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The current economy is being effected by a number of different factors and businesses of all shapes and sizes are feeling the effects[phpbay] A trend that has effected many retailers, in combination with the general downward slide of consumer spending, is the adjustment to online retailers, namely Amazon[phpbay] I will focus on Amazon being that as of the close of 2007 it held the title of the world's largest online retailer with close to 15 billion in annual sales[phpbay] The way in which traditional retailers use the technology that has now become commonplace is a determinate of their future success[phpbay] A clever retailer will incorporate these new technological tactics rather than cut his or her losses[phpbay]
In 1994, former financial analyst, Jeffery P[phpbay] Bezos founded Amazon[phpbay]com, an online bookstore[phpbay] The company quickly expanded its product line to sell electronics, cds, movies, children's toys, household items and even groceries[phpbay] Today, Amazon and it's partners sell virtually any item from fine jewelry to sports equipment[phpbay] As of 2006 it sells digital copies of CDs, DVDs and Books[phpbay] Amazon Unbox allows customers to download these products to their computer or certain TiVo boxes[phpbay] In 2007 the company introduced Amazon MP3 store and the Kindle[phpbay] Amazon MP3 is similar to Apple's iTunes making downloadable music available[phpbay] Kindle is an electronic book reader and the first electronic device to carry the company's own brand[phpbay] Amazon also rents out parts of its back-end infrastructure to other companies, positioning itself as a technology company, Amazon Web Services[phpbay]
Amazon's growth has been slow and steady[phpbay] The company did not profit until 2002[phpbay] Although the company has shown a net profit in every year since 2002, as of the close of 2007, Amazon had a net cumulative deficit of over 1 billion dollars[phpbay] Amazon's growth is the result of a solid progression that adds levels and products and merchant partnerships[phpbay] The culmination of these business aspects results in consumer and merchant positive name recognition alike[phpbay]
In this respect, I think that Amazon took cues from traditional retailers who are successful, slow and steady[phpbay] This is a direct contrast to your lightening fast overnight internet success story which was the dream of so many dot bomb participants[phpbay] So, it stands to reason that if the iconic company of the internet era took a traditional retail approach to solid success that a solid traditional retailer could greatly benefit from incorporating some of the technological strategies of the Internet store[phpbay]
The speed and convenience of an online purchase is hard to pass up[phpbay] But retailers will always have the advantage of atmospheric dynamics[phpbay] People like to peruse and touch and feel[phpbay] They need the hands on experience and inspiration of the store setting, smells and other people[phpbay] In this day and age it is the responsibility of the local retailer to incorporate technological functions tot his atmosphere in order to stay in the game[phpbay]
Three areas that are greatly affected by technological advancements are Input Supply, Advertising and Promotion and Sales and Marketing[phpbay] Business owners can easily gather information about input sources for production and or service activities[phpbay] This translates to both lower costs as well as less time spent[phpbay]
Business owners can promote their products and services using Web and email based advertising[phpbay] These methods of advertising are both far reaching and inexpensive[phpbay] These methods are beneficial regardless of how remote the business location may be[phpbay]
Market research is also expedited using new technologies[phpbay] Business owners are able to investigate how their competition is positioning their products[phpbay] Sales and customer service activities can also be vamped up to include online options[phpbay] Internet purchasing is safe and product support is expedited via fax and email capabilities[phpbay]
A trend that has effected many retailers in combination with the general downward slide of consumer spending is the adjustment to the presence of online retailers[phpbay] The way in which traditional retailers use the technology that has now become commonplace is a determinate of their future success[phpbay] The connection between a purchaser and an inspiring or familiar setting with products that can be touched should not be underestimated[phpbay] A clever retailer will incorporate these new technological tactics rather than cut his or her losses[phpbay]
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