The Importance of "Digital Business" Nowadays - perfect grader

Ecommerce

use of the internet to transact business

Ebusiness

digital enabling of transactions and processes within a firm

Tech building blocks

Internet, www, mobile platform

B2B

BUSINESS TO BUSINESS

B2C

BUSINESS TO CONSUMER

C2C

CONSUMER TO CONSUMER

OTHER ECOMMERCE TYPES

MOBILE, SOCIAL AND LOCCAL ECOMMERCE

1995 TO 2000

INVENTION OF ECOMMERCE, ILIMITED BANDWIDTH, DOT COM CRASH OF 2000

2001 TO 2006

CONSOLIDATION

2007 TO PRESENT

REINVENTION

evolution of the internet

innovation phase
institutionalisation phase
commercialisation phase

innovation phase

1961-1974
creation of fundamental building blocks

institutionalisation phase

1975-1995
large institution provide funding and legitimilisation

commercialisation phase

1995 - present
private corporations take over

packet switching

slices digital messages into packets, sends packets along different communication paths and reassembles them. uses routes and less expensive

Transmission control protocol

establishes connections among sending and receiving computers
handles assembly of packets at point of transmission

tcp and ip layers

network interface layer
internet layer
transport layer
application layer

IPV4

32 BIT # (HANDLES 4 BILLION)

IPV6

128 bit ( handle 1 quadrillion )

domain

IP address in natural language

Domain name system

allows numeric IP address to be expressed in natural language

uniform resource locator

address used by web browser to identify location of content on web

client / server computing

powerful personal computers connected in network with 1 or more servers

cloud computing model

infrastructure as a service

drawbacks cloud computing

security risk
shifts responsibility for storage and control to providers

IXPS

regional hubs where tier 1 sips physically connect with each other and with tier 2 ISPs
Tier 2 ISPs provide tier 3 with internet access

IXPS

originally called network access points or metropolitan area exchange

campus / corporate area network

local area networks operating within a single organization

intranets

tcp /ip network located within a single organization for communications and processing

limitations of internet

bandwidth
quality of service
network architecture
wired internet

internet2 project

a consortium of 450+ institutes collaborating to facilitate revolutionary technologies

mark up languages

hyper text markup language (html)
eXtensible markup langue (xml)

web server software

enable comp to deliver webpages to clients on a network

web server

either web server software or physical server
- specialised server

web client

any computing device attached to the internet
capable of making http requests

business model

planned activities designed to result in a profit

business plan

describes business model

commence business model

uses unique qualities of internet and web

elements of a business model

value proposition
revenue model
market opportunity
competitive environment

elements of a business model

competitive advantage
market strategy
organisational development
management team

value proposition

why customer should buy from you

revenue model

how will you earn money

market opportunity

what market space you serve and size

competitive environment

who else occupies intended space

competitive advantage

advantage firm bring to market space

market strategy

how are you going to promote your business

organisational development

types of organisational structures

management team

kind of backgrounds the company leaders have

private industrial network

digital network used to coordinate among firms engaged in business together.

industrial value chains

set of activities peformed by suppliers, manufactures, transporters,retailers that transform raw inputs into final products and services

industrial value chains

Leads to greater operational efficiencies, lowering cost, prices, adding value for customers

Firm Value Chains

Activities that a firm engages in to create final products from raw inputs
• Each step adds value

Firm Value Webs

Networked business ecosystem
• Uses Internet technology to coordinate the value
chains of business partners
• Coordinates a firm’s suppliers with its own production needs using an Internet-based supply chain management system

Business Strategy

Plan for achieving superior long-term returns on capital invested: that is, profit

Business strategy

Five generic strategies

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- Product/service differentiation
- Cost competition
- Scope
- Focus/marketniche - Customer intimacy

How E-commerce Changes Business

E-commerce changes industry structure by changing:
- Rivalry among existing competitors - Barriers to entry
- Threat of new substitute products - Strength of suppliers
- Bargaining power of buyers
• Industry structural analysis

