Trust is always the word of the day. Believe it and have it all. It does not matter the field, be it media or marketing, retailers or consumers, each and every person in business is much more concerned with the word “trust.”…
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..the paramount concern ….as banks, food manufacturers and government officials suffer from losing people’s trust” (Need, n.d.). The benefit and success in business go hand in hand with trust. None of the businesses in the entire world would ever wish to run losses in the market however crowded it may seems to be. To be successful, business would want consumers to buy and try more and comfortably pay for the goods and services. This is where brand trust comes in. Defining brand trust remains challenging as any retailers would prefer its definition left to the consumers’ view of their products and services (Weinberg, 2009). However, my ideas seem to differ from that: it is the responsibility of the business to build trustworthy relationship with the consumers. A good example of brand trust can be taken from the printing industry. If you buy a printing machine allegedly printing one thousand copies in one minute, yet in reality it can only produce one hundred copies in one minute, then there is no trust towards the producers of the machine. The above example introduces another important factor in brand trust, which is honesty and clarity. Honesty and clarity are very much essential in building brand trust. According to the study conducted in 2010 by the Reader’s Digest European Trusted Brands, 13% of consumers trust advertising and 32% of consumers trust international companies. However, according to Nielsen Global Online Consumer Survey, 48% of consumers trust their work colleagues, friends and neighbors, 90% of consumers, trust recommendations from friends while 70% trust opinion posted online (Grimes, 2012). A question then may arise: do many clients understand key factors required to build trust? Perhaps we can say they do or they do not; it depends on the kind of scenario presented before the consumer. The only reality you can bank on is that every client wants to build trust. But how can we achieve trust for products and services? This is a question many entrepreneurs and marketing officers attempt to answer on a daily basis. Just like people build trust in relationships, the same way clients build trust for brands and business. This is achieved through trust drivers as illustrated below. Factors influencing the effects of online Trust The steady growth of the Internet has in the recent past promoted e-commerce to a great extent. The Internet is now an essential part of a multichannel strategy for firms. In order to create a long term relationship guided by trust, companies are required to build on customer trust (Bhusry, 2005). This is very necessary in the world of e-commerce because consumers depend on the Internet for extraction of useful information and purchasing of products/services offered. Successful e-commerce requires a wide evaluation and understanding of how brand trust is achieved and the effects it has on consumer behavior (Epstein, 2004). In the case of Zappos e-business, quite a number of trust drivers come into plays. We must note that the web site design is also a very important part of e-commerce, and thus very essential factor in building trust. In addition, the web site design strategies of different web sites classification emphasize different characteristics like navigation, privacy and advice that are very crucial in building trust (Weinberg, 2009). Quite a number of factors may affect online trust of Zappos e-business, namely, risk of information, price of the product/service on the web site, financial risk and the navigation ability of the web site. The above factors can be broken down into details as follows: (a) Risk of Information. The risk of
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174). The purpose of a business plan is flesh out the original business idea in substantial terms, that is, to concretely describe what the business aims to achieve and how it aims to achieve these goals. The business plan may be viewed as a blueprint of what the prospective business owner intends to do.
Part 1: The Creation of a Successful Entrepreneurial Venture: Analysis and Critique
The importance of entrepreneurship in modern day society cannot be overstated with Henry, Hill and Leitch (2003, pp. 7-8) arguing that it contributes significantly to total employment and household per capita incomes in the UK.
The online retailer has its headquarters in Seattle, Washington state, United States. Over the years, the site has grown rapidly that today it has separate websites in almost every developed country such as the U.S. – which is the mother of them all, Germany, the United Kingdom, Italy, France, Spain, china, and japan.Amazon.com is also set to open up shop in countries such as Netherlands, Poland, India, and Sweden.
Zappos.com is the largest online shoe retailer located in Henderson, Nevada. Amazon.com acquired the purchasing rights of Zappos.com in 2009 for a high value of money because of its reputation to the outside environment. Since, its establishment, Zappos.com is the leading online shoe retailers’ store.
Zappos Overview of Zappos Zappos.com is determined to be an online retail store. It was founded by Nick Swinmurn in the year 1999. His original idea primarily involved creating a website, which will offer a wide range of best shoes. The shoes that were thought of to be incorporated in the offerings entailed differentiated varieties, styles, brands and sizes among others.
SWOT analysis (strengths, weaknesses, opportunities and threats) (Johnson and Scholes 51). Strengths Unique image and leadership position allows Amazon to obtain a very competitive position on the global market. Amazon has a core of loyal supporters and developed lines of services to satisfy the needs of wide audience.
Electronic commerce or e-commerce as it is referred to, this certain feature in the internet and business arena is blessing not just for prospect shoppers but even for simple beginners to expert sellers
This helps to reassure customer that if they purchase a product and it is either defective or unwanted, then the customer can get a refund or a replacement if they wish. Finally, one general management process at Zappos is its computer system, Genghis, which manages every
Apart from billboards and media advertisements, other ways like shopping bags for customers is an important factor. According to market research, it has been realized that a good percentage of the population gets attracted to certain products due to their
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