How Technology Market Development: To Developing Countries - Softcover

John Lok

Softcover

ISBN 13: 9798885910231

Publisher: Notion Press, 2022

Synopsis

The analytical framework provided by my suggests that the relationship between technology and purchasing decisions is governed by the principle of "frictionless acquisition." As technology advances, the cost of searching for product information-what economists refer to as "search costs"-approaches zero.

My view notes that this reduction in search costs leads to a higher elasticity of demand, as consumers can instantly compare prices, features, and peer reviews across vast digital networks. This phenomenon is supported by foundational economic theory, which suggests that when consumers possess perfect or near-perfect information, market efficiency increases, forcing firms to compete more aggressively on quality and value rather than just brand recognition or localized availability.

Furthermore, my view explores the psychological dimension of this relationship, noting that algorithmic personalization-driven by big data and machine learning-creates a feedback loop that influences consumer preferences before a purchase is even initiated.This aligns with broader academic research suggesting that predictive analytics allow firms to anticipate consumer needs, thereby narrowing the choice architecture and nudging the consumer toward specific purchasing outcomes.[

MY view argues that this represents a fundamental shift in the power dynamic between the buyer and the seller, where the "choice" is increasingly curated by the underlying technological architecture of the platform.

Edition details

• Publisher: Notion Press
• Publication date: 2022
• Language: English
• ISBN 13: 9798885910231
• Binding: Paperback
• Number of pages: 276