mkt 318 individual assignment topic how digital tools are charging marketing mix 4ps

Customer co-creation: Customers can help companies improvenew product development by contributing ideas & selecting ideas for possible newofferings.For example: One of the biggest produc

MKT 318- Individual Assignment Topic: How digital tools are charging marketing mix (4Ps)

Student name: Phan Thai Quynh Hoa

MKT318 – Individual assignment

Topic: How digital tools are changing marketing mix (4Ps)

1 Introduction

1.1 Definition of marketing: The process used by businesses to provide

value to clients and develop lasting connections with them in order to obtain valuefrom them in return

1.2 Definition of marketing mix: The set of instruments (the 4Ps) the

company utilizes to carry out its marketing plan, promoting its brands or goods totarget customers, is known as the marketing mix 4Ps Product, price, promotion, andlocation are all included

2 How digital tools are changing marketing mix

2.1 Product: Anything that satisfies a customer's needs and wants might be

considered a product A product is often thought of as a material thing But it may also

be a product or even a ideas

2.1.1 Customer co-creation: Customers can help companies improve

new product development by contributing ideas & selecting ideas for possible newofferings

For example: One of the biggest producers of Consumer packaged goods in

the world, Unilever sells a number of well-known brands like Lipton Tea, Dove Soap,and Hellmann's Mayonnaise Nearly a century after its founding, Unilever now sellsover 400 goods and generates annual earnings of billions of dollars Unilever activelyseeks outside ideas through its open innovation platform, which is accessible on itswebsite, despite the success Everybody is encouraged to submit their ideas to thechallenges that are posted on this site Anyone over the age of 17 is welcome tosubmit their ideas, unilever will give you a portion of the sales revenue if yourconcept is chosen and turned into a real product

Step involved in co- creation:

- Customers must submit contributions

- Select a few valuable contributions from a larger set

Types of co-creation:

- Submitting: a company receives suggestions for new product offers directly from

customers

- Co- designing: while a broader range of consumers aids in choosing which content

or designs should be accepted by the firm, a relatively small group of customerscontributes the majority of a company's new product content or designs

- Tinkering: customers alter a product that is already on the market, and some of

these changes are included in later product versions

- Collaborating: customers have the ability to jointly design and enhance the

fundamental elements and structural underpinnings of a new product

Characteristics of the concept:

- The rule of one: When businesses develop new products, they thoroughly test their

thoughts and ideas to make sure they resonate with a wider range of their targetcustomers Customers don't participate in this kind of procedure when they submitideas for new products, though Because of this, many of these client suggestions arehighly unique and might not be appealing to other consumers

For example: I don't drink coffee; instead, I like tea As a result, if Starbucks were to

probably be a terrible idea Only approximately 1% of all client contributions arenormally excellent enough to adopt as a result of these kinds of individual quirks.This is a relatively small proportion Companies must thus solicit a lot of ideas andoffer incentives for clients to collaborate in order to co-create work

- Authenticity is critical: Authenticity is becoming more and more crucial in the new

digital era, when customers are also becoming more and more critical of businesses.Customers are therefore far more willing to offer their ideas, time, and energy tobusinesses that truly need them rather than merely try to take advantage of them forpersonal benefit

For example: Because Threadless' co-creation activity is seen as very real, people are

rather keen to offer t-shirt designs to the company That's what Threadless does; theystarted out as a co-creation firm In comparison, a typical manufacturer with a big in-house design staff would presumably be less likely to get suggestions for t-shirts fromcustomers

- Patches and badges: Everyone enjoys receiving praise for their work Co-creating

customers are not an exception Therefore, the majority of successful co-creationprojects recognize successful co-creators not only monetarily but also by giving them

a tangible token of appreciation

For example: Co-creators are honored by the US Space Agency, NASA, by being

given a unique patch they may proudly wear In fact, NASA discovered that this patchserved as a better motivation than money

