The flow of compensation from consumers to businesses that provide goods and services has long been an evolving process. From the barter system, to gold coins, to dollar bills and then to debit and credit cards, businesses and consumers have been finding more reliable and convenient forms of payment that benefit both parties. The advent of the internet and then smart-phone technologies have increased the capabilities of another important flow process between businesses and consumers - the flow of Information.
Smart-phones are capable of performing tasks thought impossible just a few years ago. Not only can they be used to play such popular games as "Angry Birds" (most time consuming game ever invented...ever!), but smart-phones such as Apple's Iphone allow consumers to source valuable information when making their purchase decisions. Barcode scanning technology had already revolutionized the payment system at most stores (the cashier scanning the barcode on your favorite foods at the local supermarket before letting you know that you now owe him/her more money than you did just last week for example), but now sourcing pricing information using such applications as Red Laser on the Iphone has become more convenient than ever. By simply scanning the barcode on a product in the store you happen to be waiting on your girlfriend to finish aimlessly walking around in, the Red Laser application will let you know the price of the product in the store, the prices at stores in the vicinity as well as the prices available on the internet! Seeing this for the first time made my eyes tear up a little, for the joys of being alive when technology is rapidly changing never cease to amaze me. The Red Laser technology can even give you nutrition information about the food you are about to purchase!
It is this flow of information between consumers and businesses that keeps businesses in the know as to how best to market its goods and services to its consumers. The more information available to consumers, the better prepared they are to make purchasing decisions. Everybody wins!
But come on! You know about this!
Source: Itunes App store, http://itunes.apple.com/us/app/shop-savvy-barcode-scanner/id338828953?mt=8
Source: Red Laser, http://redlaser.com/
The Red Laser application sounds very interesting, not just for business use, but also for consumers. An increase in the flow of information between the two parties is never a bad thing (unless it increases your consumers' awareness of how poor your product is, but that would just be capitalism weeding out a bad company), and this is a good way for consumers to increase their power over the market when they can make accurate in-store decisions before purchasing something. I don't have an iPhone, so I can't use it, but hopefully I can go shopping with someone who does.
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