MAIN FEATURES AND TRENDS OF DEVELOPMENT OF THE SERVICE MARKET

The article discusses approaches to the interpretation of the concept of a service, its specific differences from a physical product and the main features as an object of purchase and sale in the relevant market. Based on the analysis and systematization of existing scientific views, the main features of the service market and the features of the interaction of supply and demand in the service sector are revealed. The practice of functioning of the service market demonstrates the high dynamics of market processes, a pronounced segmentation of demand for services, a high degree of differentiation of services, a high rate of capital turnover and the important role of non-price barriers to entry into the market. The essence and value of the customer's customer loyalty for successful commercial activities and increasing the competitiveness of the manufacturer-supplier of the service has been investigated. Loyalty becomes an indicator of business performance and its ability to innovate. A customer-oriented business philosophy, where a wide range of factors of influence on the formation of customer loyalty is taken into account and used, will allow the company to count on long-term relationships with the consumer and will attract new customers through his positive experience. The possibilities and features of the application of competitive strategies by firms in the field of service activities were analyzed. The main trends in the development of the services market in the current stage, namely the processes of its digitalization, have been investigated. The buyer today is interested not only in price and quality, but also in good service. If a company meets customer service demand through the introduction of chat bots, self-service terminals, mobile applications, etc., then this contributes to the formation of a positive customer experience, which ultimately increases sales. The features and advantages of using information technologies both in business activities and in the implementation of consumer choice have been determined.