- Don't be the bad guy: One of the risks of consumer co-creation, as we previouslyhighlighted, is the potential for alienating customers by disregarding their suggestions.Engaging your larger customer community to analyze, vote on, and pick thesecontributions is one method to lower this risk

For example: Through its Ideas Storm campaign, the US computer company Dell has

long sought out user suggestions for product enhancement The customer communityhad a significant role in this initiative's evaluation of these concepts As a result, otherconsumers believed that the rejected suggestions originated from the communityrather than Dell This lessened the pain of rejection and prevented Dell from comingout as the evil guy

Conditions where you can apply the concept:

- Product Development: Co-creation can be used to involve customers in the process

of developing new products or improving existing ones By seeking customer input,ideas, and feedback, companies can ensure that their products meet the actual needsand preferences of their target audience

- Service Design: When designing new services or enhancing existing ones,

co-creation can be valuable Involving customers in the design process allowsorganizations to understand their expectations, pain points, and desired outcomes,leading to the creation of services that are more relevant and effective

- Innovation and Ideation: Co-creation can foster innovation by harnessing the

collective intelligence and creativity of diverse stakeholders By opening upinnovation processes to external contributors, such as customers, partners, or even thegeneral public, organizations can access a broader range of ideas and perspectives

- Customer Experience Enhancement: Co-creation can be applied to improve the

overall customer experience By involving customers in the design and evaluation oftouchpoints, processes, and interactions, organizations can gain insights into whatworks well and what can be improved, leading to a more satisfying and tailored

customers are invited to participate in the creation of marketing content, campaigns,

or brand experiences This involvement can help build stronger relationships withcustomers and foster a sense of ownership and loyalty towards the brand

2.1.2 Sharing economy: The sharing economy connects individuals who

have things they want to share with others who need these things Sharing economy firms as technology enabled platforms that provide users with temporary access to resources that may be crowdsourced

For example: Among all Americans, fewer than half have used a ride-sharing

service like Uber or Lyft Some estimates place the value of the sharing economy atover $20 billion, and they predict that over the course of the next ten years, this valuewill increase rapidly As a result, this new and fascinating economy is only gettingstarted There are many unanswered concerns regarding the sharing economy because

it is still relatively young

Characteristics of the concept:

- Two-sided platform: The majority of sharing economy participants, including Uber

and Airbnb, use platforms with two sides Essentially, this is a business strategy thatcalls for companies to hire both consumers and suppliers Some sharing platformshave decided to own their own supply of resources

For example: Now that it has entered the real estate market, Airbnb is

creating its own dwelling units to offer on its marketplace

- Crowdsource supply: Although some sharing platforms, like RTR, have their own

inventory, the majority of crowdsourcing platforms get their housing, transportation,

or funding from a significant number of external, non-employee persons Now,sharing platforms have minimal control over these people because they are not theiremployees As a result, compared to a traditional corporation, the quality of a sharingeconomy product is typically less consistent and more difficult to manage

For example: If you've used a ride-sharing service like Uber, you've definitelyencountered both some very amazing drivers and some less-than-stellar ones I canpersonally attest to this Sharing platforms have used three distinct approaches toaddress this problem First, carefully choose your candidates, generally by runningthorough background checks Giving providers a set of guidelines and regulations tofollow is the second step in training Third, a rating system that asks users to rate theirservice providers before removing those that receive worse ratings

- Access not ownership: The feature that is most commonly found across nearly allsharing platforms, is providing customers with temporary access rather thanpermanent ownership Brand may be less more inportant in sharing economy Thischaracteristic has several significant ramifications Customers can first try out goodsand services they otherwise would not be able to or desire to own thanks to temporaryaccess

For example: Through the car sharing service Turo, anyone may test drive a

variety of high-end vehicles for a fraction of the price of ownership Researchers thatfocus on the sharing economy contend that brands that are accessible rather thanowned play a less role in our sense of self and result in less intense brand attachment.Brands may thus be less significant in the sharing economy than in the establishedone Uber users, for instance, have little influence over the make of the automobilethat picks them up and frequently appear to care more about the driver than the

- Consociality: the degree to which the members of a platform can engage in socialinteraction.

