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• Greater choice (greater product depth and global reach) • Faster fulfilling cycle time (ordering, shipping, billing) • Greater ability to supply information (inventory, order. status, [r]

Electronic Commerce

Transactions

Week 11

• What is e-commerce

• Implementing transactions over the internet

• Managing security risk

• Tools for implementing e-commerce

• Consumer and business markets for

e-commerce

What is e-commerce

• The sharing of business information, maintaining business relationships, and conducting business transactions by means of telecommunication

networks

• E-business denotes a broad holistic concept

encompassing internet related technologies on

business functions, from human resource

management to marketing to corporate strategy

Aspects of Traditional & Electronic

Commerce

Fulfillment Cycle step

(business-to-business) Conventional Shopping Traditional mail order (multiple single-medium

channel)

Electronic commerce (single multimedia channel)

Evaluate suppliers and

product options Shops, showrooms Magazines, flyers Portals, intermediaries, online catalogues Select & specify product Pick off shelf,

take to counter Order form, letter Online form, e-mailSend order to supplier - Fax, mail, telephone E-mail, EDI

Supplier checks inventory - Printer form Online database

Generate invoice - Printed form EDI or via credit card Ship product - Shipper Shipper or online

distribution Confirm receipt Printed form Printed form E-mail

Schedule payment Printed form Printed form EDI, online database

Relative Significance of

E-commerce in Different Countries

Superpower United States

Contender Germany, United Kingdom, Japan, Canada Gateway Singapore, Benelux, Hong Kong

Sprinter Scandinavia/Nordic countries

Straggler France, Australia, Italy, South Korea, Spain

Level of E-commerce

Sophistications

Level Characteristics

Primitive Static web pages or ‘brochurweare’

Searchable site with dynamic pages such as online catalogue Integration with operational databases, e.g inventory searching, package tracking, job posting

Customer transaction through the Internet, e.g selling products and services, buying and selling shares, applying for loans

Advanced Full electronic commerce (i.e integrated fulfillment cycle of

ordering, shipping, billing)

Reasons for the Growth in

E-commerce

• Increase in demand for choice (product depth, global reach, price choices)

• Demand for information (detailed product

information, inventory, inventory, order status)

• Demand for interactive, online support

• Avoidance of travel and parking difficulties for

consumer e-commerce

• Elimination of time constraints (that is, opening

hours or delays between placing an order and

delivery)

Benefits of E-commerce

• Lower purchasing overhead – especially for small

value and repeat orders

• Greater choice (greater product depth and global reach)

• Faster fulfilling cycle time (ordering, shipping, billing)

• Greater ability to supply information (inventory, order status, etc.)

• Lower cost than EDI

• Ease of swapping between suppliers greater than with EDI

Benefits for suppliers

• A global reach, leading to more orders

• Reduced administration overhead (paperwork automation leading to a lower cost for each order made)

• Reduced asset requirement (physical properties for

companies with a retail network)

• Integration between back office and online ‘shopping’ activities

• Integration of online ‘shopping’ activities with database marketing

• Less need for distribution via channel (disinter mediation)

• Reduced working capital (inventory)

E-commerce Enablers

• Internet standards

• Bandwidth development

• World Wide Web

• Diversification and proliferation of internet access

• Development of ‘off the shelf’ e-commerce products

Inhibitors to E-commerce

• Technophobia

• Security fears

• Technology not user friendly

• Poor performance leading to slow download

• Inertia of habitual conventional shopping and purchasing

• Internet access still limited

• Entrenched interests (for example, distributors who may be bypassed)

Payment system requirements

• Be secure

• Be easy for buyer and seller to use and

understand

• Be straight forward for banks to administer

• Be scalable across different currencies and

to different denominations

• Have a low costs for implementing

transactions

Consumer Payment Systems

• Electronic token issuer – dependent on

digital certificates for security

Non-credit of Pre-paid Systems

• Digital, virtual or electronic cash

• Microtransactions or micropayments such

as Millicent

• Debit cards

• Smartcards

Requirements for Security

Methods of Increasing Security

• Encryption

– Secret-key (symmetric) encryption

– Public-key (asymmetric) encryption

• Digital signatures

– Identifies individuals using public key

encryption

– Certificate and certificate authorities (CA)

– Secure Electronic Transaction

– Shopcreator Stall supports up to 10 products

– IBM \Home page creator supports 15-500 items

– BT StoreFront supports a small to medium number of products

• Integration with back-end systems

– Integration with stock control system to determine

availability is vital

– Integration with stock control system will allow price and product information changes to be updated rapidly – Integration with adequate fulfillment services

Consumer & Business Markets

– Acceptable Internet access mechanisms

– Payment mechanisms perceived as convenient and secure

– An attractive and usable media interface

The Commercial Environment

for E-commerce

• Legal status of banks

– Non banks are subject to less scrutiny and regulation

– Non-banks are at a competitive advantage as they do not carry the costs of the high level of registration

– Non-banks do not report to central bank which leads to

uncertainty and instability in the money supply

• Tariffs and taxation

– Value added Tax charged depending on location of supplier and consumer

– Export and import tax implications

– Services attract VAT according to where the supplier is located

Contracts – consumer protection

• Location and identity of supplier and in case of contracts requiring payment in advance his address

• The main characteristics of the goods or services

• The price of goods or services

• Delivery costs

• The arrangement of payments, delivery or performance

• The existence of right of withdrawal

• The cost of using the means of distance communication, where it is calculated other than the basic rates

• The period for which the offer or price remains valid

• The minimum duration of the contract and whether the contracts for the supply of goods are to be permanent or recurrent