B2C markets are markets where a product or service is produced with the aim of being bought and used by private consumers.
...a business-to-consumer model focuses on final consumers as customers. In the traditional retail setting, customerstypically go to a brick-and-mortar store with the intent of shopping ot making a purchase. Alternatively, customers might purchase goods or services by mail order, using a printed catalog. The B2C model introduces another alternative for consumers ... - buying online.
"Business-to-Consumer," usually abbreviated B2C, is a phrase that has become attached to electronic business activities that focus on retail transactions rather than activities conducted between two businesses; the latter, business-to-business, is called B2B.
B2C firms often attempt to build long-term relationships with their customers. Often, firms will make a special effort to make sure that the customer is satisfied and that problems, if any, are solved quickly.
B2C businesses played a large role in the rapid development of the commercial Internet in the 1990s. Large sums of venture capital flowed to consumers in the form of free online services and discounted shopping, spurring adoption of the new medium.
...companies that sell directly to consumers (B2C) use more marketing and neutral advertising than customized niche selling online. ... B2C buyers are less likely to pay attention to someone they do not know online. For them, recommendations from family members and friends hold more weight. ... the sales cycle is built on relationship and trust.
[Consumer] Reacts to needs when they arise and makes purchasing decisions based on these needs. General need description consists of a limited benefit analysis, high attention to costs.
Failing to understand consumer behaviour is the recipe for disaster as some companies have found it the hard way. For example, Wal-Mart launched operations in Latin-America with store design replicating that of US markets. However, Latin America consumer differs to US consumer in every aspect. Wal-Mart suffered consequences and failed to create impact.
There are many factors that can influence consumer buying behaviour. These can include personal factors, such as age and gender; social factors, such as social groups and culture; and psychological factors, such as personality and attitudes.
An individual consumer is encouraged to compare prices and offers between companies and does not base buying decisions on ongoing vendor relationships, according to the Federal Trade Commission website.
An overlooked piece of consumer buying behaviour is what occurs after the purchase. The buyer will look for reinforcement from media, friends, and other sources confirming they made the right decision. Cognitive dissonance or buyer's remorse happens when the buyer begins to feel the purchase wasn't right for them.