In recent times, businesspeople utilize internet facility not only for globalizing their business to other territories but also for attaining the ability to serve their services and products to customers throughout the day and within lesser time (Kim and Ko 2012). Shanka (2012) however depicts that internet marketing is a cost effective method and can be used to accomplish every business activity- hiring employees, outsourcing services, offering shopping opportunities to customers.
Since, through online business activities, operations can be performed in real- time, customer can accomplish their desired work according to their convenience. Moreover, a business with internet facility can fulfill the demands of customers residing in other nation. (Kim and Ko 2012) also affirms that internet support system that is available 24 hours for customers also adopted by contemporary organization that results in customer satisfaction. The prime objective of this assessment is to highlight the internet marketing opportunities and also evaluate their effect on customer satisfaction.
2.0 Discussion
2.1 Concept of internet marketing and its opportunity
Wirtz et al. (2013) depicts that internet marketing is also resembles as online marketing and it resembles the process of promoting a brand, services and products through online. This technique also involves electronic customer relationship management, email marketing, social- media marketing and promotional activities (Hollensen 2015). Moreover, internet marketing comprises of social- media marketing, e-mail marketing, mobile marketing, display advertisement and search marketing (Chen 2012). The money send by the marketers is also increased every year on internet marketing and it was $67, 888 million and $75,619 million in the year 2015 and 2016 respectively (Wirtz et al. 2013).
Every sector in recent time has used internet facility to enhance the organization’s performance as well as effectiveness. Chen (2012) describes that marketing, construction sites, media, agricultural sector, retail, transportation, health sectors real estates and IT firms uses online facilities along with their conventional services so that competitive advantage can be attained.
However, businesspeople use online services for performing business operation, tracking customer’s concern and communicating with distant vendors (Rose et al. 2012). Morgan-Thomas and Veloutsou (2013) on the other hand depicts that the major benefits of online or internet business are- improved client service, faster delivery of products, global access, faster delivery of products, cost savings and operate business from any places and anytime.
However, Kim et al. (2012) mentioned that online services or internet facilities allows marketers to offer all details and offers in their websites. This resembles the transparency between company and customers. Morgan-Thomas and Veloutsou (2013) moreover portrays that the social media managers of every organization respond to the customer’s feedback instantly. This aspect denotes that customers are considered the most valuable asset of an organization. In addition to that, implementation of online services allows customers also to accomplish all their work from any places and they do not have to visit to the physical location forget their work done.
Additionally, especially in supply chain or logistics service, customers can track their products and get information of the delivery for their orders. Martin et al. (2015) also highlight that using cloud computing technology in the business allows businesspeople to store and manipulate enormous amount of data. All these factors signify that internet facility results in customer satisfaction and engagement.
2.2 Online shopping
Pappas et al. (2014) mentioned in the article “Moderating effects of online shopping experience on customer satisfaction and repurchase intentions” that the more the customer gets satisfied with an organization’s services the more will be the tendency of the customer to retain with the company. Moreover, Pappas et al. (2014) also highlighted that not all customers have the same experience and these experiences can be categorized into different level that helps an organization to measure customer satisfaction and engagement. Rose et al. (2012) on the other hand argues that the first stage of utilizing the internet opportunities is to formulate an effective internet homepage for the company.
Furthermore, appropriate and accurate information on website along with the product information search, service delivery and purchase transaction also ensures effective interaction with the customers Rose et al. (2012) The similar fact that is found in both of the articles that internet facility gets more popularity in terms of online shopping through which an organization offer their products to customers with all the details and transactional information. Pappas et al. (2014) portrays that satisfied customers can be evaluated by assessing list of customers, who spends more and shops often; while,
Pappas et al. (2014) describe that it can also be assessed by consider different antecedents of online customer experience. Moreover, users prior to experience look for some factors in internet approach- website quality, availability of desired products in the website and ease of handling all the operations by the users (Pappas et al. 2014). Lin and Lekhawipat (2014) on the other hand affirms by depicting that some aspects that motivate and influence the online consumer are- perceived usefulness, information processing, perceived control, trust propensity and enjoyment.
