BUS-203 Module 10: E-Commerce: Digital Markets, Digital Goods

Summary

This module explores the transformative impact of e-commerce, digital markets, and digital goods on business operations and customer interactions. It covers various e-commerce models, including B2B, B2C, C2C, and C2B, along with the evolution of business revenue streams and marketing strategies. E-commerce enables businesses to reach a global audience, reduce costs, and streamline operations, while providing customers with better access to products and services at competitive prices. The module also highlights the role of m-commerce, mobile payments, and key considerations in building an effective e-commerce presence, including website design, security, and customer service.

Takeaways

• 😀 E-commerce enables businesses to reach a global audience and sell products online.
• 😀 Digital markets and digital goods offer customers a wider range of products at often lower prices.
• 😀 E-commerce provides businesses with new revenue streams and opportunities for innovation.
• 😀 The main e-commerce business models include B2B, B2C, C2C, and C2B.
• 😀 E-commerce has transformed marketing by allowing businesses to target specific customer segments and personalize their efforts.
• 😀 Businesses now have access to customer data, helping optimize marketing strategies and enhance customer experience.
• 😀 B2B transactions have been made easier through e-commerce platforms, reducing the need for physical meetings and travel.
• 😀 M-commerce (mobile commerce) provides customers with a convenient way to shop, make payments, and use mobile banking.
• 😀 When building an e-commerce presence, businesses must address issues like website design, security, payment processing, and customer service.
• 😀 Revenue models in e-commerce include advertising, sales, subscriptions, freemium, transaction fees, and affiliate marketing.
• 😀 E-commerce platforms such as transaction brokers and marketplaces connect buyers and sellers, charging transaction fees to facilitate sales.

Q & A

What is the primary benefit of e-commerce for businesses?

E-commerce allows businesses to reach a global audience, sell products and services online, and explore new revenue streams, transforming the traditional retail model.

How has e-commerce changed the way businesses interact with customers?

E-commerce has made it easier for businesses to connect with customers through digital platforms, allowing for personalized marketing, targeted outreach, and optimized customer engagement.

What are the four main types of e-commerce business models?

The four main types are B2B (Business to Business), B2C (Business to Consumer), C2C (Consumer to Consumer), and C2B (Consumer to Business).

What does B2B e-commerce entail?

B2B e-commerce involves transactions where businesses buy and sell goods and services to one another.

How has e-commerce impacted marketing strategies?

E-commerce allows businesses to target specific customer segments, personalize marketing efforts, and access customer behavior data to optimize their marketing strategies.

What role does M-Commerce (Mobile Commerce) play in business?

M-Commerce provides customers with a convenient and accessible way to make purchases, offering mobile payment, mobile banking, and mobile shopping as key applications.

What are the key issues businesses must address when building an e-commerce presence?

Businesses need to focus on website design, security, payment processing, and customer service to ensure a seamless and secure e-commerce experience.

What is a portal in the context of e-commerce?

A portal is a website that offers a variety of services to users, such as news, weather, and search engines, and generates revenue through ads and subscription fees.

What is the difference between e-tailers and content providers in e-commerce?

E-tailers sell products directly to consumers through an online storefront, while content providers create and distribute digital content such as music, videos, or articles.

What is affiliate marketing in e-commerce?

Affiliate marketing involves promoting another company's products or services and receiving a commission for any sales made through the affiliate's website.