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- Title
INTERNET OF THINGS ENABLED ELECTRONIC MARKETS: TRANSPARENT, COLLABORATIVE, AND AUTOMATED.
- Authors
Pathak, Bhavik K.
- Abstract
The rapid and successful evolution of the electronic markets is enabled by information and communication technology (ICT) tools such as recommender systems, reputation feedback systems, product reviews and ratings, peer-to-peer payment mechanisms, and parametric search functions. In recent years, the Internet of things (IoT) has connected billions of devices around the world to collect and share data on product and process performance, physical surroundings, and usage patterns. These IoT-based smart objects have a profound impact on three core business processes: product lifecycle management (PLM), supply chain management (SCM), and customer relationship management (CRM). Drawing on the theories in the fields of ICT-led electronic markets and IoT applications, this paper shows how IoT can transform the next generation of electronic markets by making them more transparent, collaborative, and automated. The paper contributes to the theory of the electronic markets by showing how the IoT can extend the product life cycle management beyond the firm's boundaries, enable live tracking of the product in upward and downward supply chains, and provide proactive customer relationship management (CRM) services. The challenges faced by electronic markets during such transformation are also discussed.
- Subjects
INTERNET marketing; PRODUCT life cycle; INTERNET of things; PRODUCT management; SUPPLY chain management; COMPUTER network architectures
- Publication
Issues in Information Systems, 2020, Vol 21, Issue 4, p306
- ISSN
1529-7314
- Publication type
Article