- Platform intermediation: the degree in which transactions flow through a platformprovider

- Leverage your prosumers.As we have said, the majority of sharing services rely on

crowdsourced resources The term prosumer, which combines the words producer andconsumer, is frequently used to refer to those who supply these resources Prosumers not only offer resources for sharing but also benefit sharing platforms in a number of other ways

For example: Prosumers are used by ride-sharing services like Uber to offer

automobiles as well as to communicate with riders Similar to this, prosumers areused by lending platforms like Lending Club to both screen loan applications and givefunding Because of this, sharing economy businesses should carefully consider howthey might best utilize their prosumers

- Employ reverse ratings: Traditionally, services are rated by consumers rather than

the other way around However, an increasing number of platforms in the sharingeconomy use a system known as reverse ratings, in which customers and suppliersboth review one other Reverse ratings have received favorable first study from mydoctorate student, who found that 80% of all sharing economy users support thepractice They think it's a desirable feature of sharing platforms like Uber and Airbnb

to allow suppliers to rate clients As we just established, the majority of sharingplatforms are two-sided, so companies in the sharing economy must think about howwell they can both attract and keep suppliers as well as customers

- Ride the surge: Supply and demand matching is one of the key tasks that sharingplatforms must carry out In times of high demand, the number of supply suppliersmay be reduced Now, a conventional business may simply address this issue bymaking necessary employee hires or firings However, this conventional method isreally not feasible because sharing platforms don't actually have staff Surge pricing isone strategy used by some sharing platforms, including Uber, to address this issue Inessence, this method uses an algorithm to calculate the price of a shared service in acertain location and raise it when demand is strong costs during a surge are typically2–3 times higher than average costs An expanding body of research indicates thatsurge pricing is a useful strategy for balancing supply and demand since it decreasesthe number of consumers who opt to utilize shared services while increasing thenumber of providers connected to serve these customers

- Position on price: Platforms for the sharing economy are thought to offer a variety

of advantages For instance, the sharing economy is frequently seen as a moresustainable type of consumerism since individuals share resources like clothing andcars Furthermore, because providers are frequently prosumers, sharing platforms areseen as a method to strengthen community ties

For example: In most locations, using Uber is less expensive than using a regular

cab As we previously stated, evidence suggests that Airbnb competes with budgethotels but not luxury ones Instead of trying to save the world, the platforms for thesharing economy can promote their services as ways to save money

Conditions where you can apply the concept:

- Excess Capacity: When there is excess capacity or underutilization of resources, thesharing economy can be applied For example, a person with a spare room can list it

on a home-sharing platform like Airbnb, allowing others to rent and utilize the space

cost of owning and maintaining a resource or asset is high By sharing the costsamong multiple users, individuals or organizations can access goods or services at amore affordable price This can apply to various sectors, such as transportation (ride-sharing), office space (co-working spaces), or equipment (tool-sharing platforms).

- Access over Ownership: The sharing economy is often driven by a shift in

consumer behavior, where people prioritize access to goods or services over owningthem outright This is particularly applicable in situations where the usage of aresource is occasional or temporary, making it more cost-effective and convenient toshare rather than own

Conditions where you can apply the concept:

Peer-to-peer sharing: The sharing economy enables individuals to share their

underutilized assets or resources with others This can include sharing vehicles, such

as carpooling or ride-sharing services like Uber and Lyft It can also involve sharingaccommodation through platforms like Airbnb, where individuals rent out their homes

or spare rooms to travelers

Resource optimization: The sharing economy allows for more efficient use of

resources by maximizing their utilization For example, companies like Zipcarprovide car-sharing services, allowing people to access a vehicle when needed instead

of owning one outright This reduces the number of cars on the road, leading to lesscongestion and lower environmental impact