B2B Models: Industry Consortia

Industry-owned vertical digital marketplace open to select suppliers

more successful than exchanges

B2B Models: Exchanges

Independently owned vertical digital marketplace for direct inputs
• Create powerful competition between suppliers
• Tend to force suppliers into powerful price competition; number of exchanges has dropped dramatically

B2B Models: E-procurement

• Creates digital markets where participants transact for indirect goods
- B2B service providers, SaaS and PaaS providers - Scale economies

B2B Models: E-distributor

Version of retail and wholesale store, MRO goods, and indirect goods
• Owned by one company seeking to serve many customers
• Revenue model: Sales of goods

B2C Models: Service Provider

Online services
- Example: Google—Google Maps, Gmail, and so on
• Value proposition
- Valuable, convenient, time-saving, low-cost alternatives to
traditional service providers

B2C Models: Market Creator

Create digital environment where buyers and sellers can meet and transact
- Examples: Priceline, eBay
- Revenue model: Transaction fees, fees to merchants for access
• On-demand service companies (sharing economy): platforms that allow people to sell services

B2C Models: Transaction Broker

Process online transactions for consumers - Primary value proposition—saving time and money
• Revenue model: - Transaction fees

B2C Business Models: Portal

Search plus an integrated package of content and services

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• Revenue models:
- Advertising, referral fees, transaction fees, subscriptions for
premium services

B2C Models: Content Provider

Digital content on the Web: - News, music, video, text, artwork
• Revenue models:
- Use variety of models, including advertising, subscription; sales of
digital goods
- Key to success is typically owning the content

B2C Models: Community Provider

Provide online environment (social network) where people with similar interests can transact, share content, and communicate
- Examples:Facebook,LinkedIn,Twitter,Pinterest • Revenue models:
- Typically hybrid, combining advertising, subscriptions, sales, transaction fees, and so on

B2C Models: E-tailer

Online version of traditional retailer
• Revenue model: Sales

ORNAMENTAL WEBSITES

A FORM OF WEB PRESENCE WITH NO REAL MARKETING-BASED OBJECTIVES

INFORMATIONAL WEBSITES

USED IN THE SAME WAY AS OTHER FORMS OF MASS MEDIA

RELATIONAL WEBSITES

MAKE USE OF THE INTERNET’S UNIQUE ABILITY TO ALLOW INTERACTIVITY

CONTACT-LEVEL WEBSITES

LARGELY ABOUT PROMOTING A CORPORATE IMAGE AND PROVIDING GENERAL INFORMATION

INTERACT-LEVEL WEBSITES

THERE IS EVIDENCE OF TARGETING SPECIFIC AUDIENCES

TRANSACT-LEVEL WEBSITES

MOVE INTO THE DOMAIN OF ORDER HANDLING AND ONLINE PURCHASING OR JUST “SELLING STUFF OVER THE INTERNET”

RELATE-LEVEL WEBSITES

DEVELOP TWO-WAY CONSUMER RELATIONSHIPS WITH THE WEBSITE BEING INTEGRAL TO THE ORGANISATION’S SERVICES

87%

APPROXIMATELY … OF UK CONSUMERS HAVE BOUGHT AT LEAST ONE PRODUCT ONLINE IN THE LAST 12 MONTHS.

30%

ONLINE SALES IN THE UK INCREASED BY OVER …. IN 2017.

MULTI-CHANNEL

HYBRID, MULTICHANNEL OR OMNI-CHANNEL E-TAILERS
SELL BOTH ONLINE & OFFLINE
THEY AVOID DISADVANTAGES OF PURE CLICK E-TAILING (E.G. BUY ONLINE & PICK UP IN STORE)

M-COMMERCE

MOBILE HAS BEEN IDENTIFIED AS A CORE COMMS CHANNEL AS IT REPRESENTS THE USERS ‘ME-TIME’
IT CAN TELL YOU MUCH MORE INFORMATION ABOUT A USER THAN ANY DESKTOP OR LAPTOP

LOCATION BASED MARKETING

is about knowing where every single one of your customers are in proximity to your stores and selling media addressed to who is there.

