A recent study has reported that 28.7% of total internet users have accessed online banking websites ? that?s a total of 423.5 million internet users. According to comScore that figure is continuing to grow at almost 3% year on year. Europe ranked as the second highest percentage of population using online banking. It?s a good indicator that people are increasingly happy to bank and shop online. Trust is increasing in digital mediums as consumers become more aware of security measures and fraud monitoring etc. being put in place.
Is this going to change how people do business any more than it already has? Quite possibly, because the technology is developing further still. So it?s going to change how you market your products and services to your consumer, as well as how you interact with them, how you accept payments online or in store at the point of sale. ?Point of sale? as we know it may well near disappear as everything becomes mobile and ?smart? and potentially a point of sale.
Hyper Island recently held a workshop in Cannes to write a book on the Future of Advertising, taking into account how much has changed and how much of retail and banking and bill paying and payments now take place online or digitally. They held two workshops, each of an hour duration and produced a book detailing the participants insights into how technology will change how we do business and how we market our offerings to the consumer.
One specific point participants looked at was the idea of consumers as media or ?I am media?. Social networking, blogging and forums have upped the volume of the voice of the consumer in a way mainstream advertising never thought possible. What this means for ecommerce and other companies operating on or offline is that your customer service will bring greater rewards than ever before. Being in touch with your consumer and listening to their needs and then responding to them is easier and quicker and your customer appreciates it. Everyone loves a re-tweet or a response from one of their favourite brands ? and they?ll chat about it!
This all impacts the bottom line. By keeping an eye on your social media channels you can see what customers are interested in on a daily basis. If you accept payments online you can also keep track of what times of day people buy online most, what online payments options are preferred and what part of the checkout might be too complex and cause customers to abandon their cart. Read more on using payments as one of the four ?P?s of marketing here.
There is debate about whether payments would be best suited to NFC chips embedded into mobile phones and credit cards or if it now makes more sense to move these processes into the ?cloud? or virtual data storage where even now many applications can run from. But when it comes to marketing and advertising, it looks like RFID or NFC technology will still be a useful technological development.If payments are going to become an important step in the evolution of how we do business, will we all be making mobile NFC payments?
In the Future of Advertising workshop and book participants predicted that outdoor media would no longer advertise to you but ?for you?. They looked at how computer chips, face recognition and other smart elements will allow you to micro target individuals.
This also allows for great, responsive customer service and offerings. What I love about it is that while technology and communications developing is often seen as connecting us all globally, technology used in this way could actually really stimulate business in local areas. Perhaps you always buy you jeans online from a store in the states, but passing by a local store one day an alert pops up on your phone to tell you your favourite jeans are available there and you wouldn?t have to pay shipping? This is where micro targeting becomes useful and this is what will prevent it becoming invasive.
Some other participants predicted that clothes themselves would actually be embedded with smart technology. While the idea of it is fun that?s going to make for a very high dry-cleaning bill!
To download the e-book and learn more about marketing your online business and stimulating more online payments and purchases see here.
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