The third class period consisted mostly of topics on technology and what has changed. The first topic we talked about dealt with retail markets and how they are changing. The retail market is shrinking because consumers are not wanting to spend as much. Also retail is shrinking because consumers are going virtual with online shopping. Mostly the middle income market are the ones that are hurting because they can be reproduced unlike a lot of the high end stores which are destination places. During the bad economic times many luxury stores closed because of their expensive rent. Their rent was expensive because they were in great locations with a lot of traffic. They have started to open these places up again after learning that even though they are expensive places that's where they are getting a lot of their revenue. If they moved to lesser expensive locations they were not getting as much traffic and therefore having a lower stream of revenue. Statistics show that some parts of retail have grown dramatically over the past 10 to 15 years. This part of retail is the restaurant and bar market. It is an element of replacing malls to spend time with one another (Ex: West 7th St. in Fort Worth). In this area there are more restaurants/bars than there are shopping. It is what has been demanded by the consumers.
The next topic we talked about was Internet Marketing. It is a big industry for businesses to get into, but they need to start controlling their digital footprint more on how negative or positive their business is being portrayed. Mobile marketing is a big part of marketing and is getting bigger every year. Such things as urban spoon or yelp help businesses thrive. Also dealing with mobile devices, we talked about the new iphone 4g which has video conferencing. This would be a big game changer for medical offices because they would be able to diagnose through video conferencing if both the office and patient have the phone. Video conferencing could also change the way retail is done by enhancing their services. They wouldn't have to have experts at every location. For example, a home improvement store would be able to see a part on the video conference and give help instead of having an expert in the store and the customer having to go to the store to fix their problem. In the future video conferencing will most likely continue to be used as a time saver and will add emotional value when making non face-to-face deals.
A big component of residential real estate sales are looked at on Realtor.com. At this website people can view almost all house in any given area and about 80-90% of all buyers look online first. This causes marketing prices for brokers and realtors to go down, but it also cuts into their earnings too.
There are a lot of real estate programs that are changing from having to be installed on each computer to being web based. This is called cloud computing. Many programs for home computers are starting to use the cloud as well. Even though this is happening, there are a few issues with the internet; it is not as perfect as it seems. You are still vulnerable on the internet and no online applications are fool proof.
One of the most interesting things I learned during this class period was that fiber optic lines are buried next to rail road tracks. There is a data center in Bryan, Texas because of this. A recent demand in the Real Estate Industry is the demand for data centers. These centers are very high tech pieces of property.
In retail industry video conferencing is the best solution.Many retail industries are facing a problem with meetings.So,this technology gives them a new relief and easily handling the meetings in online itself.Video conferencing change their way and improve their services and needs.It reduces the cost and time.
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