SEGMENTATION

shows approaches to grouping prospects and customers to deliver more relevant communications and offers and so give better response rates to these communications.

WAYS TO SEGEMENT

Customer profile characteristics (demographics) - the classic traditional marketing approach.
Customer value current and future. Targeting the most valuable and most growable segments in a matrix of current against future are the most common approaches
Customer lifecycle groups. Since our knowledge of online marketing is so strong there are great opportunities for targeting through behavioural email marketing and website personalisation.

TYPES OF SEGMENTATION

VALUE, DEMOGRAPHICS,LIFESTYLES, BEHAVIOURSDIG

DIGITAL IMMAGRANTS

ADOPTERS OF THE WEB TECH
PREFER TO TALK IN PERSON
LOGICAL LERNERS
ONE TASK AT A TIME

DIGITAL NATIVES

BORN DURING OR AFTER THE DIGTAL AGE
ALWAYS ON A DEVICE
INTUITIVE LEARNERS

MULTITASK

Customer Relationship Management

CRM refers to building one-to-one relationships with customers that can drive value for the firm

This will mostly use marketing automation to assemble customer data, understand customer needs and target accordingly

Database Marketing

Marketing is the use of databases to enhance marketing productivity through more effective acquisition, retention and development of customers

Can be viewed as a technological manifestation of Relationship Marketing

good database

A one-stop shop for all customer data
A basis for creating customer personas (lecture 10)
Where possible built on our own contacts / leads
Designed to produce live metrics (lecture 16)
Used to inform decision making
Regularly updated
Sensitive to customer needs
Compliant with Data Legislation….

General Data Protection Legislation

An EU wide piece of new legislation as of May 25th 2018
Poses serious challenges for marketers
Changes to Data Projection Act (1998

Database = Personalisation

A concept that has been applied to traditional forms of direct marketing for decades
Is the mechanism by which data is used to tailor a touchpoint for any given user

Does Personalisation Pay?

It increases conversion rates

It is beneficial to retention (e.g. provision of relevant offers)

It performs a utilitarian function for consumers - it helps them manage marketer information

It also provides consumers with a reward for providing information

Consumer Attitudes to RM

70% percent of US consumers had a somewhat positive attitude toward relationship marketing

39% percent of consumers would choose a company that does not engage in relationship marketing over a company that does

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Consumers’ overall attitude toward relationship marketing impacts their likelihood to respond favourably to specific relationship marketing tactics.

Price-Based Behaviour

Big Middle theory suggests the existence of a core group of shoppers seeking a relatively consistent and more demanding bundle of retail attributes: broad and deep product mixes with consistently low Prices

Conversion Rate Optimisation

Conversion is evolving from meaning purely sales to the number of anonymous visitors who become known records in your marketing database

CRO concerns increasing the proportion of your web visitors to complete their intended task

Improving CRO

Call to Action (CTA): The primary button, link or other user interface element that asks the user to take an action that leads to (or towards) a conversion

Conversion Funnel: The primary pathway (or flow) of the user experience where visitors complete a conversion (e.g. checkout)

Funnel Optimisation

Call to Action (CTA

The primary button, link or other user interface element that asks the user to take an action that leads to (or towards) a conversion

Conversion Funnel

The primary pathway (or flow) of the user experience where visitors complete a conversion (e.g. checkout)

Funnel Optimisation

Reducing friction in the form of wasted clicks, excess pages, false starts, going to the wrong page, slow page loads, and other friction points that cause users to give up.
Reducing cognitive overhead (anything that puts doubt and indecision into the mind of the user, causing them to waver over whether to convert)

KPI

KEY PEFORMANCE INDICATOR

Sentiment Analysis

Sentiment analysis analyses and categorises social media text (mostly dynamic text) as being positive, negative, or neutral.

purpose of sentiment analysis

The primary purpose of sentiment analysis is to determine how your customers feel about a particular product, service, or ISSUE.

