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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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“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
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“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
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“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
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“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
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Marughu, A. J., & Akintoye, I. R. (2023) · European Journal of Business Management and Research · doi:10.24018/ejbmr.2023.8.2.1882 · Cited by 8
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“As a result of its rapid proliferation from the ear ly years, despite the bust which followed this euphoria (Scott and Scott, 2004; Zhang and Bhattacharyya 2010), B2B e-marketplaces have received considerable attention in diverse scientif ic fields, such as Information Systems’ (IS) research (Bailey and Bakos 1997; Ba…”
BackgroundAn E-Tailer’s Operational Strategy under Different Supply Chain Structures
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Digitale Gesundheitsplattformen. Strategien – Geschäftsmodelle – Entwicklungslinien
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Factors in Adopting Multi-access Technologies in Online Consumer Auction Markets in Finland
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“This reduced price savings can be found in the fact that traditional face-to-face interactions can now be conducted via the Web, increasing effectiveness and lowering transaction costs.(11) In faceto-face interaction the human component of interaction can make transactions take longer because focusing on the non factu…”
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Alt, R., & Oesterle, H. (2004) · Alexandria (UniSG) (University of St.Gallen) · Cited by 8
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Veiling Holambra - Trading Brazilian Flowers in the International Market Enabled by IT
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Repeated use of online auctions: investigating individual seller motivations
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“…buyers and sellers and increase efficiency (Bakos 1991). eMarketplaces enable the exchange of goods, services and payments, provide an institutional infrastructure for working market mechanisms (Bakos 1998), and are able to connect larger pools of buyers and sellers across geographical boundaries.”
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Yu, C., & Tao, Y. (2007) · doi:10.6382/jim.200710.0010 · Cited by 7
“…the economic theory in investigating e-marketplace adoption (Bakos, 1991, 1997; Lee and Clark, 1996; Strader and Shaw, 1999; Benslimane et al., 2005; Zhu et al., 2006), and have widely attributed the emergence and development of the e-marketplace to economic advantages (Bakos, 1998; Yu, 2006).”
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Xu, Y., Ahokangas, P., Yrjölä, S., & Koivumäki, T. (2018) · Lecture notes of the Institute for Computer Sciences, Social Informatics and Telecommunications Engineering · doi:10.1007/978-3-319-94965-9_28 · Cited by 7
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“…community of users, but also reduces friction, such as the cost of search—well documented in electronic marketplace literature, and once initiated, lowers price sensitivity to products--effectively easing the burden of the decision to repurchase (Alba et al. 1997; Bakos 1998; Lynch & Ariely 2000).”
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“Another classification of e-commerce can be viewed in term of its functionality within a given marketplace on the Internet which has been categorized into three categories: 1) matching buyers with sellers, 2) facilitation of transaction and 3) institutional infrastructure [7].”
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“To achieve this enterprise goal, the best practice is to satisfy customer requirements to deliver the needed services [1], [3], [5], [11].”
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“Bakos (1998) identified eight functions of a market that are facilitated through intermediaries.”
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“In the extreme version of this view, the Internet is expected to render retailer location irrelevant (Rayport & Sviokla, 1994), and consumers may become fully informed about product characteristics and prices (Bakos 1998).”
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“Research in the area suggests that electronic markets reduce search costs for buyers, lowering transaction costs (Malone et al., 1987; Bakos, 1998).”
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MAGNET: A Multi-Agent System using Auctions with Temporal and Precedence Constraints
Collins, J. E., & Gini, M. L. (2006) · Studies in computational intelligence · doi:10.1007/978-3-540-33876-5_11 · Cited by 6
“Infrastructure support for negotiation Markets play an essential role in the economy [28], and market-based architectures are a popular choice for multiple agents (see, for instance, [29–32] and our own MAGMA architecture [33]).”
BackgroundAGENTS AND WEB SERVICES IN AN E-SUPPLY CHAIN
Singh, R., Iyer, L., & Salam, A. F. (2002) · Journal of the Association for Information Systems · Cited by 6
Kim, S. (2001) · Journal of the Association for Information Systems · Cited by 6
Value-Adding Intermediaries in Software Crowdsourcing
Tajedin, H., & Nevo, D. (2014) · Hawaii International Conference on System Sciences (HICSS) · doi:10.1109/hicss.2014.181 · Cited by 6
“Such intermediaries may take on roles such as matching buyers and sellers and managing physical deliveries and payments, aggregating products and content, providing trust relationships and ensuring the integrity of the market [3].”
