Online Shopping powered by fariwala.com
What is Online Shopping? The online selling of or enabling the sale of products or services to consumers.
How did Online Shopping come about? â€˘ Online shopping emerged with the development of the internet. â€˘ Entrepreneurs saw the potential in online shopping and sprung at the chance to make virtual storefronts, so that consumers could shop without leaving their homes. â€˘ Fariwala.com-online shopping
Growth of Online Shopping • There are over 70,000 new websites put on the internet every hour. • Internet traffic is doubling every three months. • Projected annual internet commerce revenue has grown from $35 billion in 1998 to $1.4 – $3.2 trillion in 2003. (Taken from CISCO Systems WEB Site) Fariwala.com-online shopping
Risks & Disadvantages of Online Shopping • • • •
Fraud- Do you know the Company? Security- Is your credit card safe? Privacy- Is your information being sold? Shipping- Are you getting the correct product at the requested time? • Difficulty- Do you know how to shop online? Fariwala.com-online shopping
Consumer Benefits â€˘ Convenience -Geographic -Store hours -Ease of transaction -Quick and efficient shopping process â€˘ Information -Quick location of items -Easy price/attribute comparisons Fariwala.com-online shopping
Firm Benefits â€˘ Less dependence on intermediaries -Geographic distribution -Holdup -Time to delivery â€˘ Marketing -Target marketing -Direct customer relationships -Customer service Fariwala.com-online shopping
Online Shopping VS. Traditional Shopping â€˘ Differences -Cannot try or test product before purchase. -Minimum human interaction if any. -Cannot pay by cash. -Shop anytime online. Fariwala.com-online shopping
Online Shopping VS. Traditional Shopping â€˘ Similarities -Advertisement. -Security. -Convenience.
2005 expected pattern of electronic shopping users 1
Consumer acceptance(%) 15-20% "hard core"
Fariwala.com-online All the rest still irregulars! shopping
% items shopped electronically 50-75% 25-35% 10-20% 5%
Key Findings of Michael De Kare-Silver in e-shock:
Already about 15-20% of consumers say they’d prefer to shop electronically rather than visiting the shops. It only takes a drop of about 15% in store traffic to make many stores unprofitable. This revolution will achieve critical mass as early as 2005. Manufactures can seize the opportunity to decide whether to establish their own direct consumer distribution and bypass existing retail chains. Fariwala.com-online shopping
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