Assessing Customer Satisfaction Rates in the Ecommerce Business Model, Assignments of Business Strategy

Download Assessing Customer Satisfaction Rates in the Ecommerce Business Model and more Assignments Business Strategy in PDF only on Docsity! Business Notes – Business Notes on Assessing Customer Satisfaction Rates in the Ecommerce Business Model. Subject (Business) These notes examine the importance of customer Satisfaction and its place in the modern business world. The notes seek to establish the impact of customer Satisfaction in motivating buyers under the influence of knowledge. These notes come in the nature of a research paper examining the customer satisfaction phenomenon. The notes follow all the guidelines of a research paper. These notes will help students understand how customer satisfaction helps will result in repeat customers and referrals. These notes will help students learn how important customer satisfaction is to businesses. Students will be able to take the knowledge they've learned and apply it in their future careers. When it comes to providing great customer service, there are a few key things to keep in mind. Student will therefore find these notes helpful as a basic understanding of the topic. Assessing Customer Satisfaction Rates in the Ecommerce Business Model INTRODUCTION The goal of every company is to satisfy its customers. However, this goal can often be very vague, without a deeper understanding of the concept or specific intentions. Understanding the meaning of the term will help you create strategies accordingly. Customer satisfaction seek to ensure that customer is satisfied. Bu why exactly is customer satisfaction is important to any business? In marketing science, customer satisfaction is examined as a key factor influencing customer Satisfaction and customer retention. In marketing target systems, satisfaction targets are included as a psychographic target dimension. All businesses want to grow and increase revenue, but not all have the resources to actively expand. Once you have the right customer satisfaction strategy in place, you can effectively passively grow your business and revenue. For every company, customer Satisfaction is one of the main tasks to ensure business success. It does not matter whether the company is large or just a single self-employed person, whether it was newly founded or the company has been on the market for a long time (Heskett, 2002). Especially in times of rapidly changing consumer trends and product developments, customer Satisfaction seems more difficult than ever - and therefore all the more valuable. This research paper examines the importance of customer Satisfaction and its place in the modern business world based on Tesco organization. The aim of the research is to establish the impact of customer Satisfaction in motivating buyers under the influence of knowledge. We seek to establish that those buyers who are well satisfied tend to be more loyal towards the business products. This research samples customers selected for a survey and uses them in a test to establish what the deterministic constructs of customer Satisfaction are. The results will then be subjected to statistical analysis to establish if our Null hypothesis holds water. The research approach seeks to establish that customer satisfaction rates are high in e-commerce businesses. The aim is to seek more understanding into the constructs of customer satisfaction. This will provide insight to business managers on what they need to do to come up with effective customer satisfaction programs. Research rationale not on the short-term success of the sale, but on long-term satisfaction to the company. This not only means that this customer repeatedly purchases products or services, but that he also recommends and thereby attracts new customers. The so-called echo effect, i.e. recommendations to acquaintances and friends, is a very credible form of communication (Nguyen, et al., 2013). Overview The importance of functioning customer satisfaction is undisputed, but many people in charge in the company are far too focused on acquiring new customers. Of course, the acquisition of new customers is always the basis for business success, even if a certain growth is targeted. For long-term success it is expedient to consolidate existing customer contacts and only then acquire new customers. An equation that has been quoted over and over again illustrates this. Marketing experts agree that it takes five to ten times more effort to acquire a new customer than to maintain existing customers. To sum up, it pays to invest time and money in effective customer satisfaction (Gefen, 2002). LITERATURE REVIEW This section of the research paper explores a number of related literatures related to customer satisfaction. The exploration looks into different ideas developed by other researchers and scholars to provide a profound understanding of what we are researching on. Constructs of customer Satisfaction Every satisfied customer shares their good experiences with an average of three people, and each dissatisfied customer shares their negative experiences with an average of ten potential customers. What applies to all forms of relationships is also true in customer business: over time, an emotional bond actually develops. Customer satisfaction is always about getting your