11 E-commerce Online Retailing and Services

Modified by Monchai Sopitkamon, Ph.D.

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e-commerce
Kenneth C. Laudon
Carol Guercio Traver
business. technology. society.
eighth edition
Copyright © 2012 Pearson Education
Chapter 11
E-commerce Online Retailing and
Services

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Class Discussion
Copyright © 2012 Pearson Education Slide 11-3
Blue Nile Sparkles for Your Cleopatra
SWhy is selling (or buying) diamonds over the
Internet difficult?
SHow has Blue Nile built its supply chain to keep
costs low?
SHow has Blue Nile reduced consumer anxiety over
online diamond purchases?
lAverage high price tags of diamonds, different shopping experience with offline, trust
lOrdering and paying for diamond after customer ordered it, deals directly with wholesale
diamond owners and jewelry manufacturers, eliminated expensive stores, sales clerks,
expensive glass cases
lBy creating trust and knowledge-based environment, providing quality ratings of each
Diamond by GIA, 30-day money-back, no-questions-asked guarantee
Class Discussion
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Learning objectives
SUnderstand the environment in which the online retail
sector operates today
SExplain how to analyze the economic viability of an online
firm
SIdentify the challenges faced by the different types of
online retailers
SDescribe the major features of the online service sector
SDiscuss the trends taking place in the online financial
services industry
SDescribe the major trends in the online travel services
industry today
SIdentify current trends in the online career services
industry
Copyright © 2012 Pearson Education Slide 11-6
Major Trends in Online Retail,
2011–2012
SGrowth in social shopping
SOnline retail still fastest growing retail channel
SBuying online a normal, mainstream experience
SSelection of goods increases, includes luxury goods
SInformational shopping for big-ticket items expands
SSpecialty retail sites show most rapid growth
SIncreased use of interactive, Web 2.0 marketing

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The Retail Sector
SMost important theme in online retailing is effort to
integrate online and offline operations
SU.S. retail market accounts for $10.7 trillion (70%) of
total GDP
SPersonal consumption:
iServices (e.g., educational, financial, food, medical) : 65%
iNondurable goods (e.g., general merchandise, clothing,
music, drugs, groceries) : 25%
iDurable goods (e.g., automobiles, appliances, furniture) :
10%
SDistinction between “goods” and “services” becoming
more ambiguous
Copyright © 2012 Pearson Education Slide 11-10
The Retail Industry
S7 segments (clothing, durable goods, etc.)
iFor each, uses of Internet may differ
SInformational vs. direct purchasing opportunities
SGeneral merchandisers vs. specialty retailers
SMail order/telephone order (MOTO) sector
most similar to online retail sector
iSophisticated order entry, delivery, inventory control
systems

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Copyright © 2012 Pearson Education Slide 11-11
Composition of the U.S. Retail Industry
SOURCE: Based on data from U.S. Census Bureau, 2011.
Figure 11.1, Page 731
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E-commerce Retail: The Vision
1.Reduced search and transaction costs; customers able
to find lowest prices
2.Lowered market entry costs, lower operating costs,
higher efficiency
3.Traditional physical store merchants forced out of
business
4.Some traditional offline industries would be
disintermediated
SFew of these assumptions were correct—structure
of retail marketplace has not been revolutionized
SInternet has created new venues for multi-channel
firms and supported a few pure-play merchants

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Copyright © 2012 Pearson Education Slide 11-13
The Online Retail Sector Today
SSmallest segment of total retail industry (5%–
6%)
SGrowing at faster rate than offline segments
SRevenues have resumed growth after recession
2009 (see next Fig.)
SAround 73% of Internet users bought online in
2011, generated around $188 billion in online
retail sales
SPrimary beneficiaries:
iEstablished offline retailers with online presence
(e.g., Staples. Office Depot, Walmart, Sears)
iFirst mover dot-com companies (e.g., Amazon,
Newegg)
Copyright © 2012 Pearson Education Slide 11-14
Online Retail and B2C E-commerce Is Alive and Well
Figure 11.2, page 734SOURCES: Based on data from eMarketer, Inc., 2011a; authors’ estimates.
(incl. travel, other services, digital downloads)

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Multi-channel Integration
SIntegrating Web operations with traditional physical store
operations
iProvide integrated shopping experience
iLeverage value of physical store
iExamples: Wal-Mart, Target , JCPenney, Staples
STypes of integration (see next Fig.)
iOnline order, in-store pickup
iIn-store kiosk or clerk Web order, home delivery
iWeb promotions to drive customers to stores
iGift cards usable in any channel
SIncreasing importance of mobile devices
iAmazon generated $2 billion in sales via mobile smartphones
iSmartphones are used to check prices in stores, search for products,
and receive mobile coupons
iTablets are used to buy online: 20% of mobile e-commerce sales

