Changing Market Landscape
Kumar Saurav, Assistant Professor, IQ City United World School of Business, Kolkata
Since Last two to three years market and its forms has taken a giant leap. The very determinants of customer satisfaction are rather changing at a brisk rate. We have seen the advent of tech companies who are redefining the benefit and value given to the customers. The dynamics is slowly shifting from customer satisfaction to customer delight to customer empowerments. Market is transforming itself as far as value is concerned. The very concept of customer experience has taken a new dimension. We have seen how UPI payment has brought a greater number of participants and has ushered in a large rate of conversion rate of digital payment. Reasons being simple
- It’s easy rather very easy to use (user friendly)
- Entry and exit system is hassle free
- Built in security
- Small businesses can be part of digital eco-system
- No significant compliance formality
- Convenience is being preferred to fear of trying new technology.
- Market customisation-(Technomisations)- It happened due to the data available to the tech companies. With the usages of smart phone or any internet device, Companies do get to know about our preferred choices. The huge number of data are mined, processed and are used to offer benefit to individual’s based on their specific needs. It was earlier thought of but it has actually already taken the shape. Those who got it are smiling and many companies have sadly missed the bus. (I would rather not prefer to take the name.). The need was always there unstated and unknown to the customers. Some managed to identify and roped in early. True to Kotler’s word.” Market changed faster than the Marketing.”
- Pricing-The pricing is very intriguing, from giving coupons to charging very low sometimes. It always makes customer thinks” what next I am going to be offered”. These tech companies have made the pricing a matter to be talked about, interesting, and alluring. Its illusional at times but these are the games they play. Value is all about being perceived and that is where the marketers scores.
- Product design- One of the most important factors which changed the landscape and enhanced the customer’s acceptance was the lucid and hassle-free method of product usages. We saw that how investing in equity market could become very easy with emergence of Upstax, Grow and other fintech. It attracted the large chunks of aspiring customers who earlier could not participate in equity market due to its complexities. Product is hassle free and total user friendly. It has increased customer addition to manyfold. Owing to its ease of entry and exit, It helped the fence sitters to get attracted. The Product apart from giving solutions also excites the customers since it gives them liberty and power to handle as per their own requirements.