VGSOM

E-Commerce : Sector Analysis

Submitted By:

Team Koncept Konquerer

Saurabh Mishra 09BM8045

Swati Arora 09BM8032

Contents
Executive Summary....................................................................................................................................... 4
Commerce – The Evolution ........................................................................................................................... 5
E- Commerce Market Constituents............................................................................................................... 6
B2B E-Commerce: An Introduction ........................................................................................................... 6
B2B E-Commerce: Benefits ....................................................................................................................... 7
B2C E-Commerce: An Introduction ........................................................................................................... 7
B2C E-Commerce: Benefits ....................................................................................................................... 8
C2C E-Commerce: An Introduction ........................................................................................................... 8
E- Commerce Drivers .................................................................................................................................... 9
Economic Factors ...................................................................................................................................... 9
Market Factors .......................................................................................................................................... 9
Technology Factors ................................................................................................................................... 9
The Players .................................................................................................................................................. 10
US Based B2C Award Winning Players .................................................................................................... 10
US Based B2C Award Winning Players- Data Analysis ............................................................................ 10
US Based B2B Award Winning Players .................................................................................................... 12
US Based B2B Award Winning Players - Data Analysis ........................................................................... 12
Domestic Players ..................................................................................................................................... 13
Domestic Players – Data Analysis ........................................................................................................... 13
Industry Outlook ......................................................................................................................................... 15
Overall Market ........................................................................................................................................ 15
India vs US E-commerce Market ............................................................................................................. 15
The US E-Commerce Market- Few Facts................................................................................................. 15
Sector Analysis ............................................................................................................................................ 17
SWOT Analysis......................................................................................................................................... 17
PEST Analysis ........................................................................................................................................... 18
PEST Analysis – The Indian Perspective .................................................................................................. 18
Political .................................................................................................................................................... 18
Economic ................................................................................................................................................. 18
Social ....................................................................................................................................................... 18

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 Technological .......................................................................................................................................... 18
Porter 5 Force Analysis ........................................................................................................................... 19
Recommendations ...................................................................................................................................... 20
Broad Business Recommendations......................................................................................................... 20
Why Enter the Space............................................................................................................................... 20
How to Enter the Space – Strategy ......................................................................................................... 21
People ..................................................................................................................................................... 21
Strategy ................................................................................................................................................... 21
Technology .............................................................................................................................................. 21
Revenue Model to be Used..................................................................................................................... 21
References .................................................................................................................................................. 23

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Executive Summary
E-commerce in broad term means buying and selling on internet. One broader definition could be that
E- commerce is basically the usual buying selling process between and buyer and seller with the physical
location being replaced with an internet based portal.

A comprehensive definition would be “E-commerce is usually associated with buying and selling over the
Internet, or conducting any transaction involving the transfer of ownership or rights to use goods or
services through a computer-mediated network. Though popular, this definition is not comprehensive
enough to capture recent developments in this new and revolutionary business phenomenon. [1]

A more complete definition is: E-commerce is the use of electronic communications and digital
information processing technology in business transactions to create, transform, and redefine
relationships for value creation between or among organizations, and between organizations and
individuals. [2]

The E- commerce market could be broadly classified into Business-to-Business, Business-to-Consumer

and Consumer-to-Consumer markets.

In this report, we analyses the characteristics of each of these markets in India and US. We will first
looked at the drivers behind this business which include the Economic, Social and political perspectives.
This was be followed by looking at various award winning E-commerce websites and critical data related
to their revenue, user base etc. It also discusses about the industry as a whole and its outlook in future.
This is followed by the industry analysis using specific strategy analysis models like Porter’s five forces
analysis, SWOT analysis and PEST analysis.

The general conclusion that came after this study was to enter the e-commerce segment as this
definitely provides the seller a huge market potential in terms of more reach to newer customers. This is
one business segment which cannot be ignored in this ever strengthening internet world. Alongside this
derivers like better servicing, lower costs, more advertising etc are some more benefits makes it more
and more beneficial to enter the segment. But this entry should be a planned and well calculated one.
This report proposes that the new entrant should enter the segment like a niche player with small
capital investment and then grow subsequently. Also there are huge opportunities in the B2B segment
which should be harnessed. And last but not the least; innovation is the key success factor for this sector
so the entrant should keep itself innovating to match the market expectations. The conclusions are
discussed in detail along with the suggested revenue model to be used.

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Commerce – The Evolution
Commerce has evolved over the years. Much before the invention of money it was a simple “barter
process” where things were exchanged, say milk for grains. The evolution of money brought with it, the
concept of a “marketplace”. In a marketplace, Commerce is function of 4 P’s – Product, Price, Place and
Promotions. All these four components play a vital role in a transaction to take place. Different
combinations of 4Ps determine different forms of Commerce.