Collaborative consumption: The sharing economy encourages collaborative

consumption, where people pool their resources to collectively access goods andservices For instance, co-working spaces provide shared office spaces and facilities,enabling freelancers and entrepreneurs to work in a collaborative environment andshare resources like meeting rooms, printers, and internet access

Skill sharing and services: The sharing economy extends beyond physical assets to

include sharing skills and services Online platforms like TaskRabbit connectindividuals who need specific tasks or services with people who have the skills andtime to perform them This can range from home repairs and gardening toprofessional services like graphic design or tutoring

Cost savings: The sharing economy can provide cost savings for both providers and

users Providers can earn income by sharing their assets or skills, while users canaccess goods and services at a lower cost compared to traditional ownership or hiringmodels This affordability can make certain products or services more accessible to abroader range of people

2.2 Promotion: The methods of communication that a marketer uses to

provide information about its product

2.2.1 User generated content: Occurs when a product's customers create and

disseminate online ideas about a product or the firm that markets the product Theseconcepts frequently take the shape of language, but they can also be found in othermediums including music, pictures, and videos

manufactures the product.

- Second, it is original and the user adds something fresh

- Third, it is published online and widely available to other people

Therefore, an email that contains a link to a YouTube video made by someone else isnot actually user-generated content UGC often doesn't make any direct promotionalpitches and is of a nonprofit nature As a result, it is an extremely deceptive, subtle,and genuine kind of product advertising

Three key issues:

- What are the different types of UGC?

Although the majority of UGC occurs on social networking sites like Facebook,Twitter, and YouTube, it may also be found on blogs, message boards, and even acompany's website Therefore, blog posts, product reviews, and different submissionsthrough company-based invites like the Warby Parker Home Try-On that wepreviously described are the most prevalent forms of user-generated content (UGC).Product reviews tend to be the most prevalent and have the most influence onconsumer purchase decisions out of all the other categories of UGC

- What motivates users to contribute?

Customers' motivations for participating in UGC now closely resemble those thatdrove them to participate in co-creation, which we previously described It seems thatsocietal acceptance is the main driver Being a frequent contributor on a social mediasite like Facebook or Twitter may, at least for some people, bring with it somecelebrity and reputation Additionally, clients might get social recognition when abusiness highlights their efforts on his website or in his marketing

For example: The yogurt business Chobani has displayed tweets from its customers

on billboards all throughout the US Some consumers are driven by money incentives

in addition to social recognition Nowadays, most forms of UGC receive limitedfinancial benefits However, some businesses make an effort to promote UGC byconducting competitions with prizes like cash, gift cards, or other real goods

- What are the benefits of UGC? Many advantages come from user contributions for

businesses First off, because the content is offered for free by a company'sconsumers, this sort of advertising is often inexpensive Additionally to these costreductions, UGC has a favorable impact on product sales According to research, mostconsumers have a higher level of confidence in user-generated content than they do inmore established forms of advertising UGC also satisfies a company's requirement tokeep its material current and enhances the appeal of its websites UGC-rich websitesthus get increased traffic as well as increased page views

Three different types of feedback:

- Cooperation, which is the effect of UGC on other people

- Individualistic, which is feedback of the quality of your concepts

- Competition, which is comments stating how much superior your user-generatedcontent (UGC) was to other people's

Companies may encourage people to produce UGC by providing them with feedback

on their efforts, and the sort of feedback given to men and women should differ Women were more likely to provide UGC when they were cooperating, whereasmales were more likely to do so when they were competing

Encouraging UGC:

- Ask to share: Approximately one in three Internet users has created some sort of

desire to give their time, effort, and thoughts in support of a brand The idea is tofocus them on your brand rather than that of your rivals Customers are more inclined

to provide positive reviews for businesses that are active on social media and thatinvite their engagement, according to prior studies Surprisingly, few big businessesactively invite their clients to submit ideas, even though the majority of them haveFacebook pages and Twitter accounts Social media is often used by businesses more

as a one-way flow of communication than as a two-way dialogue Promotionalinitiatives ought to promote these discussions between businesses and clients Askingconsumers to give their thoughts is a fantastic approach to start this discussion