customers excited about the brand or company. Then they stay interested and loyal. Customer satisfaction is becoming more and more important. In 2013, marketing managers from 82 companies from various industries even described customer Satisfaction to a product or company as the most important marketing tool (Heskett, 2002). Most companies know that there are many good reasons to put a lot of effort into building customer satisfaction. Customer Satisfaction is a win-win situation for both sides. The more tied customers a company has, the better it can protect itself from competitors and their (short-term) promotions. For the customer, a good relationship with a particular provider also means a certain degree of security. He does not need to go into research every time, but can confide in himself, as he has already had many good experiences. That saves him valuable time and nerves. The great profitability of a good customer relationship is an important factor. The longer a good customer relationship lasts, the more profitable it is for the company (Gefen, 2002). Expensive initial acquisition expenses are eliminated, as are other costs, such as determining requirements or the market. A satisfied customer buys again and again, tries additional offers more easily and has usually developed a reduced-price sensitivity.    Since several areas of a company are affected by these processes, there is no special customer Satisfaction manager. Various departments in a company, such as sales or marketing, are busy ensuring that relationships are maintained. But above all, customer Satisfaction should be a central overarching goal of the company. In principle, there are two types of customer Satisfaction: that between retailer and end consumer, called B2C (business- to-customer), and the relationship between retailer and manufacturer, B2B (business-to- business). This calls for different actors with different activities. The B2C sector uses various marketing measures for this, in which social media managers are becoming increasingly important. Employees from controlling, statistics and psychology take care of customer needs and interests (Gefen, 2002). Account management is in demand in the B2B area. Field service employees are regularly with the customer to coordinate projects, clarify problems and optimize processes. This also includes trade fair visitors and in-house events. With dissatisfied customers, there is a risk that they will (silently) switch to the competition (unvoiced complainers) and/or communicate their dissatisfaction to the company (complaints) or to other people (negative word-of-mouth propaganda). When measuring satisfaction, a distinction is made between characteristic and event-oriented methods. With the feature-oriented method, satisfaction with performance features is recorded. On the other hand, with the event-oriented methods, it is assumed that satisfaction is based on the evaluation of (critical) events during product use. As you focus on improving other aspects of your business, happy customers keep coming back to you, recommending you, and posting positive reviews. In this way, without your constant intervention, a constant stream of income flows into your coffers, which hopefully will continue to increase. But of course, you should regularly monitor customer satisfaction to make sure you're still hitting the mark. The benefits of satisfied customers Strengthen purchase intentions and increase sales:  Satisfied customers will buy again, dissatisfied ones will not. By means of customer surveys, customer satisfaction can be read and from this it can be deduced how many customers recommend the company and are also willing to buy again. Appropriate measures can also increase Satisfaction and minimize customer churn.  Competitive Advantage: In a highly competitive marketplace, customer satisfaction should be a key objective of any business. Surveys provide information about your and lets customers linger longer. Some companies offer supervised play areas for children ensure an undisturbed shopping experience and give parents a special feeling of appreciation. All these approaches seek to improve approachability (Nguyen, et al., 2013). Customers prefer to buy from people than from an impersonal company. The portrait of the producing farmer on the meat package, name tags on the staff or the personal opinion of the team members on the company side create closeness and trust. The reasons for choosing to buy from a particular vendor can also be ethical or moral. Conscious consumers can bond with a company because they advertise with aspects that are also relevant to them. Today, customer Satisfaction is more valuable than ever. Entrepreneurs and the self-employed would do well to invest in effective customer Satisfaction. It is important to know your target group and to be interested in the customers. With the help of surveys, blogs, social media instruments or market research studies, the unknown customer becomes recognizable and can specifically become a friend. Entrepreneurs can only stand out from the crowd with clear positioning. Individuality and authenticity in the presentation have become indispensable (Uncles, et al., 2003). But to keep your customers, you don't just have to maintain a good image. First-class services and products are still an essential part of every successful