Dynamic Pricing for E-Commerce

2009 ◽  
pp. 393-400
Author(s):  
Prithviraj Dasgupta ◽  
Louise E. Moser ◽  
P. Michael Melliar-Smith
Keyword(s):  
Web Sites ◽  
Intelligent Agents ◽  
Dynamic Pricing ◽  
Web Site ◽  
Market Model ◽  
Purchase Decision ◽  
The Internet ◽  
Market Models ◽  
Automated Algorithms ◽  
Posted Price

Over the last decade, e-commerce has significantly changed the traditional forms of interaction among humans in conducting business by automating business processes over the Internet. Early seller Web sites consisted of passive text-based catalogs of products that could be manually browsed by potential customers. Online passive catalogs were soon replaced by dynamically updated catalogs containing detailed product descriptions using combinations of text and images that could be searched in various formats and according to different search criteria. E-commerce techniques used by sellers for operations such as price setting, negotiation, and payment have matured from manual off-line processing of sales data to automated algorithms that dynamically determine prices and profits for sellers. Modern e-commerce processes for trading goods between buyers and sellers can be divided into five stages: search, valuation, negotiation, payment, and delivery. Depending on the type of market in which the goods are traded, some of the above stages are more important than others. There are three principal market models that are used for online trading. The most common market model used by online sellers for trading goods over the Internet is the posted-price market model. The other two market models, the auction model (Sandholm, Suri, Gilpin, & Levine, 2002) and the marketplace model (Chavez & Maes, 1996), are used for markets in which niche or specialty items with sporadic or uncertain demand are traded. In the posted-price market model, a seller announces the price of a product on its Web site. Buyers visiting the seller’s Web site request a quote from the seller. The seller responds with a quote in response to the buyers’ requests, and the buyers examine the seller’s quote to make a purchase decision. Unlike auctions and market places, products traded in posted-price markets are no-niche items and exhibit continuous demand over time. The Web site of online book merchant Amazon (http://www.amazon.com) is an example of a posted-price market. A buyer interested in a particular book enters the necessary information through a form on Amazon’s Web site to request the price of the book and receives the price in response. Modern seller Web sites employ automated techniques for the different stages of e-commerce. Intermediaries called intelligent agents are used to automate trading processes by implementing different algorithms for selling products. For example, Web sites such as MySimon (http://www. mysimon.com) and PriceGrabber (http://www. pricegrabber.com) automate the search stage by employing the services of intelligent agents called shopbots. Shopbots enable buyers to make an informed purchase decision by comparing the prices and other attributes of products from thousands of online sellers. Automated price comparison by buyers has resulted in increased competition among sellers. Sellers have responded to this challenge by using intelligent agents called pricebots that dynamically determine the price of a product in response to varying market conditions and buyers’ preferences. Intelligent agents are also used to enable other e-commerce processes, such as supply-chain management and automated negotiation. In this article, we focus on the different algorithms that sellers’ pricebots can use for the dynamic pricing of goods in posted-price markets.

Dynamic Pricing for E-Commerce

2011 ◽  
pp. 247-252
Author(s):  
Prithviraj Dasgupta ◽  
Louise E. Moser ◽  
P. Michael Melliar-Smith
Keyword(s):  
Web Sites ◽  
Intelligent Agents ◽  
Dynamic Pricing ◽  
Web Site ◽  
Market Model ◽  
Purchase Decision ◽  
The Internet ◽  
Market Models ◽  
Automated Algorithms ◽  
Posted Price

Over the last decade, e-commerce has significantly changed the traditional forms of interaction among humans in conducting business by automating business processes over the Internet. Early seller Web sites consisted of passive text-based catalogs of products that could be manually browsed by potential customers. Online passive catalogs were soon replaced by dynamically updated catalogs containing detailed product descriptions using combinations of text and images that could be searched in various formats and according to different search criteria. E-commerce techniques used by sellers for operations such as price setting, negotiation, and payment have matured from manual off-line processing of sales data to automated algorithms that dynamically determine prices and profits for sellers. Modern e-commerce processes for trading goods between buyers and sellers can be divided into five stages: search, valuation, negotiation, payment, and delivery. Depending on the type of market in which the goods are traded, some of the above stages are more important than others. There are three principal market models that are used for online trading. The most common market model used by online sellers for trading goods over the Internet is the posted-price market model. The other two market models, the auction model (Sandholm, Suri, Gilpin, & Levine, 2002) and the marketplace model (Chavez & Maes, 1996), are used for markets in which niche or specialty items with sporadic or uncertain demand are traded. In the posted-price market model, a seller announces the price of a product on its Web site. Buyers visiting the seller’s Web site request a quote from the seller. The seller responds with a quote in response to the buyers’ requests, and the buyers examine the seller’s quote to make a purchase decision. Unlike auctions and marketplaces, products traded in posted-price markets are no-niche items and exhibit continuous demand over time. The Web site of online book merchant Amazon (http://www.amazon.com) is an example of a posted-price market. A buyer interested in a particular book enters the necessary information through a form on Amazon’s Web site to request the price of the book and receives the price in response. Modern seller Web sites employ automated techniques for the different stages of e-commerce. Intermediaries called intelligent agents are used to automate trading processes by implementing different algorithms for selling products. For example, Web sites such as MySimon (http://www.mysimon.com) and PriceGrabber (http://www.pricegrabber.com) automate the search stage by employing the services of intelligent agents called shopbots. Shopbots enable buyers to make an informed purchase decision by comparing the prices and other attributes of products from thousands of online sellers. Automated price comparison by buyers has resulted in increased competition among sellers. Sellers have responded to this challenge by using intelligent agents called pricebots that dynamically determine the price of a product in response to varying market conditions and buyers’ preferences. Intelligent agents are also used to enable other e-commerce processes, such as supply-chain management and automated negotiation. In this article, we focus on the different algorithms that sellers’ pricebots can use for the dynamic pricing of goods in posted-price markets.

