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Autor     Yannis Bakos
Titel    The Emerging Role of Electronic Marketplaces on the Internet
Zeitschrift    Communications of the ACM
Jahr    1998
Seiten    35-46
URL    https://archive.nyu.edu/handle/2451/27839

Literaturverz.   

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Fußnoten    yes
Fragmente    3


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Markets have the economic function of facilitating the exchange of information, goods, services and payments. Thus they create an economic value for buyers, sellers, market intermediaries and society as a whole. Markets play a central role in the economy, facilitating the exchange of information, goods, services, and payments. In the process, they create economic value for buyers, sellers, market intermediaries, and for society at large.
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[1.2. How do Electronic Markets affect traditional Market Structures?]

The Internet affects markets by changing the structure of product offerings, as for example: (i) Aggregation and disaggregation of information based product components. With electronic markets in place the role of intermediaries will be reduced or even eliminated, leading to disintermediation. It will become easier to match buyers and sellers, reducing the costs or market transactions. (ii) The costs of logistics are decreased when electronic marketplaces improve information sharing between buyers and sellers by promoting quick, just-in-time deliveries and reduce inventories. (iii) Increased personalization of product offerings.

[1.2.1 Information Phase']

[...] Lower search costs enable new markets to emerge, as for example creating a market for second hand cameras where otherwise the search costs would be too high to enable potential buyers and sellers to find each other on a conventional market (Bakos 1998).


Bakos, Y. 1998, "The Emerging Role of Electronic Marketplaces on the Internet," Communications of the ACM, vol. 41, pp. 35-46.

How the Internet Affects Markets

[...]

Two major emerging trends distinguish products in electronic marketplaces from their traditional counterparts: increased personalization and customization of product offerings, and the aggregation and disaggregation of information-based product components to match customer needs and to support new pricing strategies.

[page 39]

The lower search costs enable new markets to emerge. For example, low buyer search costs and global reach allowed Onsale.com (www.onsale.com) to create markets in goods like secondhand cameras; otherwise the search costs would be too high to enable potential buyers and sellers to find each other in a conventional market.

[page 40]

Electronic marketplaces improve information sharing between buyers and sellers, helping lower the cost of logistics and promoting quick, just-in-time deliveries and reduced inventories.

[page 42]

It has been argued that as friction-free electronic marketplaces lower the cost of market transactions, it will become easy to match directly buyers and sellers, and as a result, the role of intermediaries may be reduced or even eliminated leading to “disintermediation” (see [9, 10]).


9. Gates, W. The Road Ahead. Penguin Books, New York, 1995.

10. Gellman, R. Disintermediation and the Internet. Government Information Q. 13, 1 (1996), 1–8.

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[3.] Svr/Fragment 009 01 - Diskussion
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The dynamics of friction free markets will change product-pricing strategies of companies that had previously depended on geography or customer ignorance. As geography becomes less Important, new source of product differentiation such as customized features, service or innovation will become more important (Bakos 1998).

[1.2.2 Agreement Phase

New types of price agreements are possible in electronic markets with auctions, or bulk buying, where customers can obtain higher bargaining power.]

The ability to customize products, combined with the ability of sellers to access substantial information about prospective buyers, such as demographics, preferences and past shopping behavior, is greatly improving seller’ ability to price discriminate. Price discrimination is a powerful tool that allows sellers to increase their profits, and reduces consumer surplus enjoyed by buyers. On the other hand, price discrimination enables sellers to service buyers that would otherwise be priced out of the market, an outcome that increases economic efficiency (Bakos 1998).

[1.2.3 Settlement Phase

With digital information goods such as news, music or software, the Internet dramatically reduces the marginal cost of distribution of these goods (Bakos 1998).]

Furthermore, electronic payment systems have the potential of lowering transaction costs of commercial exchanges, and micro payment systems will lower the costs of small transactions, enabling new pricing strategies such as metering of software use.


Bakos, Y. 1998, "The Emerging Role of Electronic Marketplaces on the Internet," Communications of the ACM, vol. 41, pp. 35-46.

[page 41]

The dynamics of friction-free markets are not attractive for sellers that had previously depended on geography or customer ignorance to insulate them from the low-cost sellers in the market. As geography becomes less important, new sources of product differentiation, such as customized features or service or innovation, will become more important, at least for those sellers who don’t have the lowest cost of production.

[page 39]

The ability to customize products, combined with the ability of sellers to access substantial information about prospective buyers, such as demographics, preferences and past shopping behavior, is greatly improving sellers’ ability to price discriminate—that

[page 40]

is, to charge different prices for different buyers. Price discrimination is a powerful tool that allows sellers to increase their profits, and reduces the consumer surplus enjoyed by buyers. On the other hand, price discrimination enables sellers to service buyers who would otherwise be priced out of the market, an outcome that increases economic efficiency.

[...]

Electronic payment systems will further lower transaction costs in Internet marketplaces, and micropayment systems will lower the cost of small transactions, enabling new pricing strategies such as the metering of software use.

Anmerkungen

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