Online shopping is not new to the world. It has been here for more than two decades. However, consumers only really began to adapt to the new shopping trends in the last decade as it became apparent that it was necessary in order to keep up with the rapid technological advances.
Nonetheless, the tables appear to be turning based on developments during the last couple of years. It’s no longer about consumers adapting to new shopping trends, but rather, it’s about online shopping companies adapting to consumer behavior.
This does not only involve creating omnichannel online shopping platforms but also, studying closely the decision-making process of the modern consumer. These days, consumers will look for products reviews before they decide on whether to make a purchase.
Consumers also peruse several online platforms like DontPayFull.com which lists promo codes for various companies including Amazon (Nasdaq: AMZN ), eBay (Nasdaq: EBAY), and Groupon (Nasdaq: GRPN ), among others to seek the most lucrative promotional offers and online coupons. And in some cases, they even go a step further and ask some of their friends who happen to have acquired the same product to give their opinions and ratings.
Therefore, in order to succeed as an online shopping company, these days it is not enough to have a fancy platform that claims to provide the best products at the cheapest prices. It’s all about building a good reputation with your customers and by extension your partners. Feedback-based decision-making is now the order of the day in the e-commerce marketplace. eBay has already realized this and has therefore changed the format of its seller fees and compensation program.
In February, last year, the company revealed that its approach had changed from the auction-driven revenue model to a subscription-based model. eBay President and CEO, Devin Wenig, said that the company was working on a more structured format that would help customers find the products they are looking for easily, especially when searching via a smartphone.
