One of the keys things I learned today was the issue of friction between online purchase versus physical purchase. More importantly, I learned that technology is a great friction reducer and this can be illustrated through buying online.
My research to why online buying grew was due to the following reasons, mainly
1. Rise in transportation costs
2. Decrease in telecom costs
3. Increase access to the internet
Furthermore, the technology of online purchases platforms offers a larger selection of products, coupled with the decrease in searching cost, inevitably led to more competitive prices. However, with all the pros stated below, one cannot engaged their 3 main senses (smell, touch, taste or try) when selecting the product.
In conclusion, if one is able to create a technology in which consumers and feel, smell and even taste via a virtual product which will be launch from a laptop, there will be absolutely no need to step out of the house to do any shopping. A radical technological innovation indeed and I do not foresee it to happen anytime within the next decade. One this particular technology can come true, I believe one will not need to travel overseas to attend anymore meetings.
No comments:
Post a Comment