Electronic Commerce IT 4123

_______________ is a physical place you visit in order to transact.

A marketplace

Why do e-commerce technologies have the potential to provide better information richness?

E-commerce technologies have the potential for offering considerably more information richness than traditional media such as printing presses, radio, and television because they are interactive and can adjust the message to individual users.

Where does e-commerce intersect with e-business?

It is true, however, that a firm's e-business infrastructure provides support for online e-commerce exchanges; the same infrastructure and skill sets are involved in both e-business and e-commerce. E-commerce and e-business systems blur together at the business firm boundary, at the point where internal business systems link up with suppliers or customers

first mover

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

marketspace

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

friction-free commerce

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

2. What is information asymmetry?

any disparity in relevant market information among parties in a transaction

network externalities

benefits that arise because everyone uses the same technology.

customization

changing the delivered product or service based on a user's preferences or prior behavior

Innovation

characterized by low profit margins in the first stage in the evolution of e-commerce

disintermediation

displacement of market middlemen who traditionally are intermediaries between producers and consumers by a new direct relationship between producers and consumers

interactivity

e-commerce technologies enable two-way communication between merchant and consumer and among consumers.

Business-to-business (B2B) e-commerce,

in which businesses focus on selling to other businesses, is the largest form of e-commerce, with around $6.3 trillion in transactions in the United States in 2015

Three stages in the evolution of e-commerce

innovation, consolidation, and reinvention

Local e-commerce

is a form of e-commerce that is focused on engaging the consumer based on his or her current geographic location

The Internet

is a worldwide network of computer networks,

Social e-commerce

is e-commerce that is enabled by social networks and online social relationships.

the Web

is one of the Internet's most popular services, providing access to billions of Web pages

ubiquity:

it is available just about everywhere, at all times.

personalization

merchants can target their marketing messages to specific individuals by adjusting the message to a person's name, interests, and past purchases.

Consumer-to-consumer (C2C) e-commerce

provides a way for consumers to sell to each other, with the help of an online market maker such as eBay or Etsy, the classifieds site Craigslist, or on-demand service companies such as Airbnb and Uber

mobile platform

provides the ability to access the Internet from a variety of highly mobile devices such as smartphones, tablets, and other ultra-lightweight laptop computers

The total number of users or customers an e-commerce business can obtain is a measure of its _________________

reach

e-business

refers primarily to the digital enabling of transactions and processes within a firm, involving information systems under the control of the firm. For the most part, in our view, e-business does not include commercial transactions involving an exchange of value across organizational boundaries.

Information Asymmetry

refers to any disparity in relevant market information among parties in a transaction

cost transparency

refers to the ability of consumers to discover the actual costs merchants pay for products

richness

refers to the complexity and content of a message

Price transparency

refers to the ease with which consumers can find out the variety of prices in a market;

price discrimination

selling the same goods, or nearly the same goods, to different targeted groups at different prices.

market entry costs

the cost merchants must pay just to bring their goods to market.

search costs

the effort required to find suitable products.

Information Density

the total amount and quality of information available to all market participants, consumers, and merchants alike.

Mobile e-commerce, or m-commerce, refers to ...

the use of mobile devices to enable online transactions.

1. What is e-commerce? How does it differ from e-business? Where does it intersect with e-business?

the use of the Internet, the Web, and mobile apps and browsers running on mobile devices to transact business. More formally, digitally enabled commercial transactions between and among organizations and individuals

universal standards

they are shared by all nations around the world.