Lecture 4 Flashcards
What are the benefits of the internet?
- Direct communication
- Extend distribution channels
- Reduces information asymmetry
- Reduce or increase switching costs
- Provides new business model
What is the difference between e-commerce and e-business?
E-commerce: only transactions
E-business: doing business on the internet
What are the features of e-commerce?
- ubiquity
- global reach
- universal standards
- richness (=rich information)
- personalization/customization
- interactivity
- information density
- social technology
What are the basic categories of e-commerce?
B2C (business-to-customer) B2B (business-to-business) C2C (consumer-to-consumer) G2C (government-to-citizens) M-commerce (mobile commerce)
What are the business model for e-commerce?
- virtual storefront
- information broker
- transaction broker
- online marketplace
- content provider
- service provider
- community provider
- portal
What is the most popular web 2.0 service?
social networking
What is the meaning of wisdom of crowds?
Internet of crowd is better than small amount of people (ex: goldcorp case = gold mining company)
What is crowdsourcing?
large number of people can make better decisions about topics and products than a single person
What is the meaning of long-tail theory?
Benefit comes from the small number of consumers (the tail becomes longer and thicker). Therefore, we must focus on the tail for the benefit
What type of marketing are there in e-commerce?
- long-tail marketing
- behavioral marketing
- internet advertising formats
What are the new ways to identify and communicate with customers in e-commerce?
- personalization
- behavioral targeting
- social e-commerce
What tool does behavioral targeting use?
clickstream tracking tool
What is social e-commerce?
Use social network(social graph) to do e-commerce.
Social graph is mapping of all significant online relationships
What are the 4 features of social e-commerce driving its growth?
- social sign-on
- collaborative shopping
- network notification
- social search(recommendation)
What internet-enabled technologies are used in B2B e-commerce?
- electronic data interchange (EDI)
- private industrial networks (private exchanges)
- net marketplaces
- exchanges
What is EDI?
The transmission of electronic business forms between business partners.
Enables the computer-to-computer exchange between two organizations of standard transactions
How does EDI work?
EDI transactions are system generated by the sender and then transmitted to the receiver by a VAN
What is VAN?
VAN(Value added network) providers are private network operators that provide guaranteed delivery
What is the largest web-based form of B2B commerce?
Private industrial networks (private exchanges)
What provides a single digital marketplace based on internet technology for many different buyers and sellers?
Net marketplaces (e-hubs)
What benefits do net marketplaces(e-hubs) give?
It lowers search costs, transaction costs and gives wider selection
What is the fastest growing form of e-commerce these days?
m-commerce
What are the main areas of growth of m-commerce?
- retail sales at top mobile 400
- sales of digital content (music, TV, etc)
- local search for restaurants, museums, and stores
What is LBS(location-based services)
It is based on GPS map services to detect their customers. They provide information based on the GPS data
