Enhance Performance Of Their Online Market â€Myassignmenthelp.Com

Question: Discuss About The Enhance Performance Of Their Online Market? Answer: Introduction In the present business scenario, innovation holds an important place for the contemporary business scenario. The present business state of affairs constitute of intense competition in the market. Thus, one of the key measures to stay ahead in the competition is concentrating more on the innovation. Innovations help in generating new and unique ideas which will help to offer new products or services in the market. Innovation helps the organizations to create a distinctive image in the market among all their competitors. EBay is one of the leading organizations in the world which is known for their innovative approach in offering and marketing their products and services. It is being founded in 1995 in California, United States (Ebayinc.com 2017). It was initially started as an e-auction site which was a unique innovation at that time. In the later stage, they entered in the market of e-commerce sectors. Currently, eBay is one of the prominent organizations around the world in the online market sectors. This report will discuss about the innovative ideas being generated by eBay in their daily operations in reference to their 4p framework. In addition, the strengths and weaknesses of the present innovative activities of them will also be analyzed. Recommended steps will be discussed here in this report in indentifying the new targets of innovation of them. 4P framework of innovation Figure: 1. exploring innovation space Incremental change Radical change Paradigm Online auction site to online commerce platform. Being an online seller to being an online payment platform and acquiring different companies in achieving foothold in diversified sectors such as technologies. Product From electronics to covering all types of consumer products. Consumer items to online payment platform. Process Availability in mobile phones. Offline retailing. Position Online marketplace to online bidding platform. Offering online market in nineties is a new concept. Chart: 1 exploring innovation space Paradigm he incremental shift in the strategy of eBay is expanding their business from being the online auction site to online commerce platform. The radical paradigm shift of them is from being online seller to being an online payment platform and acquiring different companies in achieving foothold in diversified sectors such as technologies (Schory 2017). Initially they were online seller and evolving from that made them online marketer, seller, auctioneer and a leading technology organization in the world. Product EBay offers vast range of product portfolio to their customers. They have rapidly evolving their product portfolio to adjust with the changing taste and preference pattern of the customers. At the initial stage they offered only the electronic items to the customers. However, with the change in the requirement and expectation of the customers, they diversified their product portfolio from electronics to covering all types of consumer products. The radical change in the innovation of their product portfolio is offering online payment platform by eBay to the customers (Sudarno 2012). Moreover, they are being able to identify the requirement of the customers in the offline channel also. Thus they came up with Omni channel strategy which enables them to introduce eBay enterprises to cater to the offline customers (Frazer and Stiehler 2014). Process With the evolution of the mobile telecommunication service, eBay made them available in the mobile internet also. It helps them to cater to more number of customer segments which do not have the access to the computers. Moreover, with the introduction of the offline retailing through eBay enterprises, they are catering to the customers who do not have the access to the internet facilities. With the introduction of online payment options, customers now have more convenient options for payment during shopping (Sudarno 2012). Hiring and recruiting people in eBay is also involves innovative approaches. Majority of the job being associated with the recruitment is online based. Thus, it reduces the chance of nepotism and preferences. Position Initially the target market for eBay was the customers searching for online electronics products. The incremental change in the policy of eBay helped them to target the people who want to take part in the auction for bidding for certain products (Aloini, Dulmin and Mininno 2012). Afterwards they target the customer segments who want to have all type of products online rather than just the electronic goods. Thus, they offered various types of product through their online portal. The radical change for eBay is offering the online market place in late nineties when people do not have the idea about the online shopping. In addition, positioning themselves as a technology organization with introduction of various technological products such as connected glass made them become a diversified organization. Current innovative activities of eBay EBay always involves in innovation and currently there are several innovative activities being going to get implemented in the operations (Sullivan Mort, Weerawardena and Liesch 2012). One of the key innovations for them in the recent years is introducing the latest version of their app for the mobile users. The new version enables the customers in enhancing their convenience in searching and selecting products of their shopping at a single click. Moreover it helps the sellers to have greater exposure of their products in the portal. Another innovation in their online platform is the introducing the new set of features in their portal to offer more personalized service to the customers (Jiang, Yang and Jun 2013). It helps the customers in finding out their required type of products more easily with more enhanced filters and having the access of the suggested items for them. They have also led the innovative approach in their