Once the marketplace came into existence, a few pioneers realized that people would be ready to pay
extra if they could deliver products at customer’s doorsteps. A slight modification on Price and Place led
to the convenience of getting products at their homes. This concept delighted the customers and thus,
the concept of “Street Vendors” was born.

When the Postal System came into being the sellers decided to cash in on the new opportunity and
started using mailers giving description of their products. It led to the concept of “Mail Order
Cataloguing”. From here, the evolution of the “Tele shopping” networks was inevitable with the
development of media vehicles.

The latest generation of commerce is one that can be done over the internet. Internet provides a virtual
platform where sellers and buyers can come in contact for sale and purchase of goods and services.
They can be thousands of miles apart, may belong to different parts of the world, might speak different
languages, “E-Commerce” emerged as the boundary-less trade medium in the era of globalization. [3]

Figure: The Evolution Process

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E- Commerce Market Constituents
As already defined earlier, E-commerce in broad term means buying and selling on internet. One
broader definition could be that E- commerce is basically the usual buying selling process between and
buyer and seller with the physical location being replaced with an internet based portal.

There are three major types of E-commerce:

 business-to-business (B2B)
 business-to-consumer (B2C)
 consumer-to-consumer (C2C)

B2B E-Commerce: An Introduction

B2B e-commerce is simply defined as e-commerce between companies. This is the type of e-commerce
that deals with relationships between and among businesses. About 80% of e-commerce is of this type,
and most experts predict that B2B ecommerce will continue to grow faster than the B2C segment. [2]

The B2B market has two primary components: E-frastructure and E-markets.

E-frastructure is the architecture of B2B, primarily consisting of the following: [5]

 Logistics - transportation, warehousing and distribution (e.g., Procter and Gamble)
 Application service providers - deployment, hosting and management of packaged software
from a central facility (e.g., Oracle and Linkshare)
 Outsourcing of functions in the process of e-commerce, such as Web-hosting, security and
customer care solutions (e.g., outsourcing providers such as eShare, NetSales, iXL Enterprises
and Universal Access)
 Auction solutions software for the operation and maintenance of real-time auctions in the
Internet (e.g., Moai Technologies and OpenSite Technologies)
 Content management software for the facilitation of Web site content management and
delivery (e.g., Interwoven and ProcureNet)
 Web-based commerce enablers (e.g., Commerce One, a browser-based, XML enabled
purchasing automation software).

Figure: A typical B2B Business Model

E-markets are simply defined as Web sites where buyers and sellers interact with each other and
conduct transactions. [6]

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Most B2B applications are in the areas of supplier management (especially purchase order processing),
inventory management (i.e., managing order-ship-bill cycles), distribution management (especially in the
transmission of shipping documents), channel management (i.e., information dissemination on changes
in operational conditions), and payment management (e.g., electronic payment systems or EPS). [7]

B2B E-Commerce: Benefits

 Transaction costs reduction: The two costs namely search cost spent on looking for supplier
through intermediaries and cost of processing transactions e.g. invoices, purchase orders and
payment schemes reduces substantially.
 Better Supply Chain: The overall inventory management and Logistics processes improves
substantially.
 Disintermediation: Through B2B e-markets, suppliers are able to interact and transact directly
with buyers, thereby eliminating intermediaries and distributors.
 Transparency in pricing: One of the benefits of e-markets is the increase in price transparency.
The gathering of a large number of buyers and sellers in a single e-market reveals market price
information and transaction processing to participants.
 Economies of scale and network effects: The rapid growth of B2B e-markets creates traditional
supply-side cost-based economies of scale. [7]

B2C E-Commerce: An Introduction

Business-to-consumer e-commerce, or commerce between companies and consumers, involves
customers gathering information; purchasing physical goods (i.e., tangibles such as books or consumer
products) or information goods (or goods of electronic material or digitized content, such as software, or
e-books); and, for information goods, receiving products over an electronic network. [7]

It is the second largest and the earliest form of e-commerce. Its origins can be traced to online retailing
(or e-tailing). Thus, the more common B2C business models are the online retailing companies such as
Amazon.com, Drugstore.com, Beyond.com, Barnes and Noble and ToysRus. Other B2C examples
involving information goods are E-Trade and Travelocity. [7]

The more common applications of this type of e-commerce are in the areas of purchasing products and
information, and personal finance management, which pertain to the management of personal
investments and finances with the use of online banking tools (e.g., Quicken). [8]

Figure: A typical B2C Business Model

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B2C E-Commerce: Benefits
 Transaction costs reduction: The overall cost of transaction for seller as well as buyer reduces.
 More Information: It increases consumer access to information and allowing consumers to find
the most competitive price for a product or service.
 Market entry barrier reduced: It reduces the market entry barrier for sellers substantially. Cost
of putting up and maintaining a Web site is much cheaper than installing a “brick-and-mortar”
structure for a firm.
 Increased customer base: With markets becoming global and consumer demands increasing, it
offers better and more choices for consumer. For a seller the obvious advantage is bigger
customer base for the given capital investment [7]

C2C E-Commerce: An Introduction

Consumer-to-consumer e-commerce or C2C is simply commerce between private individuals or
consumers.

