The Emerging Role of Electronic Markets

The Internet over the past few years has seen a huge increase in online businesses and consumers. Electronic-commerce is expected to generate $36 billion in revenue during 1999, up 140% from last year alone.[1] With such a huge amount of money to be made on the Internet it is becoming very appealing for small businesses and start-up companies to try and make their niche in e-commerce. The Internet is drastically affecting the way companies and people conduct business now. E-commerce encourages growth in existing as well as new businesses because of lower overhead costs, the huge consumer base and the freedom of information flow. However the online revolution has created a large

This has given birth to E commerce which encompasses several pre purchase and post purchase activities leading to exchange of products or service or information over electronic systems such as the internet and the other Telecommunication networks.

Perhaps most importantly, the Internet offers a new way of doing business. A virtual market-place where customers can, at the push of a button, select goods, place an order and pay using a secure electronic transaction.

The emergence of electronic marketplaces changed several of the processes used in trading and supply chains including

Reading the cases about E-Biz in Baltzan (2013), the examples of the “Million Dollar Homepage” and the “One Red Paperclip” (pp. 198-200), really sends the entrepreneurial mind spinning. The thoughts of “How else can one use the internet to raise money?”, “Which businesses might benefit from e-trade on the internet that are not already there?”, and “What other disruptive, nontraditional ways might the internet be used?”, all immediately flood the brain after reading the two examples presented in this exercise. Well, presented here is this author's response to the exercise.

Electrical commerce, commonly abbreviated to e-commerce, generally consists of the developing, marketing, selling, delivering, servicing, and paying for products and services over electronic systems such as the Internet and other computer networks. With widespread Internet usage, the amount of U.S. e-commerce growth has dramatically increased in last decade. In today’s competitive jungle, providers of any kind and consumers with any need are utilizing the growing

As described by Reynolds, E-commerce takes several forms, including business-to-business (B2B), business-to-consumer (B2C), consumer-to-consumer (C2C), and e-government (e-gov). It’s any type of organization, or that includes the transfer of information across the Internet. It covers a range of different types of businesses, from consumer based retail sites, through auction or music sites, to business exchanges trading goods and services between corporations. It is currently one of the most important aspects of the Internet to emerge (Reynolds, 2016). While there are multiple factors of e-commerce operation for retail interacting with its customers the three primary benefits are effective customer service, convenience, easy and timely efficient orders.

Our new technology driven society has brought change in many aspects of everyday life, one of the major and most altering advances of this era is the World Wide Web. Through this development the internet has established itself as one of our most used tools of technology, especially when it comes to the ease of using it in the world of business whilst creating one of its fastest growing markets, ecommerce. “Even in categories with relatively unchanged products, companies have leveraged technology to streamline production and create new efficiencies” (Kelly, M., Williams, C. (2018, Page 11). There are many areas in the United States and its markets that had been affected by the web and the spread of ecommerce, I will be touching on online shopping and how businesses have had to change in order to market for ecommerce driven demand, also commenting on the new opportunities in business that have been created in order to sustain demand and supply of ecommerce.

commerce is defined as “electronic buying and selling of goods”. On the other hand, digital

Electronic commerce (e-commerce) is often thought simply to refer to buying and selling using the Internet; people immediately think of consumer retail purchases from companies such as Amazon. But e-commerce involves much more than electronically mediated financial transactions between organizations and customers. E-commerce should be considered as all electronically mediated transactions between an organization and any third-party it deals with.

All over the globe economic environment activities have increased, the need of regularizing the system and introducing rules and regulations requirements into working well together have also increased with varying systems too. The world has become a sensitive place as far as a customer-service relation is concerned. Certain establishments ensure their obligations to their customer through legal documents that defines their relationship and commitment towards the customer. Relations in the sharing/access economy industry are not based on trust but on the written words, printed and signed by both parties. This is called a binding contract. A contract is commonly defined as an agreement or set of promises that the law will enforce (i.e, breach of which the law will provide a remedy). However, there are many ways of understanding what a contract is and the contract law principles that need to be applied into the formation of a contract. A contract can be seen as a mechanism that facilitates economically efficient exchanges. Michael Trebilcock has suggested that, from an economic viewpoint, the functions of contract law are; first, to prevent opportunistic behavior by enforcing contractual obligations; secondly, to provide a set of default rules and thus save parties the effort and expense of negotiating all of the terms of their transactions; thirdly, to fill gaps in

Business of different sizes among all major and minor industries continue to enter Electronic Commerce. Digital marketplaces have already torn down the walls within and between companies, bringing together buyers and sellers in one interoperable community (Bezos, 1995), (Omidyar, 1995).

“eBay proved that the Internet was 'a marketplace so massive, and so diverse, that nothing is beyond commodification '. It might have seemed as if the network had been designed for this express purpose. In reality this was the opposite of the truth. The Internet became a global marketplace without any explicit plan to make it so” (Ryan).

Marketing Strategy and E-Commerce Introduction With the rapidly advancing technologies that are occurring in modern business, organisations are required to be ready, and able to adapt within their ever-changing environment. It is true across all diverse industries that in order to stay competitive, organisations must be able to utilise the various tools that technology has to offer. Technological factors have been of growing importance, particularly in recent years. A major factor involved in these technology issues is the use of the Internet as a major issue to modern organisations. The Internet has been rapidly growing since it's inception and is now commonly used in all sectors of societies, in all

2.1 Value Chains and Actors in EC Influenced by rapid technological progress, the terms Electronic Business (EB) and Electronic Commerce (EC) have evolved over time to include all aspects of “internetworked technologies”.5 A canonical definition is still missing. Today, EC is a part of EB.6 For this paper we will adopt Wirtz’s definition: EB describes the “preparation as well as the partial, respective total support, processing and maintenance of performance exchange processes via electronic networks”.7 EC focuses on the transaction processes on the distribution side and their support. Throughout this paper, we will use the following