Why is it sheer brilliance to invest in an e-commerce store   Picture Courtesy : Pixels.com From Walmart and Target, the world has moved on to Amazon, eBay and Alibaba.  As the Internet conquers the world, people are ditching brick and mortar and are moving towards shopping on a click. During 2018, people shopped worth $2.86 trillion on the web, and this figure is expected to reach $4.8 trillion by 2021, which is huge. Get your 5 day 4 Night Mexico Vacation (a $1,720 value) for anyone who signs up for the Travel Agent program for $199 Brick-and-mortar, on the other hand, is losing its charm. This can be seen from the fact that Circuit City, Kmart and Radio Shack have all filed for bankruptcy. Moreover, whatever is left of the brick-and-mortar is also digitally influenced, which is why they are going mobile. JD.com, the world’s second-largest e-commerce business has partnered with Walmart to create a new retail concept, 7Fresh. At 7Fresh, you need an app installed on your phone because you need it to scan the products and make the payment. Given that the entire world is shifting towards e-commerce, it only makes sense to jump on the e-commerce bandwagon if you are looking to invest in a business. If you are not yet convinced why e-commerce is a good investment opportunity, then here are some reasons that might help. 1.    The world is shopping online The most convincing reason is perhaps that the world is now shifting towards online shopping. People now have a lot of options in terms of variety and pricing at the click of the button. Forecasts show that by 2021, around 2.14 billion people are expected to shop online, up from 1.66 billion in 2016. 2.    Easier to build Prada, Gucci, Louis Vuitton and all our favorite brands have been there in the market for many years. They have invested a lot of time and money to be where they are today. With e-commerce, however, the process is quicker; with the minimal investment, you can grow by leaps and bounds. The online retail giants are the living proof that the online world is full of possibilities. Amazon started as a mere bookseller, and today it has more than 12 million products. Moreover, e-commerce tools today are a lot better and less costly. The selling platforms and marketing tools have made it easier for an inexperienced person to start a business online. The only hurdle that you may face is deciding the product that you have to sell and whether you have to sell a range of products like Amazon or focus on a single category. Selling everything and anything may seem appealing. However, it comes with its own set of problems. Amazon did not get there in a day. Hence, we recommend you focus on a narrower range of products. 3.    Location doesn’t matter The biggest drawback of brick and mortar is that you need a good location to generate sales. Your store has to be located where your target market lives. If you are selling a premium product in a middle-class area, chances are your store will close down in a few days. Other than that, you have to keep several factors in mind, such as parking issues. With e-commerce, you do not need to worry about all of this. You can sell to anybody who wants your product. Moreover, it is easier to establish your sales internationally, as well. 4.    Easy to keep a tab on customers With an e-commerce store, you can easily see what your customers like and don’t like so you can update your offerings accordingly. You can see...

Product Modification – Solid Strategy to Capture Untouched Market Segments There is a pressing need for business firms to bring about changes in the physical attributes of their existing products periodically, to retain the customer base as well as to tide over the competition in the market. A number of factors may prompt the manufacturer to modify his product. To make best use of the technological advancement for the benefit of the firm Modification in lieu of competition To regenerate a product suffering from sales decline Product Attributes: What could be modified; it may be anything, the color, size, material, functional features, styling and engineering, etc., or a combination of these could be considered for modification. Ultimately these modifications should result in products emerging with better quality, features and styling. Consumer goods are offered with a wide range and variety to appease the different taste of the consumers as well as to stand unique in the market; Bathing soaps, talcum powders and cosmetics to name a few. Even producers, who are involved in core industries like textiles and garments, come out with a range of products to cater to the specific requirements of the customers. Product modification is different from product specialization that applies to high end customers whose specifications are based on the end use of the product and the target market. For example, mélange yarn is a specialized product used for producing better color shades for knitted fabrics (hosiery sector). Product modification concentrates more on increasing the appeal of the product by presenting it with attractive and improved attributes like, better packing and features. Strategy to Improve Quality: The strategy of quality improvement aims at increasing the functional performance of the product- its durability, reliability, speed, taste, etc. The added advantages would be versatility, safety and convenience. The benefits of feature improvement includes, Builds company’s image Can aid in winning over the target market Gives free publicity for the firm Infuses enthusiasm in the internal environment of a firm, amongst the sales force and distributors Style Improvement: Style improvement aims at improving the aesthetic appeal of the product. Why do you think automobile manufacturers are in the process of introducing new models of cars every so often? It is a strategy that amounts to style competition rather than quality or feature competition. This kind of style modification has to be done after extensive market research to gauge the preference of the people in the target market and to avoid colossal monetary loss if in case there is a negative feedback from the market. Manufacturers of house hold products can always take the risk of going for small modifications in terms of texture and style as new features can be adapted quickly, dropped quickly and often made optional at the least expense. A firm has to mix and match its product modification strategies to maintain its competitive position and to keep itself abreast of the latest developments in the market...