The emerging role of electronic marketplaces on the Internet
Open accessAbstract
Functions of a MarketMarkets (electronic or otherwise) have three main functions, summarized in Table 1: matching buyers and sellers; facilitating the exchange of information, goods, services and payments associated with market transactions; and providing an institutional infrastructure, such as a legal and regulatory framework, that enables the efficient functioning of the market.In a modern economy, the first two functions are provided by intermediaries, while the institutional infrastructure is typically the province of governments.Internet-based electronic marketplaces leverage information technology to perform these functions with increased effectiveness and reduced transaction costs, resulting in more efficient, "friction-free" markets. Matching Buyers and Sellers.Markets "clear" by matching demand and supply.This process of matching buyers' demand with sellers' product offerings has three main components: determining
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Larger scope of business demands e-business to reduce costs, to integrate demand and improve inventory management and to benefit from synergy of modern applications and traditional business.
“Studies (Bakos, 1998;Chopra & Meindl, 2001;Gurbaxani & Whang, 1991;Shapiro & Varian, 1999) show that larger scope of business demands e-business to reduce costs, to integrate demand and improve inventory management and to benefit from synergy of modern applications and traditional business.”
From Using T-O-E theoretical framework to study the adoption of ERP solution (2016) · cites this paper as Bakos, 1998
The Facilitation section says electronic marketplaces improve information sharing between buyers and sellers, lower logistics costs, and promote reduced inventories. The paper also discusses matching offerings to buyer demand, but it does not say that a larger scope of business demands e-business or establish the claimed synergy between modern applications and traditional business. (LLM, conf=0.87)
Experimental — accuracy not yet measuredPrior research shows that search costs decrease in electronic markets due to diminishing cost of data exchange.
“Prior research shows that search costs decrease in electronic markets due to diminishing cost of data exchange.This, in turn, enables consumers to find offers that meet their needs and tastes (Bakos, 1997(Bakos, , 1998)).”
From Progress in information technology and tourism management: 20 years on and 10 years after the Internet—The state of eTourism research (2008) · cites this paper as Bakos, 1998
Decreasing search costs in electronic markets enable consumers to find offers that meet their needs and tastes.
“Prior research shows that search costs decrease in electronic markets due to diminishing cost of data exchange.This, in turn, enables consumers to find offers that meet their needs and tastes (Bakos, 1997(Bakos, , 1998)).”
From Progress in information technology and tourism management: 20 years on and 10 years after the Internet—The state of eTourism research (2008) · cites this paper as Bakos, 1998
The greater the scope of business, the more likelihood enterprises invest to digitalize operations and to reduce internal co-ordination costs, administrative complexities, and information processing.
“Scholars describe SBO as an adoption predicator; the greater the scope of business, the more likelihood enterprises invest to digitalize operations and to reduce internal co-ordination costs, administrative complexities, and information processing (Bakos, 1998;Chopra & Meindl, 2001;Hitt, 1999;Zhu et al., 2003).”
From Using T-O-E theoretical framework to study the adoption of ERP solution (2016) · cites this paper as Bakos, 1998
The Facilitation section (page unavailable) says electronic marketplaces improve information sharing and lower logistics costs between buyers and sellers. Our copy does not address whether a greater scope of business makes enterprises more likely to digitalize operations to reduce internal coordination costs, administrative complexity, or information processing; searches for business scope and internal coordination found no such passage. (LLM, conf=0.76)
Experimental — accuracy not yet measured
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“While some existing intermediaries view their role in terms of new competitive threats that have appeared, there are also various opportunities for new, information technology (IT)–focused middlemen (Bailey and Bakos 1997; Bakos 1998; Stepanek 1998).”
BackgroundElectronic Marketplaces and Price Transparency: Strategy, Information Technology, and Success1
Soh, Markus, M. L., & Goh, K. H. (2006) · MIS Quarterly · doi:10.2307/25148746 · Cited by 172 · see citing works
Revisiting technology-organization-environment (T-O-E) theory for enriched applicability
Awa, H. O., Ukoha, O., & Igwe, S. R. (2017) · The Bottom Line Managing Library Finances · doi:10.1108/bl-12-2016-0044 · Cited by 188 · see citing works
Perceived risk and trust associated with purchasing at electronic marketplaces
Verhagen, T., Meents, S., & Tan, Y.-H. (2006) · European Journal of Information Systems · doi:10.1057/palgrave.ejis.3000644 · Cited by 270 · see citing works
“An EM is defined here as a website as well as the underlying procedures, routines and information systems that match buyers and sellers, facilitate the exchange of information, goods, services and payments associated with transactions and provide an institutional infrastructure (see Bakos, 1998).”