Re-examining perceived usefulness and ease of use in online booking

2015 ◽  
Vol 27 (2) ◽  
pp. 185-198 ◽  
Author(s):  
Deniz Kucukusta ◽  
Rob Law ◽  
Alia Besbes ◽  
Patrick Legohérel
Keyword(s):  
Hong Kong ◽  
Technology Acceptance ◽  
Web Sites ◽  
Web Site ◽  
Ease Of Use ◽  
Perceived Usefulness ◽  
The Internet ◽  
Content Type ◽  
Tourism Product ◽  
New Perspective

Purpose – This paper aims to report the findings of an empirical research focusing on Hong Kong online users’ intention to book online tourism products with latest figures. Focusing on the technology acceptance model (TAM), this case study extends the recent research with providing insight regarding the online users’ perceptions of TAM dimensions and how these dimensions are perceived among different demographic groups and Internet usage characteristics with latest figures in Hong Kong, a major tourism destination in Asia with many world-class hotels. Design/methodology/approach – A total of 213 Hong Kong online users were surveyed in March and April 2013 in Hong Kong business districts. Findings – Findings reveal that most respondents who use the Internet for booking online travel products are young, and people above a certain age are not likely to favor booking tourism products online. They are more likely to stick to traditional personal service. Perceived usefulness of the Internet is found more influential than its ease of use in forming a usage intention, and ease of use is perceived more important by jobseekers, student and employees than the other profession groups. In addition, respondents who use the Internet every day and did purchase online tourism product perceived usefulness more important than ease of use. Research limitations/implications – The generalization of this research is limited by its sample size and number of questions. Originality/value – The study gives a new perspective by linking TAM with intention to book online in Hong Kong. The paper would be of interest to the Web site planners or online tourism practitioners to consider Web site usefulness as much as its ease of its use, as both usefulness and ease of use of tourism Web sites are strong predictors of intention to book online.

scholarly journals To Trust Or Not To Trust: The Impact Of WebTrust On The Perceived Trustworthiness Of A Web Site

2001 ◽  
Vol 5 (3) ◽  
pp. 35-50 ◽  
Author(s):  
Kris Portz ◽  
Joel M. Strong ◽  
Larry Sundby
Keyword(s):  
Electronic Commerce ◽  
Web Sites ◽  
Private Information ◽  
Web Site ◽  
Positive Impact ◽  
Computer Experiment ◽  
The Internet ◽  
Certified Public Accountants ◽  
Assurance Services ◽  
The Impact

Despite the explosive growth of electronic commerce, many individuals are still reluc-tant to conduct business transactions on the Internet. Individuals may mistrust sending private information over the Internet or they may have concerns about the existence, performance, standing, and integrity of online businesses. In direct response to these concerns, the American Institute of Certified Public Accountants (AICPA) has developed an electronic commerce assurance service called WebTrust which is intended to improve the consumer's confidence in the process and the quality of information disclosed on vendor web sites. The purpose of this study is to shed light on the effectiveness of WebTrust by examining the influence of WebTrust on consumers' perceptions of a web site's trustworthiness. The question is investigated through a computer experiment. The results of this study are very encouraging for electronic commerce assurance services in general, and the WebTrust service in particular. Evidence is found that the presence of WebTrust on a web site has a positive impact on the perceived trustworthiness of the website. The results also show that knowledge of WebTrust plays a significant moderating role in the relationship between perceived trustworthiness and the presence of WebTrust. When subjects have prior knowledge of WebTrust they perceive a web site with WebTrust to be more trustworthy than a web site without whereas, the presence of WebTrust has no impact when subjects are uneducated about the WebTrust assurances. Also, when WebTrust is present, subjects with knowledge of WebTrust are more confident in the web site than those without knowledge of WebTrust. When WebTrust is not present, knowledge subjects are more unsure of a web site without WebTrust than those without knowledge.

