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Online Retailing and Services

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e-commerce
business. technology. society.
eighth edition
Kenneth C. Laudon
Carol Guercio Traver
Copyright В© 2012 Pearson Education, Inc.
Chapter 9
Online Retail and Services
Blue Nile Sparkles for Your Cleopatra
Class Discussion
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Why is selling (or buying) diamonds over the
Internet difficult?
How has Blue Nile built its supply chain to keep
costs low?
How has Blue Nile reduced consumer anxiety over
online diamond purchases?
What are some vulnerabilities facing Blue Nile?
Would you buy a $5,000 engagement ring at Blue
Nile?
Copyright В© 2012 Pearson Education, Inc.
Slide 9-3
Major Trends in Online Retail,
2011–2012
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Growth in social shopping
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Online retail still fastest growing retail channel
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Buying online a normal, mainstream experience
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Selection of goods increases, includes luxury goods
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Informational shopping for big-ticket items expands
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Specialty retail sites show most rapid growth
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Increased use of interactive, Web 2.0 marketing
Copyright В© 2012 Pearson Education, Inc.
Slide 9-4
The Retail Sector
Most important theme in online retailing is effort to
integrate online and offline operations
пЃ® U.S. retail market accounts for $10.7 trillion (70%)
of total GDP
пЃ® Personal consumption:
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пЃ¶ Services: 65%
пЃ¶ Nondurable goods: 25%
пЃ¶ Durable goods: 10%
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“Goods” vs. “services” ambiguity
Copyright В© 2012 Pearson Education, Inc.
Slide 9-5
The Retail Industry
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8 segments (clothing, durable goods, etc.)
пЃ¶ For each, uses of Internet may differ
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Information vs. direct purchasing
General merchandisers vs. specialty retailers
пЃ® Mail order/telephone order (MOTO) sector
most similar to online retail sector
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пЃ¶ Sophisticated order entry, delivery, inventory control
systems
Copyright В© 2012 Pearson Education, Inc.
Slide 9-6
Composition of the U.S. Retail Industry
Figure 9.1, Page 579
Copyright В© 2012 Pearson Education, Inc.
SOURCE: Based on data from U.S. Census Bureau, 2011.
Slide 9-7
E-commerce Retail: The Vision
1.
2.
3.
4.
Reduced search and transaction costs; customers able
to find lowest prices
Lowered market entry costs, lower operating costs,
higher efficiency
Traditional physical store merchants forced out of
business
Some industries would be disintermediated
Few of these assumptions were correct—structure
of retail marketplace has not been revolutionized
пЃ® Internet has created new venues for multi-channel
firms and supported a few pure-play merchants
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Copyright В© 2012 Pearson Education, Inc.
Slide 9-8
The Online Retail Sector Today
Smallest segment of retail industry (5%–6%)
пЃ® Growing at faster rate than offline segments
пЃ® Revenues have resumed growth
пЃ® Around 72% of Internet users bought online
in 2011
пЃ® Primary beneficiaries:
пЃ®
пЃ¶ Established offline retailers with online
presence (e.g., Staples)
пЃ¶ First mover dot-com companies (e.g., Amazon)
Copyright В© 2012 Pearson Education, Inc.
Slide 9-9
Online Retail and B2C E-commerce Is Alive and Well
Figure 9.2, p. 582
SOURCES: Based on data from eMarketer, Inc., 2011a; authors’ estimates.
Copyright В© 2012 Pearson Education, Inc.
Slide 9-10
Multi-channel Integration
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Integrating Web operations with traditional
physical store operations
пЃ¶ Provide integrated shopping experience
пЃ¶ Leverage value of physical store
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Types of integration
пЃ¶ Online order, in-store pickup
пЃ¶ In-store kiosk or clerk Web order, home delivery
пЃ¶ Web promotions to drive customers to stores
пЃ¶ Gift cards usable in any channel
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Increasing importance of mobile devices
Copyright В© 2012 Pearson Education, Inc.
Slide 9-11
Analyzing the Viability of
Online Firms
пЃ® Economic viability:
пЃ¶ Ability of firms to survive as profitable business
firms during specified period (i.e., 1–3 years)
пЃ® Two business analysis approaches:
пЃ¶ Strategic analysis
пЃ® Focuses on both industry as a whole and firm itself
пЃ¶ Financial analysis
пЃ® How firm is performing
Copyright В© 2012 Pearson Education, Inc.
