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Sales problem: Popular Products

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Literature Review: Popular Products problem for Sales

This “Ten Problems for Sales in the 2020s” booklet identifies ten relevant areas from very recent contributions put forward at academic level in the form journal articles, conference proceedings and students’ theses. Ten freely accessible internet references have been selected for each area and direct links are provided at the end of each chapter for own consultation. Our selected references do not intend to mirror ranking indexes nor establish novel classifications. On the contrary, they are meant to represent peer-reviewed, diverse and scientifically-sound case studies for vertical dissemination aimed at non-specialist readers. They will also be able to scoop even more references through the bibliography that is reported at the end of each selected reference.

Without further ado, these are the ten problems that we are going to introduce in this booklet:

  1. digital technology,
  2. conscious consumer,
  3. mobile payments,
  4. agritech,
  5. retail experience,
  6. popular products,
  7. sustainable fashion,
  8. plant-based diet,
  9. digital marketing,
  10. b2c platforms.

Each problem has its own dedicated chapter made of an introductory section, a short presentation of the ten selected references and a conclusions section.

The final chapter of this booklet will report the conclusions from each chapter again in order to provide a complete executive summary.


6 Popular Products

THE PROBLEM — Product reviews play a vital role in e-commerce by influencing the purchasing decision of customers. Online reviews are of a high practical relevance for customer decisions and marketing. To support the consumer’s purchase decision, it is necessary to develop methods for ranking alternative products, both online and in brick-and-mortar settings.

CASE STUDIES — … buy this booklet from Amazon …

CONCLUSIONS — Comparative reviews contain detailed comparisons of competing products and are more useful than single reviews as they provide an insight into which of the competing products is better. Customers are psychologically affected by the display, and merchandising layout, location, and can change their perspective about the product accordingly. When deciding between two products, people exhibit a bias for popular products, i.e., products with many reviews. In order to help consumers make purchase decisions, it is valuable to rank the products through products’ information. The existence of space between products reduces the effectiveness of multiple (vs. single) unit price promotions. Companies selling “experience goods” should have consumer ratings and reviews systems in place to promote the online word of mouth. Intrinsic features communicate a product’s key benefits and value to consumers. Long tail theory, the notion that the future of retailing could involve shifting product assortments to offer more product variety to precisely serve the unique needs of individual customers, has largely been proven true in the context of online distribution. A model shows that niche product manufacturers can reach their customer directly through online sales channels. Prevalent product differentiators influence the relative success of a product, and the vendor seems to be of more importance to the buyers than product differentiators.

TEN FREE REFERENCES FROM THE INTERNET — … buy this booklet from Amazon …


Sales
“Ten Problems for Sales in the 2020s” booklet for Amazon Kindle, 2020; click on the cover to go to the dedicated Amazon listing page

By TenProblems

Literature Reviews for Inquisitive Minds