BackgroundAuctioning Bulk Mobile Messages
Meij, S., & Pau, L. F. (2006) · Computational Economics · doi:10.1007/s10614-006-9032-8 · Cited by 6
An Examination of Infomediary Roles in B2C E-Commerce.
Palvia, P., & D’Aubeterre, F. (2006) · Cited by 6
Adaptive Market Mechanism for Efficient Cloud Services Trading
Chichin, S., Vo, Q. B., & Kowalczyk, R. (2014) · IEEE ... International Conference on Cloud Computing · doi:10.1109/cloud.2014.99 · Cited by 6
“price owing to its ability to dynamically adapt the price to the market demand [8][9].”
BackgroundCritical success factors for e-procurement marketplace
Sehwail, L. M., & Ingalls, R. G. (2005) · International Journal of Services and Operations Management · doi:10.1504/ijsom.2005.007497 · Cited by 6
“Online marketplaces have three main functions: 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…”
BackgroundToo Big to Fail? Overcrowding a Multi-Sided Platform and Sustained Competitive Advantage
Taeuscher, K., & Laudien, S. M. (2017) · Hawaii International Conference on System Sciences (HICSS) · doi:10.24251/hicss.2017.640 · Cited by 6
“user review systems) [21] and support for the discovery of an acceptable price between (potential) transaction partners [6].”
BackgroundInfluentialFritz, M., Hausen, T., Schiefer, G., & Canavari, M. (2007) · Wageningen Academic Publishers eBooks · doi:10.3920/9789086866052_038 · Cited by 6
Business-to-Business E-Marketplaces: A Strategic Archetypes Approach
Soh, C., & Markus, M. L. (2002) · Journal of the Association for Information Systems · Cited by 6
marService: multiattribute utility recommendation for e-markets
Manouselis, N., & Costopoulou, C. I. (2008) · International Journal of Computer Applications in Technology · doi:10.1504/ijcat.2008.021940 · Cited by 6
“E-markets are therefore expected to create economic value for buyers, sellers, market intermediaries and for society as a whole (Bakos, 1998; Dai and Kauffman, 2002; Grieger, 2003).”
BackgroundE-COMMERCE IN TURKEY AND SAP INTEGRATED E-COMMERCE SYSTEM
Ahmet, K. A. Y. A., & AYDIN, Ö. (2019) · International Journal of eBusiness and eGovernment Studies · doi:10.34111/ijebeg.20191128 · Cited by 6
“As a matter of fact, this form of trade was accepted as ideal in the first years when E-Commerce entered human life (Bakos, 1998: 35).”
BackgroundA Classification Framework of Value Co-creation in Electronic and Mobile Services
Fragidis, G., Konstantas, D., & Paschaloudis, D. (2014) · Lecture notes in business information processing · doi:10.1007/978-3-319-04810-9_4 · Cited by 6
Managing customer knowledge in electronic commerce
Davenport, T. H., & Järvenpää, S. L. (2003) · American Management Association eBooks · Cited by 6
Designing and Implementing E-market Games.
Fasli, M., & Michalakopoulos, M. (2005) · Cited by 6
해운 B2B e-marketplace의 전자적 신뢰， 사이트몰입 및서비스 거래의도와의 관계성
Kim, Y. M., Kim, S. Y., Lee, J. H., Shim, G. Y., 김용만, 김석용, 이종환, & 심규열 (2007) · Journal of Global Academy of Marketing Science · doi:10.1080/12297119.2007.9707269 · Cited by 6
Multi‐level modeling approach for the availability assessment of e‐business applications
Kaâniche, M., Kanoun, K., & Rabah, M. (2003) · Software Practice and Experience · doi:10.1002/spe.550 · Cited by 6
“The explosive growth of Internet users has caused a dramatic increase in electronic markets with several categories of business [3, 26, 34]: business-to-business, business-to-customer, customer-to-customer, etc.”
BackgroundOpen Voucher and the Tourist Season in Sardinia
Cabiddu, F., & Piccoli, G. (2010) · Communications of the Association for Information Systems · doi:10.17705/1cais.02724 · Cited by 6
Metadata
- 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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