The Digital Economy

Paper Summary:

This paper examines the issues that affect business-to-business and business-to-consumer web-based e-commerce. The paper points out that, while the Internet has changed the way companies do business, customer expectations for effective communication, follow-through, service, reliability, personal contact, and security remain strong, and these expectations must be met if a business is to succeed in a digital economy.

From the Paper:

"When asked why consumers refrain from buying online, consumers commonly cite fear about credit card security (Krill 2001; Quirk 2000); they worry that their credit card details will be stolen while being transmitted to the seller. Indeed, identity theft has become one of the top issues regarding B2C online shopping. The transmission of personally sensitive information has created the need for regulators to establish new laws regarding liability, and to develop faster methods for tracking down those who perpetrate the fraud. With a few clicks, an identity thief can purchase thousands of dollars of goods and services, and consumers need to be shielded from the potential damage. Although over 600 purchase transactions were tracked as part of the report, and not one included in incident of identity theft, the consumer still has the fear that he is entering personal information into a public arena. Lawmakers, businesses, and technology minded entrepreneur all need to work together to develop secure transmission protocols."

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