company and a basis for good customer relationships. Customer satisfaction ensures that the business is able to retain its customers as loyal partners. Existing customers have a higher customer value. Customer Satisfaction and a large customer base pay off. The positive effect of customer satisfaction becomes even clearer with the following figures from the relevant literature: With repeat buyers and regular customers, online retailing generates three to seven times more sales per visit (Srinivasan et al., 2002). The conversion rates are also significantly higher. Existing customers consequently contribute disproportionately to your company's sales. A ten percent increase in the rate at which new customers use your offer again and become regular customers leads to a 9.5% increase in your company value (Sterne, 2000). For the term customer Satisfaction there is still no one true, generally accepted definition. As is so often the case in the scientific context, different bright people have different bright views. Because customer Satisfaction is highly complex. For online marketers, we still need to draw a conclusion. So that we can deduct from this which points should be attacked in order to create customer Satisfaction. To put it simply, customer satisfaction determines the customer's next purchasing behavior as well as his future behavior. Customer satisfaction consists of a multitude of different customer actions that you long for your online shop. Because each one is a one hundred percent competitive advantage for you and increases customer value. Customer satisfaction and customer Satisfaction Without customer satisfaction, there is no customer Satisfaction. For a long time, the credo that satisfied buyers would come back was considered correct. Even today it still has its justification, some retailers ask themselves the question of which measures a buyer is satisfied with and whether there are satisfied consumers only if they receive the requested goods in the right quality, at the right price received at home. However, customer satisfaction also has to consider completely different aspects. As with getting to know each other for the first time, a pleasant entrance in a shop is the first step towards long-term customer Satisfaction in retail (Evanschitzky, et al., 2012). Customer Satisfaction can have different causes. It can be involuntary or voluntary. In the case of involuntary customer Satisfaction, you make it difficult or impossible for your customers to migrate to the competition through barriers to change (Rahim, et al., 2012). For example, through contracts, certain cost structures or technical-functional aspects such as an operating system. In online trading, this type of involuntary customer Satisfaction arises, for example, from switching costs perceived by the customer. They make switching providers seem disadvantageous for the customer. For example, the time already invested in creating their customer profile can prevent your customer from switching. Because he cannot simply transfer his profile data to another online shop. He also loses the advantage of a personalized web offer, which is created for him from the profile data in your shop, if you use personalization. Much more important than involuntary customer Satisfaction in e-commerce, however, is voluntary, psychological or emotional customer Satisfaction. If emotional customer Satisfaction prevails, switching to another provider is generally possible at any time. However, your customer will still not switch to the competition because they are satisfied with your services (Rai & Srivastava, 2012). Two decisive factors for customer Satisfaction have already been mentioned here: firstly, satisfaction and secondly, trust. Reason enough to take a closer look at it in the next two sections. Satisfaction as an influencing factor for customer Satisfaction. A high degree of customer satisfaction with the previous business relationship is a significant factor among the psychological causes of customer Satisfaction. Under competitive conditions, a satisfied customer is more likely to make repeated use of your offer than a dissatisfied one. Sounds logical at first. The previous customer experiences are decisive. Of course, customer Satisfaction depends on far more influencing factors than the two variables discussed above, satisfaction and trust (Mandhachitara & Poolthong, 2011). The causal model of customer Satisfaction in online retail gives an impression of how complex the relationships are. He examined 18 different relevant economic and behavioural theories with regard to their different methods for measuring customer satisfaction, the primarily the subjective, feature- oriented, multi-dimensional and explicit ex post measurement is suitable for comprehensively examining the satisfaction of customers with the entire range of services of a company. It turns out that these procedures are also the most common (Shankar & Jebarajakirthy, 2019). The approach of standardized or self-developed surveys is the most widespread method in the library sector. The determination and control of the customer satisfaction level are part of the constant task of management. Since the early 1990s, libraries have made increasing efforts to collect this data, often through user surveys. It is regrettable that in many libraries only a single procedure