With the rapid advancement of technology and the excessive use of the Internet, E-commerce is growing rapidly and the opportunities for Collecting and providing product information has been expanded. The increasing usage of social networks due to rise in sophisticated technologies like 4g and affordablesmart phones, access to internet and social networks particularly has become like one of the necessities for consumers now a days and it is now ridiculously common for buyers to look for online reviews of a product/service prior to purchase and consumption.
A recent survey found out that most consumers perceive online to be as trustworthy as brand websites. WOM information on the Internet has become an important information source for shopping.
Consumers shopping on- line cannot touch or smell products, as would be possible in traditional retail outlets, so their purchase judgments must be based on the product information presented on the Web site. On-line sellers seek to overcome this limitation by giving consumers the opportunity to share product evaluations on-line. This consumer-created information is helpful in making purchase decisions because it provides indirect experiences of products. Before consumers make a purchase in an e-commerce website, associate e-commerce web site, they’re aware of use on-line reviews in-formation as a basis to guage whether or not they purchase. when shoppers pip out, they’ll post their own comment of the commodity in the e-commerce sites.(Mo, 2015 )
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Everyone can share their thoughts withmillions of internet users and influence others decisions through e-WOM through online discussion forums, chat rooms, blogs, web-based opinion platforms and newsgroups ,search engines, internet communities,social media, consumer review systems and online instant messenger services to gather and disseminate product information These tools are the basis for e-WOM networks and are used for information searching, decision-making, and forming brand images. (Charo, 2015). eWOM is known to have a strong impact on purchase decisions and It is a key factor in the Internet shopping market (Yoo, Sanders, & Moon, 2013)
Online user reviews have become increasingly important as consumers continue topurchase products online. When consumers are not able to judge a product in person, they often rely on this eWOM transfer to mitigate risks regarding product quality and thetruthfulness of the seller.
Internet has become the primary source of information for a large number of consumers and it has dramatically changed the consumer behavior.The arrival and expansion of the internet has extended consumers options for gathering product information by including other consumers comments, posted on the internet, and has provided consumers opportunities to offer their own consumption-related advice by engaging in electronic word-of-mouth (Yaylı & Bayram, 2012). Electronic word of mouth (eWOM) plays a significantrole in consumer purchase decisionsasits low cost and high speed when compared to traditional wom.
The influence of eWOMeven changes the life style of consumers and it has broughtunprecedented opportunities and challenges for marketingactivity (Cheng & Zhou, 2010).
Online product reviews provided by consumers who previously purchased products have become a major information source for consumers and marketers regarding product quality(Nan Hu & Zhang, 2008).Product reviews and ratings are populartools to support buying decisions of consumers. Thesetools are also valuable for online retailers, who userating systems in order to build trust and reputation in the online market(Lackermai, 2013) . Managing the marketing variables of product information, price, promotion, and product distribution can mitigate the negative impact of NOR.(Pee)
With the evolution of online communication through internet, customers now see online advertisements of various brands. It is fast catching up with the buying behavior of consumers and is a major source of publicity for niche segments and also for established brands. This is the new way of digital revolution and businesses worldwide have realized their worth.
The online shopping landscape is gradually changing in terms of the types of products that are being bought online. Generally, consumers planned online purchases indicated a year over year increase for most product categories. These results signal a higher willingness to buy new product categories online, particularly those more traditionally sold in shops.
The new media has not only offered consumers a better way to view products and services but also has helped created a better relationship between marketer and consumers. Thus, transforming them into a more sophisticated, well-informed. Indeed, the Internet has not only provides new ways for consumers to learn about and acquire products and services online but has also reshape consumer buying patterns. However, the figures are still very low. Apparently there have also been extensive studies on online purchasing behavior in recent years. Internet users have not only used the Internet to research online purchases
Amazon: Amazon mission and vision statements contribute to the company’s status as one of the largest online retailers in the world. This success is attributed to stringent measures to ensure that the vision and mission statements are fulfilled. In theory, the corporate vision statement provides organizational direction toward a desired future condition of the business.
Mission: We strive to offer our customers the lowest possible prices, the best available selection, and the utmost convenience. This corporate mission promises attractive e-commerce services to satisfy target customers’ needs. The company focuses on the variables of price, selection, and convenience. In this regard, the following characteristics are identifiable in Amazon’s corporate mission statement:
- Lowest prices
- Best selection
- Utmost convenience
Vision: To be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online. This vision statement underscores the business organization’s main aim of becoming the best e-commerce company in the world. In this regard, the following characteristics are identifiable in Amazon’s corporate vision statement:
- Global reach
- Customer-centric approach
- Widest selection of products
Flipkart: It is one of the leading e-commerce players in the country. With over 11.5 million book titles listed, 11 different categories, more than 2 million registered users and sale of 30000 items a day. Flipkart offers its logistics services to its competitors, it can gain money from those transactions. Flipkart has developed its own logistics arm E-Kart, which has been initially used for in-house deliveries.
Vision: “To become Amazon of India”
Mission: Providing a delightful and memorable customer experience
Snapdeal: Snapdeal is an Indian e-commerce company based in New Delhi, India. The company was started by Kunal Bahl and Rohit Bansal in February 2010. In January, it acquired a stake in product comparison website, Smartprix.com followed by the acquisition of luxury fashion products discovery site.
Mission: Snapdeal aims at making life fun for consumers. We have a simple business philosophy; we just do not offer best prices, we offer great experiences! You do not need to spend a fortune to enjoy what you love; we are just a click away.
Vision: Snapdeal’s vision is to create India’s most reliable and frictionless commerce ecosystem that creates life-changing experiences for buyers and sellers.