Types of Social Media Analytics

Predictive Analytics
Descriptive Analytics
Prescriptive Analytics

Prescriptive Analytics

suggest the best action to take when handling a scenario

Descriptive Analytics

is focused on gathering and describing social media data in the form of reports, visualizations, and clustering to understand a business problem.

Predictive Analytics

involves analyzing large amounts of accumulated social media data to predict a future event

Client Marketing Database (Internal)

Previous purchase volume
Previous purchase frequency
Customer profitability
Credit / debit history
Customer’s share of organisation’s business
Buying practices and patterns

Reputation management

ORM is the practice of attempting to shape public perception of a person or organization by influencing online information about that entity.”

Aquisition

retention is more important than…

Doppelganger brand image

is a collection of disparaging images and stories about a brand circulated in popular culture by a loosely organized network of anti-brand activists, bloggers and opinion leaders.
This negative images compete with the brand owner’s intended image.

a brand community

is defined as any group of people that possess a common interest in a specific brand and create a parallel social universe rife with its own myths, values, rituals, vocabulary and hierarchy

impact of social crm

be felt when companies integrate ‘social insight’ into their CRM profiles

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widgets allows companies to implement it in the way that best fits their needs

RFM analysis

Used for marketing to customers
Always improves response and profits
Better than demographic models
Powerful segmentation method
Often linked to Lifetime Value Analysis (LT

RFM analysis

Recency, Frequency Monetary (RFM) Analysis

Calculating Lifetime Values

Three key pieces of data are needed:
The number of years a customer buys from a company
The percentage of customers remaining loyal to the company
The amount spent per annum.

lifetime values

are the sum of all future net incomes expected from a customer, translated into present-day terms.

LTV

Income is counted after direct costs have been taken into account

LTV

A direct cost is one that can be completely attributed to the production of specific goods or services

Transactional paradigm

Market segment
Transaction duration
Margin
Market share
Mass market broadcast
PASSIVE CONSUMERS

Relational paradigm

Individual customer
Lifetime
Lifetime value
Most valued customers and customer share
Dialogue and tailored communications
EMPOWERED CLIENTS

marketing automation

enables business to automate tasks in the marketing and sales process to make the process to
deliver more relevant communications typically delivered as personalised emails and website messages

Real-time analytics

helps to understand content consumption activities among website visitors as well as other aspects of the user experience on any given website that has been tagged with a … tool.

Audience analysis

involves conducting several research activities to reveal key information about what matters most to the audience you’re trying to reach.

Search insights

… tools are useful for mining search engine volume patterns across geography, industry categories, time, and properties to find actionable insights.

Acquisition

Understanding where your website visitors are coming from and what devices they are predominantly using.

Behavioural Analysis

focuses on quantifying visitors’ behaviour on a website.

Conversion analytics

is an intended action taken by the visitors to add business value
while helping a company to achieve their business objectives.

Content audits

involve inventory and subsequent analysis of all content about a brand, product, or service (not just website content).

Predictive Analytics

involves analyzing large amounts of accumulated social media data to predict a future event

Prescriptive Analytics

suggest the best action to take when handling a scenario

Descriptive Analytics

is focused on gathering and describing social media data in the form of reports, visualizations, and clustering to understand a business problem.

types of social media analytics

Predictive, prescriptive and descriptive

Sentiment analysis

… analyses and categorises social media text (mostly dynamic text) as being positive, negative, or neutral.

purpose of sentiment analysis

determine how your customers feel about a particular product, service, or issue.