is used in addition to the irregular implementation. RESEARCH DATA AND METHODOLOGY The aim of the research is to establish whether customer satisfaction rates are high in e-commerce businesses that in conventional business. We seek to establish that those business that e-commerce platform produce more satisfied customers. This research samples customers selected for a survey and uses them in a test to establish what the deterministic constructs of customer satisfaction in e-commerce business models are. The results will then be subjected to SPSS analysis to establish if our Null hypothesis holds water. Research philosophy The research approach seeks to establish that e-commerce and customer satisfaction are strongly related. The aim is to seek more understanding into the constructs of customer satisfaction. This will provide insight to business managers on what they need to do to come up with effective customer satisfaction programs. Research data Gender constructs of the research study In terms of gender stratification, the survey establishes that female customers visit e- commerce business more often than their male counterparts. Although this construct may not strongly support the research question, it is an important aspect of the business to consider when doing customer segmentation. Gender Number of respondents Percentage Male 47 46.5% Female 56 55.4% Non-binary 2 2% Prefer not to say 1 1% Customer age groups The survey established that most of the customers who use e-commerce are in the age group between 18 and 24 years. This is the group that is mostly active in outdoor shopping. Age group Number of respondents percentage 18-24 49 48.5% 25-31 18 17.8% 32-38 14 13.9% 39-45 10 9.9% 46+ 10 9.9% Customer satisfaction rating A high percentage of customer strongly agreed that Customer satisfaction influence purchase decision on e-commerce platforms. About 55% of the customers interviewed in this survey agreed that they are more influenced by the satisfaction they are offered in a business. Customer satisfaction influence purchase decision Number of respondents percentage Strongly agreed 56 55.4% Agreed 34 33.7% Neutral 10 9.9% Disagreed 1 1% Strongly disagreed 0 0% The percentage of customers who reported to used e-commerce platform at least once is 88% which indicates a high rate of acceptance. This reflects the perception of the consumers on the model. In addition to this, a high percentage of the customers believed that customer satisfaction are critical aspects in a business. 80% of the customers who participated in this survey indicated that they are always motivated to shop again in a platform that provided satisfactory services. 54% of the customers also said that they refer their friends to a business that provides satisfactory services. (A descriptive account of the outcomes of this survey is provided at the appendix section of this paper). E-commerce platform popularity Website Percentage of customers who reported to have made purchases with this platform. ANOVAa Model Sum of Squares df Mean Square F Sig. 1 Regression 679.004 1 59.004 13.984 .000b Residual 6585.782 301 5.732 Total 4575.606 302 a. Dependent Variable: Return purchase b. Predictors: Consumer purchase based on last purchase. Coefficients Model Unstandardized Coefficients Standardized Coefficients t Sig.B Std. Error Beta 1 (Constant) 4.689 .245 15.867 .000 number of respondent -.044 .005 -.076 -8.874 .000 a. Dependent Variable: Return Purchase Result interpretation From the values, the Sig. value is = .000. Since the value 000 which is below .05, our null hypothesis stands rejected. This further shows the existing relationship between loyalty- based purchases and e-commerce business model. We can therefore establish that the customer loyalty is dependent of the satisfaction they achieve when they make the first purchase and it play an essential role in improving the sales of products in e-commerce business model. The above tests all indicate that the two variables are strongly related statistically. We can, therefore, conclude that in e-commerce models’ customers who buy under the influence of their loyalty are in a better position to make more purchases than those who buy from brick and mortar. From the data, we also find that buyers who had previously made a purchase make more purchases than other categories of buyers. From these results, a potential organization can be able to understand what drives customer loyalty and understand the best way to encourage customers to make more purchases. There also other related factors that determine the behavior of customers after they make a purchase. Customer loyalty is strongly related to customer satisfaction derived from the previous purchase. DISCUSSION Online trading has outgrown its infancy. 25 years have passed since the birth of e- commerce with the founding of Amazon and Ebay in 1994/1995. Especially in e-commerce, customers can be lost quickly because the competition is just a click away. It is all the more important to inspire customers and thus build up a solid, recurring customer base. This reduces costs and ensures (higher) sales over the long term. Therefore, the desires and satisfaction of the customer should guide all online merchant endeavors (El-Adly, 2019). Customer retention is part of Customer Relationship Management (CRM) and roughly includes all activities aimed at turning first-time buyers into repeat buyers and then into regular customers. In order to ensure the long-term success of the company, this is an essential building block - both in classic trade and in e-commerce. The advantages resulting from customer loyalty are clear and can be identified as follows;  Higher sales: Multiple purchases increase sales (CLV, Customer Lifetime Value). In addition, the shopping baskets of regular customers are usually larger.  