Ecommerce Exam 1 Pt. 1

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e-business

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the digital enabling of transactions and processes within a firm, involving information systems under the control of the firm

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e-commerce

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the use of the Internet and the Web to transact business; more formally, digitally enabled commercial transactions between and among organizations and individuals

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types of e-commerce

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business-to-consumer, business-to-business, consumer-to-consumer, peer-to-peer, mobile commerce

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business-to-consumer (B2C) e-commerce

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online businesses selling to individual consumers; most commonly discussed type (ex: Amazon)

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business-to-business (B2B) e-commerce

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online businesses selling to other businesses (ex: Go2Paper.com)

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consumer-to-consumer (C2C) e-commerce

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consumers selling to other consumers with the help of an online market maker (ex: eBay, Craigslist)

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peer-to-peer (P2P) e-commerce

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use of peer-to-peer technology, which enables Internet users to share files and computer resources directly without having to go through a central Web server, in e-commerce

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mobile commerce (m-commerce)

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use of wireless digital devices to enable transactions on the Web (ex: smartphones, tablets)

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8 unique features of e-commerce technology

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ubiquity, global reach, universal standards, richness, interactivity, information density, personalization/customization, social technology

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ubiquity

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available just about everywhere, at all times; customer convenience is enhanced, and shopping costs are reduced

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global reach

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the technology reaches across cultural and national boundaries, around the Earth, seamlessly and without modification

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universal standards

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standards that are shared by all nations around the world

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richness

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the complexity and content of a message

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interactivity

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technology that allows for two-way communication between merchant and consumer

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information density

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the total amount and quality of information available to all market participants

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personalization/customization

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personalization of marketing messages and customization of products and services are based on individual characteristics

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social technology

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user content generation and social networks; new Internet social and business models enable user content creation and distribution, and support social networks

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e-commerce and regulatory activity

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potential limitations on the growth of B2C e-commerce are: expensive technology, sophisticated skill set, persistent cultural attraction of physical markets and traditional shopping experiences, persistent global inequality limiting access to telephones and personal computers, saturation and ceiling effects

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origins of e-commerce

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late 1970s- Baxter Healthcare, pharmaceutical firm, initiated a primitive form of B2B e-commerce by using a telephone-based modem; later expanded in the 1980s to a PC-based remote order entry system; e-commerce begins in 1995

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societal issues related to e-commerce

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individual privacy is challenged; cost of distributing digital copies of copyrighted intellectual property is nearly zero which makes it hard to protect; public welfare policy issues of equity, equal access, content regulation, and taxation

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internet

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worldwide network of computer networks built on common standards; only took 10 years for the Internet/Web to achieve a 53% share of U.S. households

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World Wide Web (www/the Web)

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the most popular service that runs on the internet; provides easy access to Web pages

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characteristics of the web

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provides access to billions of Web pages indexed by Google and other search engines that are created in a langauge called HyperText Markup Language

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history of the web

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developed in early 1990s

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history of e-commerce

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innovation (1995-2000)- explosive growth, consolidation (2001-2006)- period of reassessment and double-digit growth, reinvention (2006-present)- period of redefinition

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information asymmetry

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any disparity in relevant market information among parties in a transaction

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marketplace

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physical space you visit in order to transact

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marketspace

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marketplace extended beyond traditional boundaries and removed from a temporal and geographic location

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Web 2.0

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a set of applications and technologies that allows users to create, edit, and distribute content

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disintermediation

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displacement of market middlemen who traditionally are intermediaries between producers and consumers by a new direct relationship between manufacturers and content originators with their customers

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friction-free commerce

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a vision of commerce in which information is equally distributed, transaction costs are low, prices can be dynamically adjusted to reflect actual demand, intermediaries decline, and unfair competitive advantages are eliminated

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first mover

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a firm that is first to market in a particular area and that moves quickly to gather market share

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network effect

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occurs where users receive value from the fact that everyone else uses the same tool or product