delivery process also. EBay came up with a concept known as eBay now, with which they will deliver the products within one day in anywhere. On the hand, few selected products will be delivered within one hour of placing the order. They have implemented an innovative approach, through which they will pick up the products from the nearest retailers of the placed order and will be delivered (Colla and Lapoule 2012). Thus, it will help in increasing the convenience of the customers. Innovations in the customer relationship management of the eBay are further helping them in effective determination of the requirement and preference of the customers. They are gathering a huge amount of data on a daily basis which is being analyzed effectively due to their innovative approach in managing the customer requirement (Khodakarami and Chan 2014). Moreover it helps them to offer the individual customers more personalized options to enhance their s hopping experience. EBay maintains their innovative approach in their marketing activities also. They send email notifications to their existing customers based on their buying pattern and trend (Georgieva 2012). It helps them in aware the customers about their favorite items at a discounted rate. Further, the customers will be in continuous touch with the promotional activities of the organization. It helps them in aware the customers about the recent trend in their portal. Analysis of the innovative activities Strengths With having implemented various innovative ideas in their daily course of operations and a few are yet to be implemented, eBay is going to change the current scenario of the online marketplace like they have done in nineties. With the boom in the internet and increase in the online presence of the people around the world, online marketplace holds a significant position for the future growth of business (Jagarlapudi 2012). Thus, they have made efforts to strengthen their online business portfolio. The recent innovations of eBay are concentrated on the customer convenience in the online shopping. Thus, customer satisfaction will get increased with the increase in the customer convenience (Chen 2012). Moreover, the mobile users are also rapidly increasing in the global scenario. Thus, improving the mobile experience will further help to increase the market penetration and convenience. In the effective management of the supply chain, the initiative by eBay to reduce the time of taking the order and delivering the order to the customers will help to increase the effectiveness and productivity of the employees. Effective management of the customer relationship is helping them in meeting the requirement of the customers more effectively along with maintaining the relationship with the customers (Khodakarami and Chan 2014). Thus, the connection between the customers and the organization is getting further enhanced. Weaknesses Majority of the innovative activities of eBay are concentrated for the online customers. However, it should be taken in to consideration that there are still large numbers of people who are willing or having the purchasing power to buy products from eBay, but with the absence of the access of internet, they cannot able to opt for eBay. Thus, the innovative activities of them will not have any positive impact for the offline customers (Amit and Zott 2012). In addition, the rate of implementing innovative approach for the eBay enterprises is not adequate which will further increase the gap between the offline customers and the organization. Majority of the competitors of eBay such as Amazon are being initiating various and extensive innovative approach in enhancing the customer service (Wilson et al. 2012). Amazon is also looking to introduce drones in delivering their products. Comparing with these initiatives, eBay is much behind in terms of the innovation. New target for strategic innovation One of the key gaps being identified in the innovative activities of eBay is the less concentration for the offline customers. Thus, innovation should also be initiated for the offline customers also. Innovative approaches such as more customer involvement and reaching out to the customers having not access to the internet should be considered. Innovative approach should be holistic covering all the aspects of the business. Taking the examples from the competitors of eBay, innovative approaches should cover marketing, promoting, customer involvement and employee involvement. EBay is having lack of innovative approaches for their human resource management. Thus, this area should be considered to set new innovation target. Innovations in meeting the global and diversified requirement of the customers such as, delivering the French perfume to an Australian customer in less amount of time will enhance the customer satisfaction. It will also help them to position themselves as true global organizations with customers having the access of any products from around the world at any time and from anywhere. Conclusion Having analyzed the current innovative approaches of eBay, it can be concluded that they are mainly focusing on their online business than anything. Majority of their innovative approaches are being implemented to enhance the performance of their online market. Recommendations are being given in this report to enhance the performance in other business areas with the help of innovative approaches. With the help of 4Ps of innovations, it has been determined that innovation is being effectively implemented in their operations and gradually they have been able to improve and diversify their operations. Thus, it can be concluded that, although they are having effective and efficient innovative approach in their activities but still there are some gaps being identified. Thus, following the recommended measures will help them to implement a holistic innovative approach in the organization. It will further enhance their competitive advantages to stay ahead in the competition. 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