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Copyright © 2012 Pearson Education Slide 11-17
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Analyzing the Viability of
Online Firms
SEconomic viability:
iAbility of firms to survive as profitable business
firms during specified period (i.e., 1–3 years)
STwo business analysis approaches:
iStrategic analysis
SFocuses on both industry as a whole and firm itself
iFinancial analysis
SHow firm is performing

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Strategic Analysis Factors
SKey industry strategic factors
iBarriers to entry – Can new entrants be barred from entering industry
through high capital costs?
iPower of suppliers – Can suppliers dictate high prices to the industry
or can vendors bargain effectively for lower prices? Have firms
achieved enough scale to bargain for lower prices from suppliers?
iPower of customers – Can customers choose from many competing
suppliers and thus challenge high prices and high margins?
iExistence of substitute products – Can functionality of product or
service be obtained from alternative channels or competing products
in different industries?
iIndustry value chain – Is chain of production and distribution in
industry changing in ways that benefit or harm the firm?
iNature of intra-industry competition – Is basis of competition within
industry based on differentiated products and services price scope of
offerings or focus
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Strategic Analysis Factors
SFirm-specific factors
iFirm value chain – Has the firm adopted business processes and
methods of operation that allow it to achieve the most efficient
operations in its industry?
iCore competencies – Does the firm have unique competencies and
skills that can’t be easily duplicated by other firms?
iSynergies – Does the firm have access to competencies and assets of
related firms either owned outright or through strategic partnerships
and alliances?
iTechnology – Has the firm developed proprietary technologies that
allow it to scale with demand? Has the firm developed the operational
technologies (CRM, fulfillment, SCM, inventory control) to survive?
iSocial and legal challenges – Has the firm put in place policies to
address consumer trust issues (privacy and security of personal info)?
Is the firm the subject of lawsuits challenging its business model?

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Copyright © 2012 Pearson Education Slide 11-21
Analyzing the Viability of Online Firms:
Financial Analysis
SStrategic analysis helps us understand
the competitive situation of the firm
SFinancial analysis helps us understand
how a firm is performing
iIncludes two main parts:
SStatement of Operations: Tells us how much income
or loss a firm is achieving based on current sales and
costs
SBalance sheet: Provides a financial snapshot of a
company’s assets and liabilities
Copyright © 2012 Pearson Education Slide 11-22
Financial Analysis Factors
SStatements of Operations
iRevenues : Growing and at what rate?
iCost of sales (product costs + related costs): Compared to
revenues; the lower the cost of sales, the higher the gross
profit
iGross margin: tells if the firm is gaining or losing market
power; (Gross profit)/(net sales revenue)
iOperating expenses (cost of marketing, technology, admin
overhead, and intangibles like stock compensation &
amortization)
iOperating margin: tells if firm’s current operations are
covering its operating expenses, not incl interest expenses
and other non-operating expenses; (operating income or
loss)/(net sales revenue)
iNet margin: tells % of its gross sales revenue firm is able to
retain after all expenses are deducted; (Net income or
loss)/(net sales revenue)

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Financial Analysis Factors
SBalance sheet
iAssets, current assets – cash, securities, accounts
receivable, inventory, other investments able to be
converted to cash within 1 year
iLiabilities – outstanding obligations of the firm
iCurrent liabilities – debts due within 1 year
iLong-term debt – debts not due until after 1 year or
more
iWorking capital – provides short-term financial health;
(current assets – current liabilities)
Copyright © 2012 Pearson Education Slide 11-24
E-tailing Business Models
1.Virtual merchant
iAmazon
2.Bricks and clicks
iWalmart, J.C. Penney, Sears
3.Catalog merchant
iLands’ End, L.L. Bean, Victoria’s Secret
4.Manufacturer-direct
iDell