This type of e-commerce is characterized by the growth of electronic marketplaces and online auctions,
particularly in vertical industries where firms/businesses can bid for what they want from among
multiple suppliers. It perhaps has the greatest potential for developing new markets.

This type of e-commerce comes in at least three forms:

 Auctions facilitated at a portal, such as eBay, which allows online real-time bidding on items
being sold in the Web.

 Peer-to-peer systems, such as the Napster model (a protocol for sharing files between users
used by chat forums similar to IRC) and other file exchange and later money exchange models

 Classified ads at portal sites such as Excite Classifieds and eWanted (an interactive, online
marketplace where buyers and sellers can negotiate and which features "Buyer Leads & Want
Ads").

Consumer-to-business (C2B) transactions involve reverse auctions, which empower the consumer to
drive transactions. A concrete example of this when competing airlines gives a traveler best travel and
ticket offers in response to the traveler’s post that she wants to fly from New York to San Francisco.

There is little information on the relative size of global C2C e-commerce. However, C2C figures of
popular C2C sites such as eBay and Napster indicate that this market is quite large. These sites produce
millions of dollars in sales every day. [2]

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E- Commerce Drivers
The world in general and India in particular has seen the stupendous growth of e-commerce business in
the last few years especially the decade. This growth is primarily driven the ever increasing consumer
focus of the organization and the consumers’ increased spending power and choice for the ease of
purchase. Apart from these factors there are certain critical factors which explain the growth of the
sector in general. The factors are:

Economic Factors
One of the most evident benefits of e-commerce is economic efficiency resulting from the reduction in
communications costs, low-cost technological infrastructure, speedier and more economic electronic
transactions with suppliers, lower global information sharing and advertising costs, and cheaper
customer service alternatives.

Economic integration is either external or internal. External integration refers to the electronic
networking of corporations, suppliers, customers/clients, and independent contractors into one
community communicating in a virtual environment (with the Internet as medium). Internal integration,
on the other hand, is the networking of the various departments within a corporation, and of business
operations and processes. This allows critical business information to be stored in a digital form that can
be retrieved instantly and transmitted electronically. Internal integration is best exemplified by
corporate intranets. Among the companies with efficient corporate intranets are Procter and Gamble,
IBM, Nestle and Intel. [7]

Market Factors
Corporations are encouraged to use e-commerce in marketing and promotion to capture international
markets, both big and small. The Internet is likewise used as a medium for enhanced customer service
and support. It is a lot easier for companies to provide their target consumers with more detailed
product and service information using the Internet. [7]

Technology Factors
The development of ICT is a key factor in the growth of ecommerce. For instance, technological
advances in digitizing content, compression and the promotion of open systems technology have paved
the way for the convergence of communication services into one single platform. This in turn has made
communication more efficient, faster, easier, and more economical as the need to set up separate
networks for telephone services, television broadcast, cable television, and Internet access is eliminated.
From the standpoint of firms/businesses and consumers, having only one information provider means
lower communications costs. [7]

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The Players
US Based B2C Award Winning Players
Online real estate agency
• ZipRealty gives users home listings and values across more than a million homes.
• Home owners can also list their home right on the site, and have ZipRealty help sell it with lower commission.

Doctor and dentist finder

• Lets patients book a time with their doctor online
• ZocDoc also features a ratings system, which lets users rate each provider with both a star rating and a written review.

Online money exchange services

• One of the most widely recognized payment systems on the Internet. Now purchased by eBay.
• It's used in online auctions and stores as a way to control and manage payments.

Online Retail
• Started out with books and now sells nearly every consumer good, including groceries and over-the-counter medicines.
• Users write reviews and rate nearly every product on the service.

Online Retail
• Most of the items sold are electronics
• Unsold goods are then later sold

Online Handmade Goods

•Users can create their own virtual shop-fronts to sell almost anything they'd want.
•It's also a great place for people to sell their stuff without having to buy a special domain

Online Real Estate Service

•Instead of having to go visit houses in person, you can do so online, browsing by neighborhood
and narrowing down what you're looking for based on a variety of parameters.

Online Classifieds Service

•Users can post items they want to sell and get responses by telephone or e-mail from people
who live around them.
•Many employers who agree to pay the $25-$75 per category to list their openings.

Event Management Service

•Eventbrite lets you set up a customized destination page where attendees can register and buy
tickets.
•Eventbrite makes its money off of fees. The more expensive your event is, the more it charges.