understanding business objectives

Five major steps:
- Systems analysis/planning
- Systems design
- Building the system - Testing
- Implementation

System functionalities

List of information system capabilities needed to achieve business
objectives

information requirements

Information elements that system must produce in order to achieve business objectives

System design specification

Description of main components of a system and their relationship
to one another

Two components of system design

- Logical design
▪ Data flow diagrams, processing functions, databases
- Physical design
▪ Specifies actual physical, software components, models, and so on

System architecture

Arrangement of software, machinery, and tasks in an information
system needed to achieve a specific functionality

Two-tier

Web server and database server

Multi-tier

Web application servers
- Backend, legacy databases

Dynamic page generation

Contents stored in database and fetched when needed

Dynamic page generation

• Advantages
- Lowers menu costs
- Permits easy online market segmentation
- Enables cost-free price discrimination
- Enables content management system (CMS) - Design
- Content creation

Web application servers

Provide specific business functionality required for a website

- e.g. mail server, catalogue display, chat server - Type of middleware
▪ Isolate business applications from web servers and databases
- Single-function applications being replaced by integrated software tools that combine all functionality needed for e-commerce site

vulnerability in e-commerce

Client
• Server
• Communications pipeline (Internet communications channels)

Denial of service attack

Flooding website with pings and page requests
- Overwhelm and can shut down site’s web servers
- Often accompanied by blackmail attempts
- Botnets

Distributed Denial of Service attack

- Uses hundreds or thousands of computers to attack target network
- Can use devices from Internet of Things, mobile devices

Encryption

- Transforms data into cipher text readable only by sender and receiver
- Secures stored information and information transmission (Message integrity, Nonrepudiation, Authentication, Confidentiality)

Limitations of PKI

• Doesnotprotectstorageofprivatekey
- PKI not effective against insiders, employees
- Protection of private keys by individuals may be haphazard
• No guarantee that verifying computer of merchant is secure • CAsareunregulated,self-selectingorganizations

PUBLIC KEY INFRASTRUCTURE

PKI

Anti-virussoftware

• Anti-virussoftware
- Easiest and least expensive way to prevent threats to system integrity
- Requires daily updates

Security

It requires three main elements:
• special technology
• organizational rules and procedures
• laws and industry standards

• Digital cash

Based on algorithm that generates unique tokens that can be
used in “real” world
- Example: Bitcoin

virtual currencies

- Circulate within internal virtual world
- Example: Linden Dollars in Second Life, Facebook Credits - Typically used for purchasing virtual goods

Process for analyzing ethical dilemmas

1. Identify and clearly describe the facts
2. Define the conflict or dilemma and identify the higher-order values involved
3. Identify the stakeholders
4. Identify the options that you can reasonably take
5. Identify the potential consequences of your options

Consumer Privacy Regulation: The FTC

• Guidelines not laws
• Informed consent: Opt-in and opt-out • “Do Not Track” mechanism
• Recent emphasis is to give consumer rights regarding collected personal information

Three main types of protection

- Copyright
- Patent

Goal of intellectual property law

Balance two competing interests—public and private

Protects original forms of expression (not ideas) from being copied by others for a period of time

Net Neutrality

All Internet activities charged the same rate, regardless of bandwidth used

Taxation

• Non-local nature of Internet commerce complicates governance and jurisdiction issues

Evolution of B2B Commerce

• Automated order-entry systems - Seller-side solution; i.e. one seller
• Electronic data interchange (EDI) - Buyer-side solution
- Hub-and-spokesystem - Serve vertical markets
• B2B e-commerce websites • Net marketplaces
• Private industrial networks

Benefits of B2B E-commerce

Lower administrative costs
• Lower search costs for buyers
• Reduced inventory costs
• Lower transaction costs
• Increased production flexibility by ensuring just-in-time parts delivery
• Improved quality of products by increasing cooperation among buyers and sellers