Internet Marketing & SMEs

2009 ◽  
Vol 1 (4) ◽  
pp. 19-39 ◽  
Author(s):  
Daniel John Doiron
Keyword(s):  
Web Sites ◽  
Web Site ◽  
Small And Medium Enterprises ◽  
Internet Marketing ◽  
Online Marketing ◽  
The Internet ◽  
Industrialized Countries ◽  
Traditional Media ◽  
Medium Enterprises ◽  
Tools And Techniques

Small and medium enterprises (SMEs) have been adopting the internet at a feverish pace. Recent studies have shown that up to 85% of SMEs in industrialized countries have web sites, yet less than half are utilizing these web sites to securely transact with their customers. Consumer media consumption is moving away from traditional media, like newspapers, to the internet. These revelations coupled with the growth of tools and techniques available to support online marketing, make it a perfect time for SMEs to market their web sites and ultimately succeed online. In this chapter we will present and support the hypothesis that SMEs should stop investing in their web site’s design and functionality and start investing in efforts to market their web sites online, no matter how lousy their web site may be in comparison to today’s standards. With the support of two case studies, illustrating the successful utilization of internet marketing by two very different SMEs, we will relate how a SME can effectively market their web site online. We will also discuss the tools and techniques available to help an SME successfully begin a journey of internet marketing.

Multilingual Web Sites in Global Electronic Commerce

2011 ◽  
pp. 823-828
Author(s):  
Shaoyi He
Keyword(s):  
Electronic Commerce ◽  
Web Sites ◽  
Web Site ◽  
The Internet ◽  
Web Content ◽  
Fortune 500 Companies ◽  
National Boundaries ◽  
The Many ◽  
Content Design ◽  
The Web

The World Wide Web (the Web), a distributed hypermedia information system that provides global access to the Internet, has been most widely used for exchanging information, providing services, and doing business across national boundaries. It is difficult to find out exactly when the first multilingual Web site was up and running on the Internet, but as early as January 1, 1993, EuroNews, the first multilingual Web site in Europe, was launched to simultaneously cover world news from a European perspective in seven languages: English, French, German, Italian, Portuguese, Russian, and Spanish. (EuroNews, 2005). In North America, Web site multilinguality has become an important aspect of electronic commerce (e-commerce) as more and more Fortune 500 companies rely on the Internet and the Web to reach out to millions of customers and clients. Having a successful multilingual Web site goes beyond just translating the original Web content into different languages for different locales. Besides the language issue, there are other important issues involved in Web site multilinguality: culture, technology, content, design, accessibility, usability, and management (Bingi, Mir, & Khamalah, 2000; Dempsey, 1999; Hillier, 2003; Lindenberg, 2003; MacLeod, 2000). This article will briefly address the issues related to: (1) language that is one of the many elements conforming culture, (2) culture that greatly affects the functionality and communication of multilingual Web sites, and (3) technology that enables the multilingual support of e-commerce Web sites, focusing on the challenges and strategies of Web site multilinguality in global e-commerce.

A Community Web Site Initiative

2011 ◽  
pp. 114-132
Author(s):  
Heather Fulford
Keyword(s):  
Web Sites ◽  
Small Businesses ◽  
Web Site ◽  
The Internet ◽  
Internet Applications ◽  
Internet Adoption ◽  
Village Community ◽  
Online Business ◽  
The Village

This chapter reports on a study investigating a community Web site project operating in a UK village community. The aim of the study is to determine the impacts the online business directory component of this community Web site is having on the small businesses in the village, including consideration of the benefits they are deriving from their participation in the directory, the problems they have encountered through their participation, and the effects their involvement is having on their wider Internet adoption strategy and decisions. The findings highlight the value of community Web sites for small businesses, both for those that have already adopted various Internet applications into their operations, as well as for non-adopters of the Internet. It is suggested that existing discussions of small business approaches to Internet adoption might usefully be extended to incorporate the role of community Web sites.

scholarly journals Quantifying quality of WEB site based on usability

2018 ◽  
Vol 7 (2.7) ◽  
pp. 320
Author(s):  
Dr JKR Sastry ◽  
N Sreenidhi ◽  
K Sasidhar
Keyword(s):  
Web Sites ◽  
Web Site ◽  
Information Dissemination ◽  
Vital Role ◽  
The Internet ◽  
End User ◽  
Effi Ciency ◽  
Computational Procedures ◽  
The Web