- Be responsive: If a business is fortunate enough to get client contributions after

asking for them, it must finish the loop by responding in a timely manner

For example: Teams of people are completely responsible for keeping an eye on Dell

Computer's message boards and reacting to customer posts Some businesses decide

to use financial incentives to encourage responsiveness

- Remember the Pareto Principle? You may recall this idea if you ever took an

economics course It originates with the Italian economist Vilfredo Pareto, whodiscovered in 1896 that just 20% of the population in Italy controlled 80% of thecountry's land Since then, this idea has come to be known as the "80/20 rule," andresearch has shown that it can be applied to many various kinds of phenomena 20percent of the world's population, for instance, controls 80 percent of its revenue Thisidea is especially evident in user-generated content (UGC), where only 10% ofparticipants provide around 90% of the material

For example: While everyone uses Wikipedia, very few of us actively contribute As

a result, not all donors are created equal; some have greater influence Keeping thisnotion in mind, businesses should look for these key contributors and recognize andthank them for their contributions

- Integrate UGC with traditional promotion: We have so far spoken about UGC as

a substitute for conventional marketing techniques like television advertising Indeed,these two types of marketing are very dissimilar from one another and are frequentlycarried out as separate activities, sometimes by different people However, businessesought to think about attempting to combine these two techniques of advertising

For example: By producing a television ad campaign with films of some of its

customers capturing the moment their sons and daughters read their collegeadmittance letters, Target emphasized its educational activities The advertisingcampaign garnered significant attention for Target's brand and was chosen as one ofthe finest advertisements of the year

Conditions where you can apply the concept:

Social media platforms: Social media platforms like Facebook, Instagram, Twitter,

and TikTok heavily rely on user-generated content Users share their photos, videos,thoughts, and opinions, contributing to the overall content and engagement on theseplatforms

Content sharing platforms: Websites like YouTube, Vimeo, and SoundCloud enable

users to create and share their videos, music, podcasts, and other forms of media Thecontent is generated by users, and other users can consume, interact with, and sharethat content further

individuals contribute their skills, ideas, or opinions to solve problems or createsomething collaboratively This can include projects like Wikipedia, where userscontribute and edit articles, or open-source software development, whereprogrammers collaborate and contribute code.

User-generated advertising and marketing campaigns: Some companies and

brands leverage UGC in their advertising and marketing campaigns They encourageusers to create content related to their products or services, such as user-submittedphotos or videos, and then feature that content in their promotional materials

2.2.2 Doppelganger brand: is a group of negative pictures and stories about

a brand that are being spread by a loosely connected network of anti-brand activists,bloggers, and opinion leaders in popular culture These "doppelganger" brandrepresentations frequently center on well-known companies that are perceived asbeing unauthentic and attempting to manipulate consumers' emotions through their

marketing efforts

There are lots of interesting issues:

- What motivates someone to create a DBI? It undoubtedly takes a lot of time and

effort to create a lookalike image like the FUH2 ad Why would anybody then dothis? These initiatives are typically driven by the idea that a brand is being dishonest

by making false claims about who or what it is or by hiding its genuine nature orimpact This was the driving force behind the FUH2 campaign, which came about as aresult of people's resentment and frustration with General Motors for trying to sell theHummer as a vehicle that could rule the world while ignoring the harm its poor gas

mileage caused to our planet

- What types of brands are most susceptible to a DBI? The majority of

doppelganger pictures often target well-known, significant companies Due to thepopularity and familiarity of certain companies, anti-brand activists are more likely tobecome aware of their business practices Furthermore, compared to advertisementstargeted against small firms, doppelganger campaigns against these larger brands arelikely to garner greater notice for their authors As a result, Target has many less anti-branding campaigns directed at it than Walmart does