BackgroundThe impact of enterprise application integration on information system lifecycles
Irani, Z., Themistocleous, M., & Love, P. E. D. (2003) · Information & Management · doi:10.1016/s0378-7206(03)00046-6 · Cited by 166 · see citing works
“) [2]: inter-organisational systems have an important role in supporting the functionality of an ecommerce application and, as a result, they need to offer sufficient integration with other applications, some of which may be legacy or package solutions.”
BackgroundElectronic marketplaces and supply chain relationships
Skjøtt‐Larsen, T., Kotzab, H. W., & Grieger, M. (2003) · Industrial Marketing Management · doi:10.1016/s0019-8501(02)00263-8 · Cited by 164 · see citing works
Kowatsch, T., & Maaß, W. (2010) · Computers in Human Behavior · doi:10.1016/j.chb.2010.01.006 · Cited by 165 · see citing works
“Online and mobile E-Commerce applications are specializations of economic markets and span a continuum of institutionalized environments, in which customer-oriented transactions on products and services are performed (Bakos, 1998).”
BackgroundRisk profile and consumer shopping behavior in electronic and traditional channels
Gupta, A., Su, B.-C., & Walter, Z. D. (2003) · Decision Support Systems · doi:10.1016/j.dss.2003.08.002 · Cited by 161 · see citing works
Electronic Commerce Customer Relationship Management: An Assessment of Research
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Challenging electronic procurement in the AEC sector: A BIM-based integrated perspective
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The Impact of Shopbots on Electronic Markets
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“The paper closes by identifying significant questions for future research.”
BackgroundA Paradigmatic Analysis of Digital Application Marketplaces
Ghazawneh, A., & Henfridsson, O. (2015) · Journal of Information Technology · doi:10.1057/jit.2015.16 · Cited by 156 · see citing works
“Marketplaces facilitate the exchange of products and services, the transfer of information and payments, and the creation of economic value for parties such as buyers, sellers, and market intermediaries (Bakos, 1998).”
BackgroundInfluentialDai, Q., & Kauffman, R. J. (2005) · Hawaii International Conference on System Sciences (HICSS) · doi:10.1109/hicss.2001.927035 · Cited by 153 · see citing works
“There are three major market functions: matching demand and supply, facilitating transactions and providing institutional infrastructures [6].”
BackgroundGovernance Mechanisms in Business-to-Business Electronic Markets
Grewal, R., Chakravarty, A., & Saini, A. K. (2010) · Journal of Marketing · doi:10.1509/jmkg.74.4.045 · Cited by 148 · see citing works
“By providing trade association memberships, invitations to industry events, or informal networks (Bakos 1997), market makers also give participants the tools to search for partners they might prefer, facilitate their transactions, and calm the market.”
BackgroundThe relevance of knowledge management and intellectual capital Research
Booker, L. D., Bontis, N., & Serenko, A. (2008) · Knowledge and Process Management · doi:10.1002/kpm.314 · Cited by 144 · see citing works
Innovation in logistic services and the new business model: a conceptual framework
Chapman, R. L., Soosay, C., & Kandampully, J. A. (2002) · Managing Service Quality · doi:10.1108/09604520210451849 · Cited by 141 · see citing works
Internet Skills, Sources of Support, and Benefiting From Internet Use
van Deursen, A. J. A. M., Courtois, C., & van Dijk, J. A. G. M. (2013) · International Journal of Human-Computer Interaction · doi:10.1080/10447318.2013.858458 · Cited by 139 · see citing works
“…finding jobs (e.g., Fountain, 2005), buying products cheap and obtaining discounts (e.g., Bhatnagar & Ghose, 2004), beneficially trading goods (Bakos, 1998), finding a political party to vote for (e.g., Ward, 1996), finding and joining association or unions (e.g., Norris, 2002), making and…”
Big data: Hell or heaven? Digital platforms and market power in the data-driven economy
Nuccio, M., & Guerzoni, M. (2018) · Competition & Change · doi:10.1177/1024529418816525 · Cited by 139 · see citing works
Albrecht, C. C., Dean, D. L., & Hansen, J. V. (2005) · Information & Management · doi:10.1016/j.im.2004.09.003 · Cited by 135 · see citing works
“Required standards for generalized, global e-business. when offerings need to be found and evaluated, and when markets are fragmented [4] [5].”