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Virtual merchant
SSingle channel Web firms that generate almost all revenues
from online sales
Se.g. Amazon, Buy.com, Newegg.com, Drugstore.com
SFace extraordinary strategic challenges
iMust build business and brand name from scratch quickly in an entirely
new channel
iConfronts many virtual merchant competitions
SNo costs in building and maintaining physical stores, but large
costs in building and maintaining a Web site, order fulfillment
infrastructure, and developing brand name
SHigh customer acquisition costs and steep learning curve
SGross margins (retail price of goods – cost of goods) are low
SHence, must achieve highly effective operations to preserve a
profit
Copyright © 2012 Pearson Education Slide 11-26
E-commerce in Action: Amazon.com
SVision:
iEarth’s biggest selection, most customer-centric
SBusiness model:
iRetail, Third Party Merchants, and Amazon Web Services (merchant and developer
services)
SFinancial analysis: (see next Fig.)
iContinued explosive revenue growth, profitable – revenue increasing from $600 million
in 1998 to $34.2 billion in 2010
SStrategic analysis/business strategy:
iMaximize sales volume, cut prices, acquisitions, mobile shopping, Kindle
SStrategic analysis/competition:
iOnline (eBay)
iMulti-channel retailers, e.g., WalMart, Sears, JCPenny
iCatalog merchants, e.g., L.L.Bean, Lands’ End
iOnline bookseller, e.g., Barnsandnoble.com
iPortals, e.g., MSN, Yahoo
iAudio/Video downloads, e.g., iTunes, Netflix, Blockbuster
iWeb services (web hosting, shopping cart, fulfillment services)

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9797-7364
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E-commerce in Action: Amazon.com
SStrategic analysis/technology:
iLargest, most sophisticated collection of online retailing
technologies available (transaction-processing systems
handling millions of items, status inquiries, gift-
wrapping requests, multiple shipment methods)
SStrategic analysis/social, legal:
iSales tax, patent lawsuits involving Kindle
SFuture prospects:
iIn 2010, net sales grew 40% to $34.2 billion, and
significant gains thus far in 2011
iRanks among top five in customer service, speed,
accuracy

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Copyright © 2012 Pearson Education Slide 11-29
Multi-channel Merchants: Bricks-and-
clicks
SCompanies with physical stores as primary retail channel,
but also online offerings
Se.g. Wal-Mart, J.C. Penney, Sears
SFace high costs of physical buildings and large sales staffs
SAdvantages: brand name, national customer base,
warehouses, large-scale, trained staff
SLow customer acquisition costs
SChallenges: coordinating prices across channels and
handling returns of Web purchases at retail outlets,
leveraging their strengths and assets to the Web, building
a credible Web site, hiring new skilled staff, building rapid
response order entry and fulfillment systems
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Catalog Merchants
SEstablished companies that have national offline catalog
operation as largest retail channel, but also have online
capabilities
Se.g. Lands’ End, L.L. Bean, Victoria’s Secret
SFace very high costs for printing and mailing millions of
catalogs each year with 30-second half-life after customer
received them
SHighest margins in retail sector due to very efficient
operations with centralized fulfillment and call centers,
extraordinary service, excellent partnership with package
delivery firms (FedEx and UPS)

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Manufacturer-direct
SSingle or multi-channel manufacturers who sell directly
online to consumers without intervention of retailers
Se.g. Dell, HP, Gateway, IBM, Apple
SFace channel conflict challenges when physical retailers of
products must compete on price and currency of
inventory directly against the manufacturer
SAdvantages: established national brand name, existing
large customer base, lower cost structure than catalog
merchants since they are manufacturer of goods and
don’t pay profit to anyone else, therefore, have higher
margins
Copyright © 2012 Pearson Education Slide 11-32
Common Themes in Online Retailing
SOnline retail fastest growing channel on revenue basis
SHowever, profits for startup ventures have been difficult to
achieve due to:
iLowered prices below cost of goods and operations,
iFailed to develop efficient business processes,
iSpent too much on customer acquisition and marketing
SDisintermediation has not occurred since first-mover, online
merchants failed to achieve profitability and depleted venture
capital funds. Also traditional retailers are fast followers.
SEstablished merchants need to create integrated shopping
experience to succeed online
SGrowth of online specialty merchants selling high-end,
fashionable and luxury goods, e.g. Blue Nile, Tiffany, Armani,
BestBuy.com, Gap.com, OfficeDepot.com.
SExtraordinary growth of social, local, and mobile e-commerce

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Copyright © 2012 Pearson Education Slide 11-34
The Service Sector: Offline and Online
SService sector:
iLargest and most rapidly expanding part of
economies of advanced industrial nations
iConcerned with performing tasks in and around
households, business firms, and institutions
SIncludes doctors, lawyers, accountants, business
consultants, etc.
iEmploys 4 out of 5 U.S. workers
i75% of all economic activity
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Service Industries
SMajor service industry groups:
iFinance
iInsurance
iReal estate
iTravel
iProfessional services—legal, accounting
iBusiness services—consulting, advertising,
marketing, etc.
iHealth services
iEducational services

