In the past two and half decades, the Internet has grown in leaps and bounds to become the most used form of media in the world. Platforms like Twitter, Instagram, and Facebook, have millions and millions of users. It provides easy access to consumers throughout the world.
As a matter of fact, the internet has redefined marketing in that, as opposed to traditional times where retailers had to take the product to the consumer, the consumers now come to the product by logging in to the internet sites like Flipkart and Amazon on their computers in the comfort of their homes. The internet has impacted the world to a global village.
For marketers, This has been a blessing as they can expand their markets to all corners of the world. Millennials who account for the greater population of internet users have found that internet shopping is free of many hassles. It provides an easy, convenient and hassle-free method of purchase of products at an affordable price. It has eliminated the need to visit storefronts for window shopping. Most of my friends and colleagues use this platform to carry out their research on products and make their purchases. In this way, one makes sure that he gets the best quality product and within his budget based on the reviews of the product online.
Another incredible innovation about internet Melbourne marketing is the use of influential bloggers and socialites who act as influencers to the millions of followers and fans all around the world.
For instance, If Kim Kardashian wears makeup or a dress by a certain designer, it takes a matter of minutes before all stock is sold out. A new buzz-word has cropped from all this to show that there is a considerable influence in internet marketing or SEO, but what is SEO. It is Known as `breaking the Internet`, where millions of fans and followers view and visit internet marketing sites causing near-crashes of these sites. This has proven to be an Amazing new tool in Perth marketing company. Internet marketers have crashed in on this tool and have many influences on their payroll to push their products to existing and new customers. In addition to selling products, it creates millions of jobs and thus reduces unemployment.
Internet marketers have also re-shaped our definition of traditional stores. It is no longer necessary to visit brick and mortar stores which line up the main streets of towns and cities. As a retailer, all I need to do is take good pictures of my product, state its features and its price on the internet. Brick and mortar stores lining up the main streets are gradually being phased out to give rise to a new kind of store, The virtual stores. Once the product is posted online, many consumers have access to it and can purchase it. This means costs associated with shops such as rent and utility payments are done away with. This translates to higher margins for the retailers who are then able to reduce their prices because of low overhead costs. It is a win-win situation.
In fact, Internet marketing has encouraged the digitalization of the economy, giving rise to a new concept known as cashless transactions. This does not involve the traditional exchange of hard cash between two people, the buyer, and the seller. It means that with a debit card or credit card; one can purchase the product of choice through the wireless transaction. Consumers now have a wider array of products to choose from even without the need to have immediate possession of money. The process involved is simple; view the product, add to cart and run up your card and voila, the product is delivered to your doorstep in record time.
Data analytics is an interesting branch of marketing that has come up through internet marketing. This means that marketers can tell the likelihood of a consumer to purchase a product based on his history of using the product. This also means that marketer can concentrate their effort to those consumers who are more likely to purchase their product. Based on internet searching, watch history and views on an internet user, data analysis can tell us who a potential user or buyer of a product is. Then, marketers bombard the potential buyer with messages of the product online and thereby winning the customer over. We have all experienced pop-up windows during our internet surfing sessions advertising for various products. Curiously, most of these products are ones we have recently searched on or are in requirement of. This is how data analytics works.
However, good as it may be, Internet marketing has some downsides to it. The above example of data mining and analysis can be abused to infringe on a consumer’s right to privacy. There are many stories throughout the world about internet hacking of sites where personal information has been stolen. The most recent case of it happened a few days ago with the Mycry ransomware which sent a scare throughout the world. A record number of countries were affected with millions of internet users at risk. This problem requires the concentrated effort of all government and site administrators to eradicate. Identity theft has cost the global economy billions of dollars in lost or stolen revenue.
Another risk that occurs due to internet marketing is that of not getting the real deal. Because purchase happens online without actual physical testing, many shoppers have fallen victims to illegal sites which deliver products that were not bargained for. Internet shoppers should be wary of such sites and only transact business with positive reviews. Moreover, many trusted websites have put in place redress mechanism in case of poor services. For example, one can return the product for a refund of the money spent. However, it takes a little bit of time and inconvenience.
In addition to this, counterfeit products are in abundance on the internet. Since physical contact with product happens after delivery, it might be too late for certain shoppers to institute any redress mechanisms. Many shoppers simply want to avoid the hassle. Counterfeit products are a hazard to users as they have not passed through strict quality control and testing of the product and therefore the harmful effects are unknown. This poses a challenge to internet marketing.
Although there are certain risks associated with internet marketing, The benefits are far much greater. In a world which is quickly moving towards more advanced computer technology, and access to the internet is growing by the day, Internet marketing will soon overtake all other forms. As for marketers, It is safe to say, “If you can’t beat them, join them”