Monday, July 1, 2013

Lounge - A market gone further

Many years ago the technology and commerce subjects we learnt always had a common conclusion; where we will be in the coming years? In Sri Lanka of course the mass market was exposed to ecommerce in early 2000 when prices and infrastructural state became affordable for everyone. Now we can say that we are in par with the globe with respect to the availability and access to ecommerce. The business of ecommerce is for everyone given the ease of setup and the minimal overhead and cost if they fail. Thus we see a lot of initiatives coming out, some successful and some failures. Not to mention 'lounge' - which is just another initiative put forth with the probability of both success and failure.
An internet marketplace, a very popular ecommerce concept and widely seen in many formats everywhere, success depends on the services they offer and how those will be useful for the people who looks forward to visit a marketplace for their different needs.
A very popular and most related example would be Amazon, eBay and anything.lk, the latter being a Sri Lankan success in its own context. They all are marketplaces with different approaches on how they would cater to their customer needs. Amazon, a department based marketplace, bahaves a shopping complex where different vendors can sell their content through features exposed to them. EBay on the other hand uses the auction concept where they let individuals to post items and others to bid for them. They also expose features related to auction ecommerce such as auto bidding. Anything.lk, our local company uses a modern concept called mass selling format where they post an item and it should reach a selected number of sales to be available. With this concept, these goods can be sold with a considerable discount as the quantity is always higher than normal.
These are a few of very successful companies who practiced interesting ecommerce concepts and manipulated them strategically. However I believe there are still so many new concepts out there, some which can be done by modifying existing and commonly practiced concepts. It always depends on what customer wants (or in pursuading the customer that he wants it) and properly addressing those requirements would be the key and a little bit of marketing. Customer is the king in this and the first impression always matters to get it bookmarked in his browser. The user traffic is the most important factor.

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