2.3 Internet opportunity in financial service sector
Chen (2012) depicts that effective service system characteristics is one of the major factor that affect the flow experience of a customer and ensure satisfaction of consumers. However in the article “The Impact of Service System Design and Flow Experience on Customer Satisfaction in Online Financial Services” Chen (2012) highlight that not only the retail sectors uses the internet opportunity in performing business operation but financial sectors also utilizes the same technology for making the business operation fast and less cumbersome. It is also evident that online services cost less for customers for attaining greater competitive advantage (Lin and Lekhawipat 2014).
Chen (2012) portrays that financial resources improve their service quality and reduce transaction costs due to presence of competitors like- online brokerage market and new providers. Since, financial institution’s data are more vital and contains important data, online services with high security often attract customers. Customers become satisfied as they do not have to go physically to banks and without waiting in long queue all their works gets accomplished (Chen 2012).
Moreover, Internet of Things (IoT) technology is also adopted by finance institutions that resemble the situation to connect mobile devices with the bank account and all the information related to the bank accounts is automatically transferred to the registered number. This approach also makes customers aware of their transactions so that they can validate their details and if any beach will occur with their account, they get instant notification in their smart devices. This implementation of security services in online facility also signifies an internet opportunity. In addition to that, Kim and Ko (2012) also predicted that by the year 2023, endpoints of the Internet of Things will hike to 32.5% CAGR from 2013.
2.4 Social media marketing as an internet opportunity
On the other hand, Kim and Ko (2012) highlights that one of the most important internet opportunities that is social media facility that is use to operate business functionality. It is evident that using social media marketing is a growing interest among marketers especially in fashion brands. The similarity that is found in all the articles is customer buying behavior can be considered as a metric for measuring customer satisfaction. However, “Do social media marketing activities enhance customer equity? An empirical study of luxury fashion brand”, consider customer equity, relation equity, brand equity as facts that can be use to assess customer satisfaction (Kim and Ko 2012).
Fashion brands uses Twitter, Facebook, YouTube and Instagram for ensuring communication with their customers. Thus, it can be said that conventional way of communication is replaced by interactive two way direct communication with the help of social media sites. Moreover, Chen (2012) also depicts that misunderstanding and prejudice can be reduced with this interaction and this aspect assure the effective customer satisfaction. In addition to that, the factors that define the customer equity from online experiences are- value, brand and relationship (Chen 2012).
Shanka (2012) moreover describes that quality, rice and convenience are the three factors that define the value equity and if all these factors are attained by an organization, customer engagement can be assured. In internet opportunities, generating loyalty programs and additional discount on online activities also attracts users to remain associated with the company (Chen 2012). This signifies the relationship equity of the customers that makes them loyal towards the organization. Lastly, brand equity can also be formulated from internet facilities by revealing true and accurate facts about their company and products.
2.5 Utilizing internet opportunity for service customization
It is evident that in recent times, personalization and customization of services and products has become a trend and marketers opted for this approach for attaining customer satisfaction (Martin et al. 2015). Kim et al. (2012) in this context depicts that mostly, e- commerce companies utilizes the recommendation system for suggesting selective products that helps a customer to make purchase. Concept of filters in e- commerce sites are an example of recommendation system that helps consumers to find their desired products.
Kim and Ko (2012) also mentioned that these companies also save cookies in the target websites so that most viewed items by the customers can be shown in the recommended list. Amazon.com and Dell.com are the first two companies to successfully adopt this facility and had earned profit and positive customer response. However, Kim and Ko (2012) argues that these recommendation system only encourages them to purchase but never ensure customer satisfaction after purchasing items. Thus, it is concluded in the article that in order to make this recommendation system effective, marketers must follow customers profile in online account and then consider their feedback. This approach allows them to take different initiatives for improving their services that on the other hand ensures customer satisfaction.
