What Is Required For A Movie To Be Rater Pg-13 Web 3.0 – The Future of Online Retailing

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Web 3.0 – The Future of Online Retailing

I visited a website the other day, an online shopping community where users build, maintain, and share online collections of their favorite products with other users. There are even style compatibility tests on the site, where users can see how compatible they are with other users in terms of shopping habits, tastes and styles. Since then, I’ve been thinking every day about the role online communities will play in e-commerce, and then it finally hits me – e-commerce as we know it is going to undergo a major transformation, not only will the community be a game-changer, the community will be Will, in fact, rule the game.

Imagine an online retail store run by your own community. The community decides what products to sell, the community sets the online content of the products, the community rates the products and suppliers, the community sets the product prices, and last but not least, the community writes the software to power the online store! At this point you might think this is a crazy idea. How will retailers make money if the community sets the price for the product!Welcome to Internet 3.0 – The future of online retailing. In this article, I show how online communities will take center stage in e-commerce, and how they will change the dynamics of web-based marketing and selling as we know them.

If we look at all aspects of traditional e-commerce, most of the functions are performed by category managers, purchasing managers, merchants, technology and operations teams. The technical team creates the software platform, category managers and purchasing managers determine product assortment, then work with suppliers to actually determine product costs and finalize contracts. Category managers or suppliers upload product content such as descriptions, attributes, images, product copy, etc. While much of the work in this case is performed by internal teams, the input to most decisions is often based on explicit or implicit customer research.

The power of the Internet is that it can be used to capture insights about customer needs in real time and decisions can be made based on that insight. It is this force that will drive the development of “self-adjusting” applications that can evolve based on real-time customer needs. Let’s take a look at the various eCommerce features mentioned above and see how the power of the community can change the game.

  • Category management: Although today this feature is based on offline customer research – technology is now available that allows the community to vote for popular items. For example, the site may offer polls and other voting features in which customers can specify products they are interested in purchasing. Additionally, real-time sales information can help estimate relative rankings and predict future demand for products.In this case, the category manager’s role can be replaced by business rules in the application that determine online categories based on real-time customer information and sales information
  • purchase: For this discussion, let’s look at the drop shipping model where the supplier ships the item directly to the customer. Once demand for a product has been identified based on real-time customer feedback and sales history, the supplier community can be invited to participate in a “reverse auction” where they bid for the lowest price to supply the item, within the bounds of the SLA. Negotiations that currently take place between procurement teams and suppliers can now be done using a rules-based open market auction model.
  • Product Content Settings: Kaboodle.com already provides this feature. Communities can set their own product content, adding descriptions and images that others can search and rate. In traditional e-commerce, this is one of the most painful tasks that a category manager or supplier is responsible for. The collective power of the community can not only help quickly build product content, but also ensure the high quality of the content. Take digital cameras as an example. In traditional e-commerce, a category manager or supplier would set up a product page to describe the camera and provide details about the specifications. In the future, the community will be able to add content describing the main advantages of this digital camera and provide an independent perspective on the advantages and disadvantages based on their real-life usage. This is more engaging and will help other customers make more informed purchasing decisions.
  • Price: This is where things get more interesting. The community will be able to specify its own willingness to pay (WTP) for various products through voting or other online mechanisms. This will help generate a real-time demand curve for the product, and the pricing rules engine will adjust the product price according to the demand curve, and finally provide the product level at the price that maximizes the overall profit margin of the category or aggregate. The beauty of this approach is that the pricing engine will be able to adjust in real time based on instant feedback from the community and overall sales history.
  • customer service : Many online retailers now have discussion groups around various topics related to various product categories. Going a step further, discussion groups can be set up around solving customer problems. Product experts within the community will be able to help new product owners with their questions or answer their questions.Not only will this model help reduce customer service costs, but it will also create “stickiness” and a sense of belonging in their community, leading to additional conversions for online stores
  • software development: The power of this concept is that the entire software development of such applications can be done in an open source environment where the community can actually collaborate and write the software together. The open source community has built some first-class applications and frameworks—in many cases even richer and superior to their commercial counterparts.
  • Web 2.0 introduced us to the concept of online communities and demonstrated the power of these communities in building social networks without any geographical boundaries. The future of the Internet belongs to these communities, and the successful organizations will be those that can see this potential and build operations and products with the community at the center stage of their business.

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