BackgroundPricing Strategies of Software Vendors
Lehmann, S., & Buxmann, P. (2009) · Business & Information Systems Engineering · doi:10.1007/s12599-009-0075-y · Cited by 133 · see citing works
Zhu, K. (2002) · Electronic Markets · doi:10.1080/10196780252844535 · Cited by 132 · see citing works
Nissen, M. E., & Sengupta (2006) · MIS Quarterly · doi:10.2307/25148721 · Cited by 130 · see citing works
Kim, E., Nam, D.-I., & Stimpert, J. L. (2004) · Journal of Management · doi:10.1016/j.jm.2003.12.001 · Cited by 227 · see citing works
“Thus, targeting even small market segments might be viable, and consumers may be easily connected with companies that focus on niche markets due to the Internet’s search advantages. wants and needs of their customers (Bakos, 1998).”
InfluentialInformation technology and the transformation of industries: three research perspectives
Crowston, K., & Myers, M. D. (2004) · The Journal of Strategic Information Systems · doi:10.1016/j.jsis.2004.02.001 · Cited by 143 · see citing works
“Some predict that the widespread adoption of electronic commerce will lead to the disappearance of all human agents who ‘merely’ act as match-makers—helping buyers find sellers and vice versa (Bakos, 1998; Doherty, 2000; Hess and Kemerer, 1994; Schmitz, 2000).”
BackgroundTransaction Costs and Information Systems: Does IT Add Up?
Cordella, A. (2009) · Palgrave Macmillan UK eBooks · doi:10.1057/9780230250611_19 · Cited by 128 · see citing works
Garrity, E. J., Glassberg, B. C., Kim, Y. J., Sanders, G. L., & Shin, S. K. (2004) · Decision Support Systems · doi:10.1016/j.dss.2004.06.015 · Cited by 127 · see citing works
“Decision support capabilities are important and vital task considerations, and this is particularly true for systems used in electronic markets [6,7,57].”
BackgroundRashid, M. A., Hossain, L., & Patrick, J. D. (2002) · IGI Global eBooks · doi:10.4018/978-1-931777-06-3.ch001 · Cited by 125 · see citing works
- Authors
- Bakos, Y.
- Affiliations
- New York University (US)
- Corresponding author
- Bakos, Yannis
- ORCID
- Bakos, Yannis
- Venue
- Communications of the ACM
- Published
- 1998-08
- Volume
- 41
- Issue
- 8
- Pages
- 35-42
- ISSN
- 0001-0782 (ISSN-L)
- 1557-7317
- OpenAlex
- W2011896860
- Cited by
- 1,386
- References
- 12
- Citations by year
- 2026: 4 · 2025: 10 · 2024: 11 · 2023: 18 · 2022: 23 · 2021: 24 · 2020: 29 · 2019: 27 · 2018: 23 · 2017: 30 · 2016: 24 · 2015: 49 · 2014: 46 · 2013: 47 · 2012: 54
- FWCI
- 222.08
- Type
- journal article
- Language
- en
- Open access
- bronze
- doi.org
- Locations
- Communications of the ACM (publishedVersion)
- Faculty Digital Archive (New York University Florence) (submittedVersion)
- UCLA - Biblioteca de Ciencias y Tecnologia Felix Morales Bueno (submittedVersion)
- Topics
- Social Sciences › Business, Management and Accounting › Strategy and Management › Digital Platforms and Economics
- Social Sciences › Business, Management and Accounting › Business and International Management › E-commerce and Technology Innovations
- Social Sciences › Decision Sciences › Management Science and Operations Research › Auction Theory and Applications
- Keywords
- electronic markets, e-commerce, buyer-seller matching, transaction costs, market clearing, intermediaries, institutional infrastructure, frictionless markets, online marketplaces
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