Internet and Business

Paper Summary:

This paper examines how the Internet has fundamentally changed the way that business is carried out and discusses whether the changes brought about by the Internet constitute a sea-change. It explores how a sea-change is a complete shift, a fundamental change that brings with it entirely new circumstances, and considers how the Internet has brought about a sea-change in the way a business conducts its affairs. It shows how the Internet is as much a tool for today's consumer as it is for today's business and how this fact has to be considered by any business that hopes to remain competitive in today's commercial environment.

From the Paper:

"Traditionally, businesses such as auction houses and flea markets provided a forum for buyers and sellers to meet. However, before the Internet, such businesses were very localized and sellers had to be sure of the market for their product. Because of the Internet, global auctions and flea markets ensure that a seller can find a purchaser somewhere in the world. Furthermore, because of the sheer size of the Internet, running such "marketplace" businesses is not only financially viable, it's one of the most profitable incarnations of the Internet in business. "There may be a new kind of Internet emerging , one more about connecting people to people than people to websites." (Kirkpatrick, 2003). Similarly, companies such as eLance provide the cyberspace forum where service providers (writers, designers, programmers, etc.) can bid on projects posted by other small (or large) companies."

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