For example: There are several Walmart-related viral films that have amassed

millions of views, whereas there are just a few of Target-related ones

- Where are DBI likely to be found? Nowadays, the majority of DBIs are produced

by individuals as a form of protest, and they are frequently found on a person's blog,Twitter account, or Facebook profile Now, occasionally, a major digital media sitelike Reddit, Digg, BuzzFeed, or even more traditional news networks will pick upthese individual accounts

For example: Pepsi's DBI was first published on his creator's blog, which had a

relatively small audience at the time, but it gained popularity on BuzzFeed as part of asegment called logos that looked like other things Within a short time, this post hadover 300,000 views DBIs are also available on websites like Adbusters, which focus

on developing DBI for a larger range of businesses

- Several DBI projects targeted towards certain brands have been tested For example: Walmart is the target of more than a dozen websites, including

WalmartSucks.org Now, I just want to emphasize that I frequently buy at Walmart

- Monitor digital cues: DBIs should be seen by businesses as both a danger and an

opportunity to maintain the relevance of their brands By carefully observing digitalindications for any potential indicators of the developing DBI, businesses may takeadvantage of this opportunity To keep a watch out for any potential brand reaction,brand managers should carefully and frequently check websites, social mediaplatforms, and review sites that are relevant to their sector and company In addition

to online browsing, there are other tools available for monitoring brand-relatedconversations, including Topsy, Brandwatch, and Google alerts Our specialization'ssubsequent course will go deeper into these tools

- Identify and track brand avoiders: Firms should identify and track customers whoare avoiding their brand because of a DBI in addition to monitoring these digitalindications Finding these people may be done by searching blogs and websites thatcriticize brands A company may and should do research to find out whether specificdoppelganger meanings are striking a chord with these avoiders after it has identifiedthem

For example: We were able to quickly ascertain through a series of a few

straightforward and brief interviews that customers at coffee shops were avoidingStarbucks primarily because they felt it lacked an authentic, personal touch, whichhad nothing to do with concerns about the quality of its coffee

- Develop and test a new story: Particularly in the digital age, businesses must take

initiative Brand managers should work to develop a new narrative after a DBI hasbeen found, even at an early stage, that either addresses the DBI or completely avoidsit

For example: Anti-brand activists established a DBI when Botox was initially

introduced in 2002 This DBI focused on potential health risks and spread rumors thattaking Botox may be fatal In response, Botox created a new marketing campaign thatpositioned this treatment as a wonder of contemporary medicine in addition to beingsafe Now, this kind of approach needs to be managed very carefully to ensure that theclaims made remain true to the brand because any real story would be immediatelyfound and used against the company by activists

- Vaccinate your brand from the threat of a DBI: These lookalike pictures are

really viral marketing tactics that make social criticisms regarding authenticity andbrand By creating their own viral marketing initiatives that authentically representtheir companies, businesses may be able to protect their brands from this criticism

For example: The US blender company Blendtec's "Will It Blend" campaign Tom

Dickson, the Blendtec founder and a colorful guy, performs a series of entertainingexperiments in which he tries to blend a variety of things in a Blendtec blender,including a baseball, a garden hose, and even an iPhone These movies show theblender's performance and capabilities clearly while also being entertaining and real Icertainly hope you liked learning about the doppelganger brand image, and I lookforward to reading your comments in our discussion boards on this intriguing idea.These movies show the blender's performance and capabilities clearly while alsobeing entertaining and real I certainly hope you liked learning about thedoppelganger brand image, and I look forward to reading your comments in ourdiscussion boards on this intriguing idea

Conditions where you can apply the concept:

Counterfeit products: Doppelganger brands are commonly associated with

counterfeit goods Unauthorized manufacturers or sellers intentionally mimic the

products, which often imitate the appearance and packaging of the genuine brand.

