QR Codes: Creating Edges in Capitalism
Have you ever noticed that recently everything from your neighbors Remax for sale sign, to your magazine, and even your Starbucks coffee has a unique box with what looks like something out of the movie Inception? These boxes known as QR codes can be scanned by one’s smart-phone leading to a link to the company’s web-page providing information about other products, sales, and other events that they find interesting. QR codes are revolutionary in the way that information is becoming available to the consumer and to the company. In order to stay relevant in the industry, a company must be in the minds of the consumers becoming a household name. Information about your products is most powerful when in the hands of the consumer. Thus many businesses are expanding their network (fan-base) through advances in technology such as the use of the QR code.
Companies that have a large consumer network have numerous ways of reaching to potential buyers. QR codes provide a new way to gain information, about who is accessing the company’s website where, and at what time. Information about the consumer demographics, time of scan, number of times scanned, and other information can lead to a company’s expansion and potentially new products through observing trends of purchases. An example of this is the App Store, new apps can be created from observing which combination of apps are frequently being downloaded. Another example, can be found an increasing density of QR code readings in an area where the company does not have a presence. With this information, a company may consider expanding to that area. The QR codes provide the edges from the seller to the consumer, and information to help determine which strategies to pursue. Each edge between the company and the consumer provides a competitive edge in the game that is Capitalism.