Lower costs: Acquiring new customers is several times more expensive than measures to retain customers or activate existing customers. This results in a higher return on investment (ROI).  Independence: Online traders often depend on good results on Google in order to be found at all. With a large, steady customer base, retailers are less dependent on organic search results and paid advertising, as well as the corresponding SEO and SEA measures.  Free advertising: Regular customers are satisfied with the offers and the services of dealers. Due to the credibility of testimonials from acquaintances, friends and family, a recommendation is the best advertising for your online shop. The competitive pressure in e-commerce is high. Especially in the last few months, many companies have had to switch to digital sales channels due to Corona. For customers, this means an almost endless choice, the next offer is just a few clicks away. We'll show you how to use targeted measures to "wink" users and turn them into loyal customers and fans.  Acquiring new customers is significantly more expensive than maintaining existing customers. If you succeed in binding customers to your online shop in the long term, they will also bring more sales in the long term. It characterizes loyal buying behavior and less the hunt for the cheapest offer. Existing customers ensure positive word of mouth and recommendations. This free advertising also has positive effects in terms of acquiring new customers (Chang & Yeh, 2017). It is not only about the intention to buy an item again, but also about additional purchases from other product categories. Satisfaction, trust and sympathy are the basis for a long-term business relationship. Are you enthusiastic about your products? Show the customer why and convince him with your passion. In the ordering process you actively support him and only ask for the really important information. Make sure you choose the right payment provider. Missing payment methods are one of the most common reasons for shopping cart abandonment.  The period after an order is just as important as the ordering process itself. Customers have become accustomed to fast delivery times and free shipping thanks to the big players in the industry (El-Adly, 2019). If you cannot offer this incentive, you provide arguments and score with quality. Some suppliers are fast, but the products are sent carelessly in a brown shipping carton. This is convenient, but not particularly effective for making a positive first contact with your products. Because customer loyalty is highly complex. For online marketers, a conclusion must still be drawn. So that we can derive which points to attack in order to create customer loyalty. In simple terms, customer loyalty includes the customer's previous buying behaviour as well as his future (intended) behavior (Shamsudin, et al., 2019). Customer loyalty consists of a variety of different customer actions that you long for your online shop. Because every single one is a 100% competitive advantage for you and increases customer value. Customer loyalty can have different causes. It can be involuntary or voluntary. A distinction is therefore made between factual ties and emotional ties. In the case of involuntary customer loyalty, you make it more difficult or prevent your customer from leaving to the competition through barriers to switching. For example, through contracts, certain cost structures or technical and functional aspects such as an operating system. In online trading, this type of involuntary customer loyalty arises, for example, from the switching costs perceived by the customer. They make the change of provider appear unfavourable for the customer. For example, the time already invested in creating their customer profile can prevent your customer from switching (Yen, 2010). Because he cannot simply transfer his profile data to another online shop. He also loses the advantage of a personalized web offer that arises for him from the profile data in your shop if you use personalization. Loyalty In e-commerce, however, voluntary, psychological or emotional customer loyalty is much more important than involuntary customer loyalty. If emotional customer loyalty prevails, it is basically possible to switch to another provider at any time. However, your customer will not switch to the competition because they are satisfied with your services (e.g. product selection, price level, range of services), trust you and have developed a preference for you. Two key factors for customer loyalty have already been mentioned here: First, satisfaction and second, trust. Reason enough to take a closer look at it in the next two sections. A high degree of customer satisfaction with the previous business relationship is a significant factor among the psychological causes of customer loyalty. Under competitive conditions, a satisfied