Question

In: Economics

Explain the significance of QR codes and GPS-based technologies in consumer search.

Explain the significance of QR codes and GPS-based technologies in consumer search.

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Expert Solution

As it becomes difficult to keep track of rising asset inventories, several that companies begin to abandon conventional spreadsheet-based or pen- and paper methods of locating equipment, goods, or tools. However, when these companies consider a wide range of GPS tracking systems, each of which has specific technological capabilities and limitations, the search for innovative and more effective software alternatives is always fraught with uncertainty and frustration.

With all the marketing hype surrounding radio frequency identification ( RFID), it's easy to see why many consumers get the idea that this technology supports GPS asset tracking at low cost, in real-time. Nothing could be further from the facts, especially regarding practical applications! The technology , for example, can not monitor or provide the geographic location or geospatial data of moving vehicles, goods or parts.

A QR (quick answer) code is a trademark for a type of barcode matrix (or two-dimensional barcode). All of these you may have seen on posters, newspapers, business cards, and even the items themselves. Consumers get access to all forms of product-related information with a QR code scanner. Early on, marketers regarded QR codes as an integral part of marketing strategy that could boost promotional conversion rates (the rate at which a promotion is turned into a sale). However, due to other types of visual recognition technology, the codes have gradually shrunk in popularity.

Nearly half of all smartphone users used their phones in brick-and - mortar stores while shopping. Scanning a QR code can help to compare prices of the competitors. But from QR codes, you can shop too. For example, ebay has a QR code to directly send viewers to its mobile auction website. With that, customers can bid or buy on items they 'd like instantly.


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