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)
  • Reliable
  • 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.
Owing to its facilities being provided on so many platforms it has become a preferable choice for so many nameless and faceless customers. As per The National Payment corporation of India (NPCI),UPI transaction crossed Rs.5.47lakh crores in June. It is helping the economy to steer away from black economy and enable digital platform to the mass customers.   This has reaped benefit since, people can transact easily hence it helped economy grow. It has got its tractions in rural parts of the country also. It has also become a great threat to the major card payment solution provider like Visa and Master card. We have also seen CRED a credit card payment platform, imposing a great threat to the traditional credit card provider.   We have so many tech companies arriving and capturing the market share in less than 2- 3 years. The whole brand making system is being done in lesser time. We have so many examples Zomato,Swiggy,Nykaa (buzz it created with its IPO is well known).   The whole concept of Product life cycle is metamorphosed. Now a days with the advent of these tech companies the time taken to reach from introduction to maturity phase is being reduced to a thin margin. The very established players are challenged by the newbies and they are being thwarted also.   As a student of marketing I could realise the following factors responsible for the fast emergence of tech companies .
  • 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.
This is a great time for the START UP . Budding Management students should look into the aspects of the changing marketing Landscape. We have seen that the best ideas with the right commitments along with the appropriate applications of technology works well. Brand equity is achievable in short span and quite reverse could also happen. The new Product experience find special place not only in the mind(positioning) of customers but also in the heart.  We should be more optimistic. Understand the Marketing environment, assess it and act before it’s too late.