Brand infringement: In some cases, companies may deliberately create

doppelganger brands to capitalize on the success and reputation of established brands.They may attempt to imitate the branding elements, such as the logo, typography,color schemes, or product designs, in an effort to confuse consumers and gain acompetitive advantage

Domain name disputes: Doppelganger brands can emerge in the context of domain

names Cybersquatters or opportunistic individuals may register domain names thatare similar to popular brands, either by using misspellings, adding hyphens, orincorporating other slight variations This practice aims to divert traffic, misleadusers, or extort the genuine brand owners

Niche market positioning: In certain situations, a company may intentionally create

a doppelganger brand to target a specific niche market by imitating the branding of amore prominent brand By leveraging similarities in name or design, they may try toassociate themselves with the established brand's success or reputation, even thoughtheir products or services may differ significantly

2.3 Place: Facilitating easy access for potential buyers to a product For the

majority of items, placement entails the actual transportation of a product from theproducer via a number of middlemen in the marketing channel, until arriving at theindependent retailer

The distribution channel: Used by most businesses is frequently delegated to

many different separate companies, such as an importer, a distributor, and a retailer.Typically, each participant in this channel acts independently of the others Amanufacturer must carefully choose and closely watch each of his channel partners inorder to run this channel effectively

The retailer: Usually comes at the end of the distribution chain Choosing thekind and quantity of retailers is crucial since it determines the kind and quantity ofclients who can purchase a product Additionally, the level of customer care offered

by retailers varies

2.3.1 New retailer: Is a group of strategies, some physical and others digital,

that physical shops are employing to respond to the adjustments brought about byfunctioning in a digital environment Now, there are a number of intriguing problemswith internet selling

Three key observations:

- Location, location, location: Many real estate gurus agree that location is the singlemost crucial aspect of selling a house Therefore, having a terrible house in a good area is preferable to having a nice house in a bad one In the retail industry, location isextremely crucial Location has a significant impact on internet shopping, according

to a large body of studies

For example: People are less inclined to purchase online when they have access to

reasonably priced physical stores As a result, customers in tiny towns like

Champagne are more inclined to purchase online than those in large areas like

attraction of the digital

- Purchase versus information: Digital shops provide a way to buy products as well

as a substantial amount of product information

For example: For most of the things it sells, Amazon.com offers a product

description, a wealth of technical details, and customer reviews As a result, customerswho visit internet stores may learn more about items in addition to making purchases.They may now use the same strategy to physical stores as well The showroomingphenomenon, in which buyers first visit a physical store but then make their purchaseonline, has generated a lot of attention in recent years Maybe you've done this before

In the US, almost two out of every three buyers who make an online purchase firstvisit a physical store to inspect the merchandise Although showrooming still occurs,many consumers now engage in webrooming, in which they first research a productonline before making a purchase in a physical store

- Digital and physical: Digital and physical are typically seen as two completely

different concepts These two types of retail do differ greatly in a number of ways.However, as seen by the Tesco case study we just looked at, more and more merchantsare looking for methods to combine the two Omnichannel marketing is a term usedfrequently to describe this mixing of the digital and physical worlds It is predicated

on the notion that merchants must capitalize on each of these two shopping channels'advantages

For example: For product returns and customer support, physical selling is more

efficient Online shopping is preferable than traditional shopping in terms ofresearching products and comparing prices Therefore, an increasing number ofmerchants are aiming to be present across the two platforms

The results of these surveys: They discovered that just 15% of customers

really use their phones while they shop The majority of respondents were found to betalking or texting with family or friends rather than using their phones for shopping-related activities like comparing costs when they were asked how they were usingtheir phones The most intriguing finding was that nearly a third of the things thatconsumers who were chatting on their phones or texting neglected to buy

Two key benefits:

- Visual-spatial cues, which is the capacity to see an object in three dimensions.

- Interactivity, which is the capacity to turn and look at a product in this virtual

Four practices of VR technology for physical retailers:

- Market to shoppers: Understanding and influencing customer behavior after they

reach a physical business has become more important in recent years Shoppermarketing is a recent concept that has given rise to a number of tools and techniquesfor improving the efficiency of physical merchants