how does the internet change consumer and supplier relationships ?
The internet is considered as the next industrial revolution. It is a disruptive technology that has changed the way the world exists. To the customers, it has given them an opportunity to become more aware about the products and services close to them. It also means that if they want to buy even a pin, they have several options to choose from. On the other hand, suppliers also have become aware of the need to have an online presence because they need to offer the right product at the right place and at the right time. They are aware that customers know everything, and have to be on their feet and extremely competitive. With this is mind, consumers gain because there is no presence of middlemen reducing the cost further.
Companies and suppliers are boosting their online presence with the revolution called internet. The internet also have given the customer an opportunity to freely pick and choose which suppliers they want to deal with without bothering about their geographical location. The presence of social media is yet another factor that assumes importance in this new-age of internet. Customers have become very vocal about their preferences and with AI and its components, consumers are able to undertake sentiment analysis giving them a near to truth picture about what the customer wants. Customer has more choice now and suppliers have a wider base of audience it can cater to. For both the aspects it is a win-win situation which will be the future.