The 21st century has come with a number of changes, in other words, it can be referred to as the renaissance or re-birth of business rather buying activities in the market. Technology has rapidly improved over years and it too has been a catalyst to change of ways of doing business. Growth and development of the internet, introduction, and improvement of computers, but only to mention are among the main factors that have contributed to a change in both consumer and supplier behavior in the 21str century.
Previously human race practiced barter trade. The better part of Africa (that is the East African coast, Sub-Saharan Africa, and West Africa) and Asia had a major way of business-barter trade. Gradually, changes began occurring step-wise. The introduction of currency came into the market. Businesses grew and expanded rapidly due to the security and ways of storing wealth. However in the recent days, that is the 21st century the internet came in with a very new way of conducting business. The introduction of cashless online systems seemed a dream come true, a miracle to be precise. Money systems such as the mobile banking are quickly spicing the physical banks which earlier had replaced the local banks where people used to physically keep the money themselves. Thanks to the ever growing and changing technology.
The internet once again comes in the forefront with the business behavioral change in the 21st century. Social media (Facebook, Twitter, Google plus among others) has acted as a major catalyst to influencing consumer behavior. Retailers can now be aware of who their customers might be, their demands and can reasonably ascertain demographics through the currently available technological means. Separate repositories such as the CRM system have enabled many retailers to have data and more information about their customers. For example, a customer might have a like on a particular commodity over social media. The retailers and manufacturers through these CRM systems can easily target such users with very attractive advertisements to capture their attention thus luring them into purchasing them.
The rise and development of online shopping centers such as the eBay, Jumia in Kenya, RetailMeNot, http://zrealizujkupon.pl/shops/neo24pl among many other large retail organizations have really changed how goods and services are being exchanged in the current market. People need not walk to the market in order to get what they want. One has to simply log on to the intended website, search for what he/she wants and simply hit the order button to receive it. A much easier, fast and time-saving way of doing transactions it is.
Coupons rather warrants on the other are very important especially in the 21st century. Coupons are very important certificates of interest due. They are largely used by retailers to drive and hike a great deal of retail sales and volumes and perhaps sources of influencing customers’ (consumers) buying patterns. They are beneficial in many ways some of which include;
An outlet for loyalty programs i.e. They provide the retailers a channel to utilization of the vast amount of consumer purchase information and a way of rewarding customers who have been very loyal.
They are great money savers, especially to consumers. The greatest advantage of money saving coupons is the fact that the greatly cut on bills to almost 50%.
Coupons also bring shoppers in masses into shopping places thus a plus to the retailer.
They create a competitive market environment. The notion that most consumers have that coupons are basically for shopping purposes gives the retailers an upper hand in combating the market share erosion to mass drugstores and other merchandisers.
They assist in product boosting. Manufacturers’ coupons are believed, as research shows, to boost almost all products available in the product line and further brand both the manufacturer himself/herself together with the store.