Slide 9-12
Strategic Analysis Factors
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Key industry strategic factors
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Barriers to entry
Power of suppliers
Power of customers
Existence of substitute products
Industry value chain
Nature of intra-industry competition
Firm-specific factors
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Firm value chain
Core competencies
Synergies
Technology
Social and legal challenges
Copyright В© 2012 Pearson Education, Inc.
Slide 9-13
Financial Analysis Factors
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Statements of Operations
пЃ¶ Revenues
пЃ¶ Cost of sales
пЃ¶ Gross margin
пЃ¶ Operating expenses
пЃ¶ Operating margin
пЃ¶ Net margin
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Pro forma earnings
Balance sheet
пЃ¶ Assets, current assets
пЃ¶ Liabilities, current liabilities, long-term debt
пЃ¶ Working capital
Copyright В© 2012 Pearson Education, Inc.
Slide 9-14
E-tailing Business Models
1.
Virtual merchant
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2.
Bricks and clicks
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3.
Walmart, J.C. Penney, Sears
Catalog merchant
пЃ¶
4.
Amazon
Lands’ End, L.L. Bean, Victoria’s Secret
Manufacturer-direct
пЃ¶
Dell
Copyright В© 2012 Pearson Education, Inc.
Slide 9-15
E-commerce in Action: Amazon.com
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Vision:
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Business model:
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Continued explosive revenue growth, profitable
Strategic analysis/business strategy:
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Retail, Third Party Merchants, and Amazon Web Services (merchant and
developer services)
Financial analysis:
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Earth’s biggest selection, most customer-centric
Maximize sales volume, cut prices, acquisitions, mobile shopping, Kindle
Strategic analysis/competition:
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Online and offline general merchandisers, Web services
Copyright В© 2012 Pearson Education, Inc.
Slide 9-16
E-commerce in Action: Amazon.com
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Strategic analysis/technology:
пЃ¶ Largest, most sophisticated collection of online retailing
technologies available
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Strategic analysis/social, legal:
пЃ¶ Sales tax, patent lawsuits
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Future prospects:
пЃ¶ In 2010, net sales grew 40%, and significant gains thus
far in 2011
пЃ¶ Ranks among top five in customer service, speed,
accuracy
Copyright В© 2012 Pearson Education, Inc.
Slide 9-17
Common Themes in Online Retailing
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Online retail fastest growing channel on revenue
basis
Profits for startup ventures have been difficult to
achieve
Disintermediation has not occurred
Established merchants need to create integrated
shopping experience to succeed online
Growth of online specialty merchants, e.g. Blue Nile
Extraordinary growth of social, local, and mobile
e-commerce
Copyright В© 2012 Pearson Education, Inc.
Slide 9-18
Insight on Technology: Class Discussion
Using the Web to Shop ’Till You Drop
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What do comparison sites offer consumers?
Why are comparison shopping sites more
successful with hard goods than soft goods?
What is the strategy of Shopping.com?
How can shopping bots compare luxury goods?
How does adding content to comparison sites
help consumers?
Copyright В© 2012 Pearson Education, Inc.
Slide 9-19
The Service Sector: Offline and Online
пЃ® Service sector:
пЃ¶ Largest and most rapidly expanding part of
economies of advanced industrial nations
пЃ¶ Concerned with performing tasks in and around
households, business firms, and institutions
пЃ®
Includes doctors, lawyers, accountants, business
consultants, etc.
пЃ¶ Employs 4 out of 5 U.S. workers
пЃ¶ 75% of economic activity
Copyright В© 2012 Pearson Education, Inc.
Slide 9-20
Service Industries
пЃ® Major service industry groups:
пЃ¶ Finance
пЃ¶ Insurance
пЃ¶ Real estate
пЃ¶ Travel
 Professional services—legal, accounting
 Business services—consulting, advertising,
marketing, etc.
пЃ¶ Health services
пЃ¶ Educational services
Copyright В© 2012 Pearson Education, Inc.
Slide 9-21
Service Industries
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Two categories
пЃ¶ Transaction brokers
пЃ¶ Hands-on service providers
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Features:
пЃ¶ Knowledge- and information-intense
пЃ® Makes them uniquely suited to e-commerce
applications
пЃ¶ Amount of personalization and customization
required differs depending on type of service
пЃ® e.g., medical services vs. financial services
Copyright В© 2012 Pearson Education, Inc.
