lure the users to purchase it. This is possible because the user now has the advantage of reviewing the product before purchase. Be it in terms of feedback given by other buyers or the critiques posted by subject matter experts online.
Thus, the focus is now making the products more customers friendly. In any given organization high priority is given for customer satisfaction. Retaining the older customers and at the same time engaging with newer customers.

A few steps that firms need to take towards down streaming of their products could be:

1. Providing internet access to users within their stores, and having some kind of discounts for people who provide feedback about the product online.
2. Providing incentives to user who introduce the products to other consumers, online.
3. Give a recommended list of items whenever the consumer either visits the store or logs into the product website. This should be based on the previous history of similar purchases made.
4. Ability to buy or sell used products within the vicinity of the organization instead of using 3rd party systems such as e-bay. This will not only increase the market scope for the product but also will provide assurance to the costumers about the re-sale value of the product. Therefore, gaining customer trust!

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