Essay Sample on Online Shopping: A Revolution for Sellers and Buyers

Month 1

Over time, peoples shopping trends have changed. Most buyers these days do their research regarding a particular product through their smartphones or personal computers, make orders, and have the products delivered to their doorsteps without visiting the physical shops. This shopping trend has greatly influenced sellers who need to collect data and make an analysis of what most buyers like, get information about their buying trends, and make business plans. Having a one on one conversation with buyers helps sellers make informed business decisions. Omni-channel-experiences come in to bridge this gap between buyers and sellers created by buyer's tendency of doing their shopping online.

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Month 2- understanding what drives customer behavior and conversions.

To influence how buyers behave, sellers can make several changes directed towards achieving this. It's essential for sellers to analyze whether the changes they have induced are helping them to achieve their set goals. For instance, an optimization system allows omnichannel sellers have a look at buyer's demand, trends throughout the season, traffic and abandonments of carts in determining the unique position to place the markdowns and promotions to raise output. This capability helps sellers that want to move inventories from the previous month and helps in optimizing changes from changes in pricing to the presentation of products. It also helps in conversions and guides in aligning online performance with set business goals.

Month 3- understanding mastering pricing strategy.

To maximize sales and attract more buyers, different sellers use different pricing strategies. Most sellers will offer discounts to their buyers while some may opt to use promotions. The different approaches that sellers use to do pricing are dynamic. To broaden forces within the market, it is of importance that sellers develop a strategy that helps them in tracking down pricing. Sellers have acquired great aid from cognitive technologies in executing their pricing strategies and making an evaluation of how to best retain their customers. When the market is hit by aggressive competitors that are doing their promotions, it is easy for the existing sellers to realize and take the necessary steps in pricing to counter the competition and retain their customers. Cognitive technologies help them to achieve all this ensuring they remain consistent, relevant, and make an analysis of all customers' experience.

Month 4- understanding balancing strategies and tactics.

Ensuring a balance between tactics and strategies is critical in running an Omni-channel business successfully. However, when it comes to commerce, most retailers most may feel that they no time to be strategic because they are involved in running the business daily and doing business reporting to their business heads, managing the business premise and overseeing the IT activities of the business. To understand the business that may go unnoticed for some reasons, cognitive systems helps in monitoring such business quickly and helps in understanding the various amounts of structured and unstructured business as well as identifying dark data that may be generated by retailers. For instance, friction points in the journey of buyers can be identified and eliminated by these cognitive systems before the friction causes any impact on conversions and sales. To inspire and engage buyers, cognitive systems can help in viewing images, reading texts, and automatically tagging content, helping sellers to use the content throughout.

Understanding artificial intelligence

In conclusion, being agile and being able to keep up with the rapidly changing markets is the major challenge that seller's face in striving to remain relevant and most importantly, competitive in the market. With new technologies being invented, changes in engagement models and customers experience growing so rapidly, most retailers feel left behind and sometimes feel like they are late to the game. For any seller to remain relevant and competitive in the market, it is of great importance to change and adapt to the new technologies that are being invented. Understanding artificial intelligence is vital for any seller that wants to thrive in the market and wants to avoid being phased out.