As a matter of disclosure, I received this book to read and review as the monthly selection as part of the 12 Books group.
Adrian C. Ott is the author and the book is well researched. It is the type of book that, even though written three years ago, is still pertinent in today’s environment. It also lends itself to being updated every three to five years.
The writing style took a bit getting used to as it is a more academic style than the typical business book, but the information was well worthwhile. The premise of the book is how time and attention drive customer decision making and what companies can do to successfully take advantage of the opportunity.
The author discusses the fact that a customer (U.S.) spends less than 6 minutes a day on ecommerce sites. This is one of the facts that I would to see if it has increased, decreased or holding steady 3 years later.
The book is based on two concepts/processes: the Time-Value Tradeoff and the Customer Time-ographics Analysis.
The Time Value Tradeoff is represented by the formula that the perceived value of the product must exceed the price of the good plus the customer time investment required to use it. In other words it is not about the time value of money, but the money value of time. She also spends time addressing the new rule associated with the tradeoff.
The Time-ographics Framework compares the Propensity to Spend Time vs. the Propensity to Allocate Attention. It is divided into the four quadrants of Convenience, Motivation, Value and Habit.
Each of the chapters ends with two-minute takeaways that effectively summarized the key points of the chapter.
One of things that I liked about this book is that the author listed all of the companies used as examples in the book in an appendix. There are also extensive notes for anyone who wants to read about the sources in more detail.
I recommend this book to anyone who is engaged or looking to engage in ecommerce as an important tool in developing their business plan.