Slide 9-22
Online Financial Services
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Example of e-commerce success story, but
success is somewhat different from what had
been predicted
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Brokerage industry transformed
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44% of ages 18–54 prefer online banking
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Effects less powerful in insurance, real estate
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Multi-channel, established financial services
firms continue to show strong growth
Copyright В© 2012 Pearson Education, Inc.
Slide 9-23
Financial Service Industry Trends
пЃ® Two important global trends
пЃ¶ Industry consolidation
пЃ® Financial Reform Act of 1998 amended Glass-
Steagall Act and allows banks, brokerages, and
insurance firms to merge
пЃ¶ Movement toward integrated financial services
пЃ® Financial supermarket model
Copyright В© 2012 Pearson Education, Inc.
Slide 9-24
Industry Consolidation and Integrated Financial
Services
Figure 9.3, Page 609
Copyright В© 2012 Pearson Education, Inc.
Slide 9-25
Online Financial Consumer Behavior
Consumers attracted to online financial sites
because of desire to save time and access
information rather than save money
пЃ® Most online consumers use financial services
firms for mundane financial management
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пЃ¶ Check balances
пЃ¶ Pay bills
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Number of people using mobile devices for
financial services is surging
Copyright В© 2012 Pearson Education, Inc.
Slide 9-26
Online Banking and Brokerage
Online banking pioneered by NetBank and
Wingspan; no longer in existence
пЃ® Established brand-name national banks have
taken substantial lead in market share
пЃ® 103 million people use online banking;
expected to rise to 116 million by 2015
пЃ® Early innovators in online brokerage
(E*Trade) have been joined by established
brokerages (Fidelity, Schwab)
пЃ®
Copyright В© 2012 Pearson Education, Inc.
Slide 9-27
The Growth of Online Banking
Figure 9.4, Page 612
Copyright В© 2012 Pearson Education, Inc.
SOURCE: Based on data from comScore, 2010a,
eMarketer, Inc., 2010; authors estimates.
Slide 9-28
Multi-channel vs.
Pure Online Financial Service Firms
Online consumers prefer multi-channel firms
with physical presence
пЃ® Multi-channel firms
пЃ®
пЃ¶ Growing faster than pure online firms
пЃ¶ Lower online customer acquisition costs
пЃ®
Pure online firms
пЃ¶ Rely on Web sites, advertising to acquire customers
пЃ¶ Users utilize services more intensively
пЃ¶ Users shop more, are more price-driven and less loyal
Copyright В© 2012 Pearson Education, Inc.
Slide 9-29
Financial Portals and
Account Aggregators
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Financial portals
пЃ¶ Comparison shopping services, independent financial
advice, financial planning
пЃ¶ Revenues from advertising, referrals, subscriptions
пЃ¶ e.g., Yahoo! Finance, Quicken.com, MSN Money
пЃ®
Account aggregation
 Pulls together all of a customer’s financial data at a
personalized Web site
пЃ¶ e.g., Yodlee: provides account aggregation technology
пЃ¶ Privacy concerns; control of personal data, security, etc.
Copyright В© 2012 Pearson Education, Inc.
Slide 9-30
Online Mortgage and Lending Services
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Early entrants hoped to simplify and speed up
mortgage value chain
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Three kinds of online mortgage vendor today
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Difficulties in branding and simplifying mortgage generation
process
Established online banks, brokerages, and lending organizations
Pure online mortgage bankers
Mortgage brokers
Online mortgage industry has not transformed
process of obtaining mortgage
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Complexity of process
Copyright В© 2012 Pearson Education, Inc.
Slide 9-31
Online Insurance Services
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Online term life insurance:
пЃ¶ One of few online insurance with lowered search costs,
increased price comparison, lower prices
пЃ¶ Commodity
Most insurance not purchased online
пЃ® Online industry geared more toward
пЃ®
пЃ¶ Product information, search
пЃ¶ Price discovery
пЃ¶ Online quotes
пЃ¶ Influencing the offline purchasing decision
Copyright В© 2012 Pearson Education, Inc.
Slide 9-32
Online Real Estate Services
Early vision: Local, complex, and agent-driven real
estate industry would transform into
disintermediated marketplace
пЃ® However, major impact is influencing of purchases
offline
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Impossible to complete property transaction online
Main services are online property listings, loan calculators,
research and reference material, with mobile apps increasing
Despite revolution in available information, there
has not been a revolution in the industry value
chain
Copyright В© 2012 Pearson Education, Inc.