Information dissemination is taking place these days heavily using web sites which are hosted on the internet. The effectiveness and effi-ciency of the design of the WEB site will have great effect on the way the content hosted on the WEB can be accessed. Quality of a web site, places a vital role in making available the required information to the end user with ease satisfying the users content requirements. A framework has been proposed comprising 42 quality metrics using which the quality of a web site can be measured. Howevercompu-tations procedures have not been stated in realistic terms.In this paper, computational procedures for measuring “usability” of a WEB site can be measured which can be included into overall computation of the quality of a web site.

scholarly journals A study on the relationships among information quality, system quality, knowledge sharing, and knowledge creation for travel web site users

2020 ◽  
Author(s):  
YINGYUEH SU ◽  
Yen-Ku Kuo ◽  
Tsung-Hsien Kuo ◽  
Kuo-Cheng Kuo
Keyword(s):  
Knowledge Sharing ◽  
Web Sites ◽  
Knowledge Creation ◽  
Web Site ◽  
Information Quality ◽  
Quality System ◽  
Equation Modeling ◽  
The Internet ◽  
System Quality

<p>The COVID-19 crisis has an unprecedented impact on travel industry. Although Taiwan’s borders are still remain closed to non-essential international travel, travel web sites have become more important media for Taiwan residents to search for domestic travel activities. With the prevalence of the Internet and e-commerce nowadays, they are the rapidest and most efficient channels to look for information on the latest activities and travel security information. Information quality and system quality of travel web sites are extremely important bases since they decide users’ behavior of information exchange on the platforms. Since the Internet can immediately share information, consumers’ various knowledge sharing behaviors on sites can enhance knowledge creation. This study explores the correlations among information quality, system quality, knowledge sharing, and knowledge creation of travel web sites and treats consumers who have used travel web site services in Taiwan as subjects. It collects the data and analyzes hypotheses by structural equation modeling. The findings show that information quality and system quality of travel web sites positively and significantly influence knowledge sharing. Knowledge sharing shows positive and significant predictive power on knowledge creation. Considering about the coronavirus outbreak which has a significant impact on tourism industry, the conclusion provides suggestions for travel web site management and practice, which also can further serve as important strategies for continuous updating of travel web sites.</p>

Multilingual Web Sites in Global Electronic Commerce

2011 ◽  
pp. 1187-1194
Author(s):  
Shaoyi He
Keyword(s):  
Electronic Commerce ◽  
Web Sites ◽  
Web Site ◽  
The Internet ◽  
Web Content ◽  
Fortune 500 Companies ◽  
National Boundaries ◽  
The Many ◽  
Content Design ◽  
The Web

The World Wide Web (the Web), a distributed hypermedia information system that provides global access to the Internet, has been most widely used for exchanging information, providing services, and doing business across national boundaries. It is difficult to find out exactly when the first multilingual Web site was up and running on the Internet, but as early as January 1, 1993, EuroNews, the first multilingual Web site in Europe, was launched to simultaneously cover world news from a European perspective in seven languages: English, French, German, Italian, Portuguese, Russian, and Spanish. (EuroNews, 2005). In North America, Web site multilinguality has become an important aspect of electronic commerce (e-commerce) as more and more Fortune 500 companies rely on the Internet and the Web to reach out to millions of customers and clients. Having a successful multilingual Web site goes beyond just translating the original Web content into different languages for different locales. Besides the language issue, there are other important issues involved in Web site multilinguality: culture, technology, content, design, accessibility, usability, and management (Bingi, Mir, & Khamalah, 2000; Dempsey, 1999; Hillier, 2003; Lindenberg, 2003; MacLeod, 2000). This article will briefly address the issues related to: (1) language that is one of the many elements conforming culture, (2) culture that greatly affects the functionality and communication of multilingual Web sites, and (3) technology that enables the multilingual support of e-commerce Web sites, focusing on the challenges and strategies of Web site multilinguality in global e-commerce.

Satisfaction, Frustration, and Delight

2001 ◽  
pp. 231-251 ◽  
Author(s):  
Jennifer Edson Escalas ◽  
Kapil Jain ◽  
Judi E. Strebel
Keyword(s):  
Web Sites ◽  
Web Site ◽  
Internet Technology ◽  
Third Party ◽  
The Internet ◽  
Research Project ◽  
The Individual ◽  
Site Internet ◽  
The Web

This research project develops a framework for understanding how consumers interact with Web sites on the Internet. Our goal is to understand the interaction of individuals and Web sites from the perspective of the marketer, or third-party, who has created the site. Internet technology enables marketers to customize their interaction with consumers in order to better meet consumer needs. We are interested in whether and how this works. Our framework builds on four interdependent elements: first, the individual Internet user’s mindset as he/she enters a particular Web site, which includes, importantly, the user’s expectations; second, the Web site itself (consisting of four components: structure, content, connectivity, and malleability); third, the individual/Web site interaction; and fourth, the user’s evaluation of the Web site, which affects behavior.

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