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Digital Markets
Digital Goods. Types of e-Commerce
m-Commerce
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No one envisaged at the time that that would turn out to be exponentially growth curve for e-commerce retail sales which tripled and doubled in the early years.
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BASICCONCEPT OF E-COMMERCE
WHAT IS E-COMMERCE E-Commerce is about digitally enabled commercial transactions (that occur over the Internet and the Web) between and among organizations and individuals Commercial transactions involve the exchange of value (e.g.
Money) across organizational or individual boundaries in return for products and services.
In a nut shell, E-Commerce refer to the use of the Internet and the Web to conduct business.
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Internet /Web technology (E-commerce) is available everywhere; At work, at home, at car, and elsewhere via mobile devices, anytime.
This result is called Marketrspace, which means A Market place extended beyond traditional boundaries and removed from a temporal and geographic location. From a Customer point of view, Ubiquity reduces transaction costs i.e. the cost of participating in a marker
GOBAL RESEARCH E-commerce permits commercial transactions to cross cultural and national boundaries far more convenient and cost effective than is true in traditional commerce.
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RICHNESS
Information Richness referees to the complexity and content of a message. The Web makes it possible to deliver rich messages with text, audio, and video simultaneously to large numbers of people.
INTERACTIVITY
Interactivity allows an online merchant to engage a consumer in ways similar to a face-toface experience but on a massive, global scale. E-commerce Technologies are interactive, meaning that they allow for two-way communication between merchant and consumer.
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Information Density in e-commerce markets make Prices and Costs more transparent.
Price Transparency refers to the ease of finding out the variety of Prices in a market. Cost Transparency refers to the ability of consumers to discover the actual cost of Merchants pay for products. Online Merchants can discover much more about customers than in the past. This allows merchants to segment market into groups who are willing to pay different prices and permits the merchant to engage in Price Discrimination (Selling the same goods, to different targeted groups , to different targeted groups at different prices.) Information Density also helps merchants differentiate their products in terms of costs, brand, and quality.
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In Digital Markets, Consumers and Suppliers can see the prices being charged for goods, and in that sense Digital Markets are said to be more Transparent than Traditional markets.
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DIGITAL GOODS
Digital Gods are goods that can be delivered over a Digital network such as Music, tracks, Video, Software, Newspapers, magazines and books. Digital Goods can be expressed, stored, delivered, and sold as purely Digital products.
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(MySpce.com, Facebook.com and Friendster.com appeal to people who are primarily interested in extending their friendship, while LinkedIn .com focuses on job networking.)
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Service like Yahoo!s LAUNCHcast and RealNetworks Rapsody even put together individualized radio channels for listeners.
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The popularity of Apples iTunes music services and Apples iPod portable music player has inspired a new form of digital content delivery called Podcasting. Podcasting is a method of publishing audio broadcasts via the Internet, allowing subscribing users to download audio files onto their PC or Portable music players. Video clips designed to be downloaded and viewed on a portable device are called Vcasts. Podcast also have internal uses for businesses who want to distribute information in audio form to their employees.
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Firms can create unique personalized Web pages that display content or ads for products or services of special interest to individual users, improving the customer experience and creating additional value.
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One technique for Web Personalization is Collaborative Filtering, which compares information gathered about a specific users behaviour at a Web site to data about other customers with similar interests to predict what the user would like to see next.
The Software then makes recommendations to users based on their assumed interests.
For example: Amazon.com use Collaborative Filtering Software to prepare personalized book recommendations: Customers who bought this book also bought . These recommendations are made just at the point of purchase, an ideal time to prompt a consumer into purchasing a related product.
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Blogs
Blogs have emerged as another promising Web-based tool for Marketing. A Blog, the popular term for a Weblog, is a personal Web page that typically contains a series of chronological entries (newest to oldest) by its author, and links to related Web pages. The Blog may include a Blogroll (a collection of links to other Blogs) and Trackbacks (a list of entries in other Blogs that refer to a post on the first Blog). Blogs are either hosted by a third party site such as Blogger.com (owned by Google)
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M-Commerce
Wireless Mobile devices are starting to be used for purchasing goods and services as well as transmitting messages. M-COMMERCE SERVICES AND APPLICATIONS 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. 1. Content and Location-Based Services
Services, such as searching for local bushiness, movie shows, restaurants, checking weather forecasts finding information about hotels, airlines and so on.. can access Wireless Web Services to check train schedules, weather forecasts, search for local businesses, airline flights etc.. . e.g. Go2 Mobile Directory users NTT DoCoMo Wireless Services in Japan 11/8/2013 NUCES-Islamabad
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3. Wireless Advertising
Some major Wireless Services Providers are starting to include advertising on their sites. e.g. When consumers use go2 Mobile Directory to search for local restaurants or movie theatres, Yahoo-sponsored advertisers appear in the list of search restaurants.
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M-Commerce
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Although Cell phones, PDAs and other handheld mobile devices are able to acces Web at anytime from anyplace, the amount of information that they can actually handle is very limited. Until 3G Broadband services comes into widespread use, the handheld mobile devices will not be able to transmit or receive large amount of data. The information must fit onto small display screens.
e.g. Special Wireless Portals (Mobile Portals) such as MSN Mobile Portal, provides access to news, sports, local traffic reports, restaurant listings. Yellow pages, and Stock market reports, as well as managing e-mail messages and instant messaging.
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M-Commerce Challenges
The number of Wi-Fi hotspots for Wireless Internet access has been mushrooming in many countries because the technology combines high speed Internet access with a measure of flexibility and mobility. However, rollout of mobile m-commerce services, has proved more problematic since: - Keyboards and screens on cell phones are still tiny and awkward to use; - The data transfer rate on second generation cellular network are very slow compared to dial-up high speed Internet connections for PCs. Each second of waiting for download costs money to customers;
- Most Internet-enabled phones have limited memory and power supplies. M-commerce will benefit from 3G networks and other cellular broadband services and from standardize Mobile Payment Systems.
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Systems for Credit Card Payments; Digital Wallets Accumulated Balance Digital Payment Systems Digital Cash Peer-to-Peer Payment Systems, Digital Checking Electronic Billing Presentment and Payment Systems
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3. ACCUMULATED BALANCE DIGITAL PAYMENT SYSTEMS Enable users to make Micropayments and purchases on the Web, accumulating a Debit balance that they must pay periodically on their Credit card or Telephone bills. Micropayment Systems have been developed for purchases of less than $10, such as downloads of individual articles for music clips, which would be too small for Credit Card payments
QPass enables Wireless customers to charge ringtones, games and other digital products and services to their monthly Phone bills.
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The Mondex Smart card contains electronic cash and can be used to transfer funds to Merchants in physical storefronts and to Merchants on the Internet.
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7. DIGITAL CHECKING PAYMENT SYSTEMS Digital Checks are less expensive than Credit Cards and much faster than traditional Checking. Digital Checks are encrypted with a Digital Signature that can be verified and used for payments in e-commerce. Digital Checks (Electronic Checks) are useful in B2B . Example is eCheck.
These services support payments for online and physical store purchases of goods services after purchase has taken place such as paying routine monthly bills.
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