customer is more likely to make repeated use of your offer than a dissatisfied one. Sounds logical at first. The previous customer experiences are decisive. However, customers sometimes switch providers even though they are satisfied with the services. Conversely, it happens that customers remain loyal to a provider even though they are dissatisfied with its performance. Customer satisfaction does not automatically lead to customer loyalty. Rather, keeping your customer happy is a prerequisite for customer retention. The confirmation-disconfirmation paradigm has prevailed in science as an explanation for how satisfaction arises. Accordingly, customer satisfaction arises as the result of a subjective target/actual comparison. The customer compares their individual expectations (target) with the actual customer experience when using the product or the shopping experience in your shop (actual). If customer expectations are confirmed (confirmation), this results in satisfaction. If it is exceeded (positive disconfirmation), enthusiasm arises. However, if the expectation is not fulfilled (negative disconfirmation), dissatisfaction results. The customer arrives at his expectations on the basis of personal needs, previous experiences, verbal recommendations from friends - as well as the promises of the provider. In this case, the provider is you or your online shop. In order to build customer loyalty, the customer must trust that the provider will continue to be able to provide the service in the required quality in the future. The customer must be able to trust that the positive shopping experience from last time is not a coincidence. Absolutely nothing can go wrong in the purchasing process. Incidentally, many authors see this trust as the central success factor for online retailers. Of course, customer loyalty depends on far more influencing factors than the two variables satisfaction and trust explained above. The causal model of customer loyalty in online retail by Silbermann (2017), for example, gives an impression of how complex the relationships are. He examined 18 different relevant economic and behavioural theories with regard to their contribution to the explanation of customer loyalty and carried out a meta- analysis of the current state of research on customer loyalty and retention. According to Silbermann’s model, customer satisfaction and customer loyalty – and ultimately customer loyalty – in online retail result from the interaction of the following factors. The scientists Blömeke and colleagues (2013) have identified further 'drivers' for customer loyalty, especially on the Internet, in their research. To do this, they empirically analysed the perception and effect of various customer loyalty tools on the Internet. What did you find out? The researchers were able to prove that customer loyalty is highly significantly influenced by convenience measures in an online shop. Convenience summarizes the usability of an online shop and the facet of convenience shopping. Good availability of the products, easy shipping and reasonable postage costs are also important for convenience. A positive influence on customer loyalty on the Internet was also found in the study for the aspects of interaction, information and individualization. Customer loyalty has a fundamental impact on the success of a company. It includes all measures of a company that aim to positively shape both the behavioural intentions and the actual behavior of a customer towards a provider or its services in order to stabilize or expand the relationship with this customer for the future. Customer satisfaction creates customer loyalty and leads to long-term success - also with online shops. But how can the customer relationship be improved in a targeted manner? In the study Success Factors in E-Commerce, the E-Commerce-Center Retail examined exactly which adjusting screws are most effective (El-Adly, 2019). The shipping options and delivery therefore have the greatest influence. With the current advancement of computer technology and its inclusion in the business model, online retail is booming, and competition is getting tougher. The long-term loyalty of existing customers remains crucial for success. The study "Success factors in e-commerce", which ECC Handel published together with Hermes, shows what consumers expect from a good online shop and how it is possible to retain customers over the long term. For this purpose, the research identified the most important factors that significantly influence customer loyalty and assessed them.  While conventional business design has little influence, online shopping options and deliveries have the greatest impact on customer loyalty.  For 30 years, research has endeavoured to develop and perfect measurement methods and has produced an unmanageable number of instruments. After a detailed analysis of different methods for measuring customer satisfaction, the primarily the subjective, feature- oriented, multi-dimensional and explicit ex post measurement is suitable for comprehensively examining the satisfaction of customers with the entire range of services of a company. It turns out that these procedures are also the most common. The approach of standardized or self-developed surveys is the most widespread method in the library sector. 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