E-COMMERCE: Digital Markets and Digital Goods
E-commerce
involves digitally enabled commercial transactions between and among
organizations and individuals. For the most part, this means transactions that
occur over the Internet and the Web. Commercial transactions involve the
exchange of value (e.g., money) across organizational or individual boundaries
in return for products and services.
Unique features of e-commerce technology include ubiquity, global
reach, universal technology standards, richness, interactivity, information
density, capabilities for personalization and customization, and social
technology. Digital markets are said to be more “transparent” than traditional
markets, with reduced information asymmetry, search costs, transaction costs,
and menu costs, along with the ability to change prices dynamically based on
market conditions.
In the e-commerce there is a digital
goods, such as music, video, software, and books, can be delivered over a
digital network. The Internet digital marketplace has greatly expanded sales of
digital goods. Once a digital product has been produced, the cost of delivering
that product digitally is extremely low. E-commerce business models are
e-tailers, transaction brokers, market creators, content providers, community
providers, service providers, and portals. The principal e-commerce revenue
models are advertising, sales, subscription, free/freemium, transaction fee,
and affiliate.
The Internet provides marketers
with new ways of identifying and communicating with millions of potential
customers at costs far lower than traditional media. Crowd sourcing utilizing
the “wisdom of crowds” helps companies learn from customers in order to improve
product offerings and increase customer value. Behavioral targeting techniques
increase the effectiveness of banner, rich media, and video ads. B2B e-commerce
generates efficiencies by enabling companies to locate suppliers, solicit bids,
place orders, and track shipments in transit electronically. Net marketplaces
provide a single, digital marketplace for many buyers and sellers.
Private industrial networks link a
firm with its suppliers and other strategic business partners to develop highly
efficient and responsive supply chains. M-commerce is especially well-suited
for location-based applications, such as finding local hotels and restaurants,
monitoring local traffic and weather, and providing personalized location-based
marketing. Mobile phones and handhelds are being used for mobile bill payment,
banking, securities trading, transportation schedule updates, and downloads of
digital content, such as music, games, and video clips.
M-commerce requires wireless portals
and special digital payment systems that can handle micro payments. M-commerce
applications have taken off for services that are time-critical, that appeal to
people on the move, or that accomplish a task more efficiently than other
methods. They are especially popular in Europe, Japan, South Korea, and other
countries with strong wireless broadband infrastructures.
Building
a successful e-commerce site requires a clear understanding of the business
objectives to be achieved by the site and selection of the right technology to
achieve those objectives and also understanding of social issues, as well as a
systematic approach. E-commerce sites can be built and hosted in-house or
partially or fully outsourced to external service providers. The two most
important management challenges in building a successful e-commerce site are
(1) developing a clear understanding of your business objectives and (2)
knowing how to choose the right technology to achieve those objectives.
Sources:
Kenneth C. Laudon and Jane P. Laudon. 2012. Management Information Systems: Managing the Digital Firm. Twelfth Edition:
Pearson.
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