Challenges of B2B E-commerce

• Decreased product cycle time
• Increased opportunities for collaboration
• Greater price transparency
• Increased visibility, real-time information sharing
• However, some risk is posed by increased globalization and consolidation
• lack real-time demand,production,and logistics data

Multi-tier Supply Chain

Complex series of transactions between firm and thousands of suppliers, supplying thousands of goods

Multi-tier Supply Chain

Challenges

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- Supply chain visibility
- Demand forecasting
- Production scheduling - Order management
- Logistics management

Upstream supply chain

Firm’ssuppliers, suppliers’suppliers,processes for managing relationships with them

Downstream supply chain

Organizations and processes responsible for delivering products
to customers

Legacy computer systems

Generally, older mainframe and minicomputer systems used to
manage key business processes within firm

Enterprise systems

- Corporate-wide
- Support/control all aspects of production, including ▪ Procurement
▪ Finance
▪ Human resources

Safety stock in SCM

Buffer for lack of flexibility in supply chain

Bullwhip effect

Information about product demand gets distorted as it passes from one entity to next across supply chain

Collaborative Commerce

Use of digital technologies for organizations to collaboratively design, produce, and manage products through life cycles
• Moves focus from transactions to relationships among supply chain participants
• It is like an interactive teleconference among members of supply chain
• Use of Internet technologies for rich communications environment

Information System

“A set of interrelated components that collect (or retrieve), process, store, and distribute information to support decision making and control in an organization”

Information System

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A three step process:
• Input: Raw data from the company/external environment are inserted in the system (e.g. age of all the employees)
• Processing: Raw data are converted into a meaningful form (e.g. the average age and the youngest and oldest age are calculated by the system).
• Output: The information is transferred so people or processes can use it (e.g. the results are shown on the screen of the computer).

Enterprise Resource Planning Systems

• Suite of integrated software modules and a common central database
• Collects data from many divisions of firm for use in nearly all of firm’s internal business activities
• Information entered in one process is immediately available for other processes

Enterprise Software

Built around thousands of predefined business processes that reflect best practices

Business Value of Enterprise Systems

• Increase operational efficiency
• Provide firm-wide information to support decision
making
• Enable rapid responses to customer requests for information or products
• Include analytical tools to evaluate overall organizational performance

Important Dimensions of Knowledge

• Data, knowledge, and wisdom
• Tacit knowledge and explicit knowledge

Knowledge management

• Knowledge management
- Set of business processes developed in an organization to create,
store, transfer, and apply knowledge

Knowledge management value chain

Each stage adds value to raw data and information as they are
transformed into usable knowledge

types of knowledge in an enterprise

- Structured documents

Reports, presentations Formal rules
- Semistructured documents

E-mails, videos

- Unstructured, tacit knowledge

…

… of an organization’s business content is semistructured or unstructured

Locating and Sharing Expertise

Provide online directory of corporate experts in well-defined knowledge domains
• Search tools enable employees to find appropriate expert in a company
• Social networking and social business tools for finding knowledge outside the firm

Knowledge workers

Researchers, designers, architects, scientists, engineers who
create knowledge for the organization

- Three key roles
Keeping organization current in knowledge
Serving as internal consultants regarding their areas of expertise
Acting as change agents, evaluating, initiating, and promoting change projects

• Knowledge work systems

- Systems for knowledge workers to help create new knowledge and integrate that knowledge into business

Examples of KWS

• CAD (computer-aided design)
- Creation of engineering or architectural designs - 3D printing
• Virtual reality systems
- Simulate real-life environments
- 3D medical modeling for surgeons - Augmented reality (AR) systems

Intelligent Techniques: Expert Systems

Capture tacit knowledge in very specific and limited domain of human expertise
• Capture knowledge as set of rules
• Typically perform limited tasks
- Diagnosing malfunctioning machine
- Determining whether to grant credit for loan
• Used for discrete, highly structured decision making
• Knowledge base: Set of hundreds or thousands of rules

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