Slide 9-33
Online Travel Services
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One of the most successful B2C e-commerce
segments
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Online travel bookings declined slightly due to
recession but expected to grow to $107.5 billion in
2011
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For consumers: More convenience than traditional
travel agents
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For suppliers: A singular, focused customer pool
that can be efficiently reached through onsite
advertising
Copyright В© 2012 Pearson Education, Inc.
Slide 9-34
Online Travel Services (cont.)
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Travel an ideal service/product for Internet
пЃ¶ Information-intensive product
 Electronic product—travel arrangements can be
accomplished for the most part online
пЃ¶ Does not require inventory
пЃ¶ Does not require physical offices with multiple
employees
пЃ¶ Suppliers are always looking for customers to fill excess
capacity
пЃ¶ Does not require an expensive multi-channel presence
Copyright В© 2012 Pearson Education, Inc.
Slide 9-35
Insight on Business: Class Discussion
Zipcar Shifts into High Gear
What is the Zipcar business model? How
does it make money?
пЃ® How does Zipcar use the Internet?
пЃ® Does Zipcar compete with traditional car
rental firms?
пЃ® Will Zipcar work only in urban markets? Can
it expand to the suburbs?
пЃ®
Copyright В© 2012 Pearson Education, Inc.
Slide 9-36
Online Travel Services Revenues
Figure 9.5, Page 618
Copyright В© 2012 Pearson Education, Inc.
SOURCE: Based on data from eMarketer, 2011c.
Slide 9-37
The Online Travel Market
пЃ®
Four major sectors:
пЃ¶ Airline tickets
пЃ¶ Hotel reservations
пЃ¶ Car rentals
пЃ¶ Cruises/tours
57% purchase airline tickets from airline’s
Web site, 22% from travel booking Web site
(e.g., Expedia)
пЃ® Corporate online-booking solutions (COBS)
пЃ®
пЃ¶ Integrated travel services
Copyright В© 2012 Pearson Education, Inc.
Slide 9-38
Online Travel Industry Dynamics
Intense competition among online providers
пЃ® Price competition difficult
пЃ® Industry consolidation
пЃ® Industry impacted by meta-search engines
пЃ®
пЃ¶ Commoditize online travel
Mobile applications are also transforming
industry
пЃ® Social media content, reviews have an
increasing influence on travel purchases
пЃ®
Copyright В© 2012 Pearson Education, Inc.
Slide 9-39
Insight on Society: Class Discussion
Phony Reviews
Should there be repercussions to individuals
and/or businesses for posting false reviews
of products or services?
пЃ® Can phony reviews be recognized and
moderated?
пЃ® Do you rely more on some types of reviews
or comments on Web sites and blogs over
others?
пЃ®
Copyright В© 2012 Pearson Education, Inc.
Slide 9-40
Online Career Services
Top sites generate over $1 billion annually
пЃ® Two main players: CareerBuilder, Monster
пЃ® Traditional recruitment:
пЃ®
пЃ¶ Classified, print ads, career expos, on-campus
recruitment, staffing firms, internal referral programs
пЃ®
Online recruiting
пЃ¶ More efficient, cost-effective, reduces total time-to-hire
пЃ¶ Enables job hunters to more easily distribute resumes
while conducting job searches
пЃ¶ Ideally suited for Web due to information-intense
nature of process
Copyright В© 2012 Pearson Education, Inc.
Slide 9-41
It’s Just Information:
The Ideal Web Business?
пЃ®
Recruitment ideally suited for the Web
пЃ¶ Information-intense process
 Initial match-up doesn’t require much
personalization
Saves time and money for both job hunters
and employers
пЃ® One of most important functions:
пЃ®
пЃ¶ Ability to establish market prices and terms
(online national marketplace)
Copyright В© 2012 Pearson Education, Inc.
Slide 9-42
Online Recruitment Industry Trends
Consolidation
пЃ® Diversification: Niche employment sites
пЃ® Localization:
пЃ®
пЃ¶ Local vs. national, Craigslist
пЃ®
Job search engines/aggregators:
 “Scraping” listings
пЃ®
Social networking:
пЃ¶ LinkedIn; Facebook apps
пЃ®
Mobile apps
Copyright В© 2012 Pearson Education, Inc.
Slide 9-43
Copyright В© 2012 Pearson Education, Inc.
Slide 9-44
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