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Service Industries
STwo categories
iTransaction brokers – ones who act as intermediary to
facilitate a transaction, e.g., stockbrokers, employment
agencies
iHands-on service providers – ones who interact directly
and personally with the “client”, e.g., lawyers,
physicians, accountants
SFeatures:
iKnowledge- and information-intense
SMakes them uniquely suited to e-commerce applications
iAmount of personalization (legal, medical, accounting
services) and customization (financial services)
required differs depending on type of service
Copyright © 2012 Pearson Education Slide 11-37
Online Financial Services
SFinancial services (finance, insurance, real estate) an
example of e-commerce success story, but success is
somewhat different from what had been predicted
SBrokerage industry transformed with innovative,
pure-online firms, e.g., E*Trade
SHowever, e-commerce impacts are less powerful in
large, powerful banking, insurance, real estate due to
consumer resistance and lack of industry innovations
SIn 2010 survey, 44% of ages 18–54 prefer online
banking
SMulti-channel, established financial services firms
continue to show strong growth

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Copyright © 2012 Pearson Education Slide 11-38
Four generic kinds of financial services
SStorage of and access to funds llll
banking, lending
SProtection of assets llllinsurance
SMeans to grow assets llllinvestment
and brokerage firms
SMovement of funds llllbanks, credit
card firms
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Financial Service Industry Trends
STwo important global trends
iIndustry consolidation
SFinancial Reform Act of 1998 amended Glass-
Steagall Act of 1934 and allows banks, brokerages,
and insurance firms to merge, and allows large
banks to own smaller banks in other states
iMovement toward integrated financial services
SFinancial supermarket model: consumers can find
any financial product/service at a single physical
center or branch bank
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Industry Consolidation and Integrated Financial
Services
Figure 11.3, Page 761

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Online Financial Consumer Behavior
SConsumers attracted to online financial sites
because of desire to save time and access
information rather than save money
SMost online consumers use financial services
firms for mundane financial management
iCheck balances
iPay bills
SNumber of people using mobile devices for
financial services is surging
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Online Banking and Brokerage
SOnline banking pioneered by NetBank and Wingspan;
no longer in existence
SEstablished brand-name national banks have taken
substantial lead in market share
SIn 2011, 103 million US consumers use online
banking; expected to rise to 116 million by 2014
SMovement toward online banking is global
SEarly innovators in online brokerage (E*Trade) have
been displaced by established brokerages (Fidelity,
Charles Schwab)
STop trading web site among US users in 2011 is
Fidelity Investments with 6 million monthly unique
visitors

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The Growth of Online Banking
Figure 11.4, Page 764
SOURCE: Based on data from comScore, 2010a,
eMarketer, Inc., 2010; authors estimates.

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Multi-channel vs.
Pure Online Financial Service Firms
SOnline consumers prefer multi-channel firms
with physical presence
SMulti-channel firms
iGrowing faster than pure online firms
iLower online customer acquisition costs
SPure online firms
iRely on Web sites, advertising to acquire customers
iUsers utilize services more intensively
iUsers shop more, are more price-driven and less loyal

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Copyright © 2012 Pearson Education Slide 11-48
Financial Portals and
Account Aggregators
SFinancial portals
iComparison shopping services, independent financial advice,
financial planning
iRevenues from advertising, referrals, subscriptions
ie.g., Yahoo! Finance, Quicken.com, MSN Money
SAccount aggregation
iPulls together all of a customer’s financial data at a single
personalized Web site, incl. brokerage, banking, insurance,
loans, frequent flyer miles, news, and more
ie.g., Yodlee: leader to provide account aggregation
technology with 30 million users worldwide and 200
financial institutions
iPrivacy concerns; control of personal data, security, etc.
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Online Mortgage and Lending Services
SEarly entrants hoped to simplify and speed up
mortgage value chain
iDifficulties in branding and simplifying mortgage generation process
SThree kinds of online mortgage vendor today
iEstablished online banks, brokerages, and lending organizations, e.g.,
Chase, Wells Fargo, Ameriquest Mortgage
iPure online mortgage bankers, e.g., E-loan, Quicken Loans, E*Trade
Mortgage; aiming to speed up mortgage shopping and initiation
process, but still requiring extensive paperwork
iMortgage brokers (e.g., LendingTree.com) offering access to hundreds
of mortgage vendors who bid for their business
SOnline mortgage industry has not transformed process
of obtaining mortgage
iComplexity of process requiring physical signatures and documents
Copyright © 2012 Pearson Education Slide 11-51
Online Insurance Services
SOnline term life insurance:
iOne of few online insurance with lowered search costs, increased price
comparison, lower prices
iCommodity product but web offers insurance companies new
opportunities for product and service differentiation and price
discrimination
SOnline use is more for discovering prices and terms of
policies than purchasing policies online
SOnline industry geared more toward
iProduct information, search
iPrice discovery
iOnline quotes
iInfluencing the offline purchasing decision
SLeading online insurance companies are InsWeb,
Insure.com, Insurance.com, QuickQuote, NetQuote