2.6 Identified Gaps
In all the research articles it is found that in internet facilities implemented by an organization, the customer satisfaction can be measured by their tendency to repurchase items and hence customer’s buying behavior can be used as metric for assessing their level of satisfaction. However, what factors drives their intention to make more purchase is not mentioned in this articles. Moreover, it is also found that internet facilities in retail industry are usually found but for financial institutions it is rarely been taken and discussion.
Thus, in can be said that mostly the online facility users are undergraduates or younger millennial and the most common things that they bought is books, cloths and other inexpensive things. These customers do not intend to purchase expensive items. Thus, in finance sectors the businessperson has to satisfy customers with their secured and accurate service. Thus, like retail sectors, it is important to assess financial sectors and their initiatives in implementing internet approaches to make their customers more satisfied.
3.0 Conclusion
Thus, it can be concluded from the evaluation that internet marketing approach plays a crucial role in gaining profitability from the business operations. The online marketing display accurate information on the sites that allows the customers to access and understand all the details and underlying policy. This enhances the sense of transparency and ethics towards the company which on the other hand ensures the customer satisfaction. Moreover, internet marketing often connected to social media sites that also allow many users to get aware of the organization and its available products. This also drives the intension of making purchase from the company.
Moreover, effective communication, accurate details, timely delivery and security are the major factors that ensure the customer satisfaction. It is also drawn from the discussion that financial sectors are mostly benefited by implementing internet opportunity to attract their customers but as many users are younger millennial and high- school or college students, they majorly uses internet for shopping items like cloths and books. Thus, the future topic that can be considered in future is the implementation of the internet marketing opportunities in finance sector that drives the satisfaction in customers.
4.0 Reference List
Chen, S.C., 2012. The customer satisfaction–loyalty relation in an interactive e-service setting: The mediators. Journal of Retailing and Consumer Services, 19(2), pp.202-210.
Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.
Kim, A.J. and Ko, E., 2012. Do social media marketing activities enhance customer equity? An empirical study of luxury fashion brand. Journal of Business Research, 65(10), pp.1480-1486.
Kim, C., Galliers, R.D., Shin, N., Ryoo, J.H. and Kim, J., 2012. Factors influencing Internet shopping value and customer repurchase intention. Electronic Commerce Research and Applications, 11(4), pp.374-387.
Lin, C. and Lekhawipat, W., 2014. Factors affecting online repurchase intention. Industrial Management & Data Systems, 114(4), pp.597-611.
Martin, J., Mortimer, G. and Andrews, L., 2015. Re-examining online customer experience to include purchase frequency and perceived risk. Journal of retailing and consumer services, 25, pp.81-95.
Morgan-Thomas, A. and Veloutsou, C., 2013. Beyond technology acceptance: Brand relationships and online brand experience. Journal of Business Research, 66(1), pp.21-27.
Rose, S., Clark, M., Samouel, P. and Hair, N., 2012. Online customer experience in e-retailing: an empirical model of antecedents and outcomes. Journal of Retailing, 88(2), pp.308-322.
Shanka, M.S., 2012. Bank service quality, customer satisfaction and loyalty in Ethiopian banking sector. Journal of Business Administration and Management Sciences Research, 1(1), pp.001-009.
Wirtz, J., den Ambtman, A., Bloemer, J., Horváth, C., Ramaseshan, B., van de Klundert, J., Gurhan Canli, Z. and Kandampully, J., 2013. Managing brands and customer engagement in online brand communities. Journal of Service Management, 24(3), pp.223-244.
Zavareh, F.B., Ariff, M.S.M., Jusoh, A., Zakuan, N., Bahari, A.Z. and Ashourian, M., 2012. E-service quality dimensions and their effects on e-customer satisfaction in internet banking services. Procedia-social and behavioral sciences, 40, pp.441-445.
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