Everyone knows, in this current modern world, online shopping has already become a part of everyone. Competition between merchants have also since moved from the Physical Market to the Online Market. But what exactly is the biggest difference between Online Marketing and Physical Marketing? This post would tell you more about the features of online marketing.
1. Instant Interactions with Customers
Online Marketing has broke the distance between time and space. Therefore, information circulation also has become faster and both the selling and buying party can communicate instantly. For example, merchants can act according to customers’ request or their browsing behaviour or preferences to send them related goods that may be to their liking. Merchants can also use emails as a platform to send news of new product releases or promotions that is for a limited time to their customers.
On the online platform, both the selling and buying party are involved, and therefore relying on customers’ reactions can help to gain instant feedback to make necessary improvement as a whole.
2. A Global Market Effect
The online market has no limitations, consumers can purchase from any countries at anytime, from anywhere. Online marketing can help smaller local brand or smaller merchants to use the internet as a platform to bring their business onto a global level. Even a small merchant, can now also have the ability to compete with bigger companies, internationally. “The Long Tail” is exactly what globalisation is bringing. Despite many traditional businesses still holding onto the 80/20 rule (80% of the company’s profit is brought about from 20% of the products), globalisation has allowed smaller merchants to also have the chance to showcase themselves, bringing about more business opportunities.
3. Low-Cost Advantage
The online market has often helped to reduce many intermediary involvement, and has helped online merchants to shorten their marketing steps, reduce their costs and eliminate higher rent and unnecessary labour cost, which all in turn helped to reduce their product costs as well.
4. New Technology Introduction
Online shopping experiences have been evolving and improving, and many merchants have also started to add innovative technology. A simple example would be Google Analytics, which helps to analyse big data and convert it into simpler information, helping merchants better understand their customers’ demographics and shopping habits, for a more accurate market positioning. Chat-box function, Virtual Reality and Augmented Reality have also been gradually used in the retail industry, such as in the apparel market.