Review Questions 9 1.) What are the unique features of e-commerce, digital markets, and digital goods? * Name and describe four business trends and three technology trends shaping e-commerce today. * E-commerce today is being shaped by not only new technology but also new business trends. In today’s business world small businesses are aided a lot more with bigger companies such as Google and Amazon providing a medium for them to work through. Another business trend is digital everything such as ebooks, ecoupons and instant stream digital movies. Ecommerce is also transforming the way industries function. As with the digital everything trend, marketing firms are now inclined to focus heavily on digitals ads as opposed to billboards and other tangible forms of advertising. * However, the driving force behind all of these trends and the enabler is the rapid expansion and growth in technology in recent years. Wireless technology and the ability to access the internet from anywhere due to wireless hotspots has to be one of the biggest reasons why ecommerce has emerged as such a huge force. Other technology such as mobile devices that allow for the use of the internet and the ability to use ebooks is also huge. Social networking sites have also been a huge catalyst for the growth of ecommerce as it is a great way to expose the public and consumers to products and services. * List and describe the eight unique features of e-commerce. * Ubiquity – internet/web access is available everywhere * Global Reach – the technology reaches all around the earth * Universal Standards – one set of internet standards * Richness – video, audio, and text messages are all available * Interactivity – technology works through interaction with users * Information Density – reduces information costs and raises quality *