So, we know that today the marketplace is a complex web of sellers and buyers in a digital space, hence the need for online security which eventually impacts the pricing. Think of them as a market in an online space where all buyers start looking for goods they need and would like to buy. The questions where do they go since the number of sellers have increased a hundred folds hypothetically speaking since the online marketplace has given countless more sellers to set up shop and sell their products. Even more so, this space has even given the sellers the power of search marketing, everything they can do with it rightly and target the very specific target audience out there! But having said that, the true power still remains with the buyers, the customers in today’s markets after evolving for a decade of how businesses are conducted, being transformed from the product centric market to being a customer-centric one today. Keeping all these complex marketplaces in mind, the more complex sellers and the buyers online community, has evidently created a bigger market for the security of these businesses, transactions happening online. Hence, the topic of pricing has come about and how it has impacted the marketplace today.
The security of the dealings online starts from the very start if you imagine the structure of the e-commerce platform, right from the user (customer)-seller(merchandiser), the middlemen like the wholesalers, retailers(could also be considered the seller) and more essentially the banks who provide the transactions in partnership with the merchandisers, even transactions between the banks themselves in various transactions where needed locally and international transactions if applicable. In all of these dealings, pricing and payments can not be ignored and has to be given highest priority in order to make the sellers and the buyers comfortable in their transactions, so that these people can concentrate on other important tasks in their respective businesses. And like any marketing person will know that in most scenarios, a lot of the percentage of the costings for any business operations eventually trickles down to the end consumers, hence the more the operational costs for a business, the more it would cost for the end consumers in order to purchase. Some of the common insecurities for these financial institutions, businesses would be from internet hackers who specialise in high-end programming to sabotage the system anywhere, insecurities for the sensitive communications between financial institutions and many similar nature business operations. In order to combat these, among several other tactics, there are also the white hat hackers, who specialise in testing huge systems for the big corporations and financial institutions.
Some of the important elements of the impact on pricing could be namely due to the following;
- Digital Divide- the significant digital divide between the demographics who have well-established internet providers and connections and the demographics who do not sufficient standard of internet providers, hence this divide creates a shift in balance more inclined towards the demographics with better intern provides and services, in spite of the same charges in both demographics
- Consumer market and B2B market- in both these markets the key are the customers, hence it is always the aim to get the customers earliest in their consumer- journey, in order to nurture the consumers appropriately according to each customer since every customer is also different and unique
- Utility- this element talks about how the consumers are served eventually with respect to prices, convenience of purchasing, finding their intended products online, the speed of the process and the trust the consumers put in the product or brand, the better the utilities of one business, the better the results for the business
- Personalised- this is the emphasis on the personalization of the products today as per the consumers, hence the emergence of niche markets online today, where some products or brands only serve a small fraction of the consumers who also turn out to be loyals eventually.
- Participatory, Peer-Peer, communal- this gives emphasis on the channels which make the brand more engaging with the consumers, there is a lot of conversions between the consumers, hence also leading to advocacy of the brand products making up for a healthy community for the brand and its products
- Multi-channel- in today’s day and age, multi-channel marketing is of vital importance, since the consumers can be found anywhere from a laptop to their workstations on a desktop to their tablets or their mobiles hence making the market a multi-channel one, hence brands need to think hard about where to find their target audience and serve them where they are and not what the brands think? All of this can be found out through the online data.
Conclusively, the security of the marketplace and the pricing are both very important elements of the online space today and more and more investments are being poured into this space by corporates and government bodies to make it more secure.