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Copyright © 2012 Pearson Education Slide 11-52
Online Real Estate Services
SEarly vision: Local, complex, and agent-driven real
estate industry would transform into disintermediated
marketplace where buyers and sellers would transact
directly
SHowever, major impact is influencing of purchases
offline
iImpossible to complete property transaction online
iMain services are online property listings, loan calculators, research
and reference material, with mobile apps increasing
SDespite revolution in available information, there has
not been a revolution in the industry value chain
SE.g., Realtor.com, HomeGain, RealEstate.com,
ZipReality, Move.com, Craiglist.com, Zillow
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Online Travel Services
SOne of the most successful B2C e-commerce segments
SOnline travel bookings declined slightly due to
recession but expected to grow to $107.5 billion in 2011
SFor consumers: More convenience than traditional
travel agents
SPopular because they offer more convenience (one-
stop content, commerce, community, customer service)
than traditional travel agents
SFor suppliers: A singular, focused customer pool that
can be efficiently reached through onsite advertising
Copyright © 2012 Pearson Education Slide 11-55
Online Travel Services (cont.)
STravel an ideal service/product for Internet
iInformation-intensive product requiring significant
consumer research
iElectronic product—travel arrangements (planning,
researching, comparison shopping, reserving and payment)
can be accomplished for the most part online
iDoes not require inventory (no physical assets)
iDoes not require physical offices with multiple employees
iSuppliers are always looking for customers to fill excess
capacity
iDoes not require an expensive multi-channel physical
presence as required by financial services

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Copyright © 2012 Pearson Education Slide 11-57
Online Travel Services Revenues
Figure 11.5, Page 770 SOURCE: Based on data from eMarketer, 2011c.
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The Online Travel Market
SFour major sectors:
iAirline tickets
SSource of greatest revenues
STickets as a commodity
iHotel reservations
iCar rentals
iCruises/tours
S57% purchase airline tickets from airline’s Web
site, 22% from travel booking Web site (e.g.,
Expedia or Orbitz)
SCorporate online-booking solutions (COBS)
iIntegrated travel services providing airline, hotel, conference
center, auto rental services at a single site

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Online Travel Industry Dynamics
SIntense competition among online providers
SPrice competition difficult
SIndustry consolidation stronger, offline established firms
purchasing weaker online firms to create multi-channel travel
sites
SIndustry impacted by meta-search engines searching Web for best
prices and collect affiliate fees for providing consumer lowest
price sites, e.g., TripAdvisor, Kayak.com
iCommoditize online travel causing excessive price competition and divert
revenues from leading, branded firms investing heavily in inventory and
systems
SMobile applications are also transforming industry; used for
planning, booking, check-in, and context and location-based
destination information
SSocial media content, reviews have an increasing influence on
travel purchases
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Online Career Services
SNext to travel services llllTop sites generate over $1
billion annually
STwo main players: CareerBuilder, Monster
STraditional recruitment:
iClassified, print ads, career expos, on-campus recruitment,
staffing firms, internal referral programs
SOnline recruiting
iMore efficient, cost-effective, reduces total time-to-hire
iEnables job hunters to more easily distribute resumes while
conducting job searches
iIdeally suited for Web due to information-intense nature of
process

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It’s Just Information:
The Ideal Web Business?
SRecruitment ideally suited for the Web
iInformation-intense process
iInitial match-up doesn’t require much personalization
SSaves time and money for both job hunters and employers
SFor employers:
iExpand geographic reach of search, lower cost, and result in faster
hiring decisions
SFor job seekers:
iMake resumes more widely available, and provides a variety of
related job-hunting services
SOne of most important functions:
iAbility to establish market prices and terms (online national
marketplace)
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Online Recruitment Industry Trends
SConsolidation: CareerBuilder and Monster together dominate the
market
SDiversification
iExplosion in specialty niche employment sites focusing on specific occupations
SLocalization:
iLocal boards developed by national sites compete with local newspapers,
Craigslist (local job listings)
SJob search engines/aggregators:
i“Scraping” listings from thousands of online job sites, specialty recruiting
services, and employer sites, to provide free, searchable job listings in one spot
iE.g., Indeed.com, SimplyHired, and JobCentral
SSocial networking:
iLinkedIn; Facebook apps used by members to establish business contacts and
networks, while employers use the sites to find potential job candidates or
“check up” their background for screening
SMobile apps
iUsing mobile devices by job seekers to search for jobs, researched companies,
create and upload resumes, and apply
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