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In narrative form, give the elements of e-commerce from the buyer’s and seller’s viewpoints. The elements of traditional commerce are very similar to the elements of electronic commerce. On the buyer’s side, the transaction will not begin until the buyer identifies a specific need. Once that occurs, the buyer will begin his search for the appropriate vendor to satisfy that need. In this case, the search may be completed with an actual “search” from Yahoo! or other search engine. The vendor will then be chosen after the consumer examines the site’s looks, reputation, usability, security, and the prices of both the product and the shipping costs associated with it. Next, not unlike in a traditional transaction, the buyer will negotiate the transaction by deciding on what style, options, etc. of the product, as well as shipping options. The buyer will then make a payment. Many payments can be made by using a credit card directly on the website, but other options include Paypal, which is basically an online savings account that allows the secure transfer of funds through the middleman, electronic check, or even check or money order by mail. The consumer then must wait on the product to be delivered. Electronic products such as music and software can sometimes be downloaded immediately to the consumer’s computer for use right away, but in most cases the product must be sent through the mail. After the sale, depending on the product and the vendor, maintenance and warranty issues can sometimes be more troublesome than in a traditional transaction. In some cases, however, warranties are slightly better in e-commerce transactions. On the buyer’s side, the elements are just as similar. The company researches the market to determine what the consumer wants and needs. Then, they create that product or service that will meet those needs. The company will then advertise the product. Hopefully, they will choose not to use those annoying pop-up ads that always haunt my computer. When a buyer makes a purchase, the company will negotiate the sale transaction and the delivery logistics. The company then prepares to ship or upload the product to the customer. Once verifying that the payment has been received and processed, the company will deliver the product, and in many cases will provide support, maintenance, and warranty support. What are the revenue models for selling on the web? What are their defining characteristics? What characteristics do any of them share, and what ones make each unique? We will begin with the Web Catalog Model. These are sites that list all of their products on it’s pages.
Approximate Word count = 1719
Approximate Pages = 6.9
(250 words per page double spaced)
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