Complementary E-Value Elements for “Product”
- - Connectivity: draw consumer attention to your website and domain name with the right branding techniques, or make yourself easily findable on the Internet by consumers seeking your product/brand experience.
- - Content: create interactive interfaces and website designs to provide an attractive product/brand experience.
- - Community: collaborate with consumers in online communities for product and brand co-production (crowd sourcing).
- Commitment: compensate for possible disappointments caused by poor appearance, performance, or experience with products/brands in either their digital or physical forms.
Price: The Internet has reduced many barriers to market entry,7 reducing market imperfections and increasing competition in favor of consumers. Increasing information availability and product varieties in markets eventually lower market prices. In other words, increasing market transparency and competition reduce company-dominated price control in the markets and empower consumers economically.8 Consumers can now access better options using comparative search engines, and can easily detect price discrimination on the Internet.9 An ever-increasing number of auctions and consumer-to-consumer markets indicate a rise in consumer involvement in market pricing mechanisms as, essentially, alternative company value construction systems. In other words, consumer online communities have transformed marketing from cost-pro fit-based pricing into consumer-influenced value pricing. Thus, companies now need to understand these communal and comparative value-creation elements in order to meet the right price levels for consumers in the marketplace. Finally, the digital presentation of price can be different than in the physical world. Consumer decisions can be influenced by where and how the price is introduced in the stores; they can be influenced by flashy banners, or even the font used for the price.10 However, if you emphasize the prices more than the product features in your website, the product may be perceived as low quality when there are no other indicators of product quality. Thus, not only how a company reaches consumer-influenced value pricing, but also how these prices are introduced in company websites and e-mail campaigns is crucial for price success on the Internet.