US Based B2C Award Winning Players- Data Analysis

Following table shows some relevant data for few of the players mentioned above: [9]

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The Website value represents the approximate value of the website. This value does not include the
worth of the company behind the website but rather is an estimated value of the website itself.
Following are the factors included for valuation:

 PageRank
 Traffic
 Backlinks
 Age of the domain
 Directory listings

As we can see that there is a significant Indian traffic of 3 to 5 percent in the total traffic of some of the
top players. It is also noticeable that a lot of revenue is being generated from the advertisements shown
of the website and not just the business they do. As mentioned in the earlier sections that the growth of
this sector has mostly happened in the last decade and from data we can see that some of the
significant players have been on business for over 10 years now.

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US Based B2B Award Winning Players
Online B2B Market Place for SME
• online platform with sophisticated technologies to serve all the Small and Medium Enterprises (SME) around the world
• They can build up their own showrooms and sell the products in EasyTrade.com.

Online Software Marketplace

• Software industry is driven by thousands of entrepreneurial companies producing innovative solutions
• Capterra allows organizations to find the right software by presenting them with all of their options so they can compare
solutions and make the right decision

Wholesale Marketplace
• Largest China-based online wholesale trading platform
• DHgate.com offers over 20 million product listings at any one time from over 650,000 dedicated China-based suppliers.

B2B e-commerce and integration services company

• Cloud Computing
• DHgate.com offers over 20 million product listings at any one time from over 650,000 dedicated China-based suppliers.

Online Supplier Search

• Find suppliers for almost all the segments like Agri, Apparel, Chemical, Computer etc
• Presence in some 40 contries.

US Based B2B Award Winning Players - Data Analysis

Following table shows some relevant data for few of the players mentioned above: [9]

The Website value represents the approximate value of the website. This value does not include the
worth of the company behind the website but rather is an estimated value of the website itself.
Following are the factors included for valuation:

 PageRank
 Traffic

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  Backlinks
 Age of the domain
 Directory listings

Domestic Players
Online Realty Market
•Biggest Indian Player
•Presence in all the metros and almost all tier 2 cities

Online Used Car Market

•Unique feature of car reviews and user interaction
•Largest online store in the market

Online Realty Market

•Focus on middle class segment

B2B Market Place

•India’s largest B2B market place providing procurement, buyer, surplus
inventory, used machinery sale etc

Domestic Players – Data Analysis

Following table shows some relevant data for few of the players mentioned above: [9]

The Website value represents the approximate value of the website. This value does not include the
worth of the company behind the website but rather is an estimated value of the website itself.
Following are the factors included for valuation:

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  PageRank
 Traffic
 Backlinks
 Age of the domain
 Directory listings

As we can see from the data, there is not much of advertising revenues but Indian sites can boast for
their page views indicating that Indian consumers visits these sites more and more for information
gathering.

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Industry Outlook
Overall Market
E-commerce business in general has shown a lot of promise in the last decade in terms of growth. A
2000 International Data Corp (IDC) estimated the value of global e-commerce in 2000 at US$350.38
billion. Out of this US$350.38 billion worldwide B2C e-commerce revenues was US$59.7 billion.

The current data shows that the US B2C ecommerce Market is estimated at $ 220 Billion at end of 2008
and is expected to shrink about 1.5% in 2009 and grow about 7% in 2010. This US figure in itself is
almost four times the global B2C ecommerce Market in 2000 showing a huge growth in the market in
the last decade.

India vs US E-commerce Market

Following are few facts about the e-commerce business in India and US. [10]

 Indian e-commerce Industry size between Rs.9, 000-10,000 Crores (i.e. Rs 90 -100 Billion which
is about US $ 2 Billion)
 US B2C ecommerce Market is estimated at $ 220 Billion at end of 2008 and is expected to shrink
about 1.5% in 2009 and grow about 7% in 2010.
 Indian economy is about 7% the size of US economy and the Indian e-commerce market is only
about 1% the size of US B2C e-commerce market.
 Take out online travel and Indian e-commerce market is about $400 million a mere 0.3% of the
US B2C e-commerce market.

The US E-Commerce Market- Few Facts

 In 2009, B2C E-Commerce reached 3.7% of total retail sales in the US, up from 3.3% in 2008.
 The number of Internet users in the US is forecasted to reach nearly 230 million in 2011,
accounting for more than 70% of the total population.
 Developments such as private sales sites and group buying noticeably further increase the
turnover that might be attained in US E-Commerce, as do the integration of online and offline
activities.

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  In 2010, online payment provider PayPal gained a market share of 12% in terms of US B2C E-
Commerce transactions, up from 10% in 2009.
 With a turnover of USD 24 billion, Amazon.com was the largest US online merchant within the
B2C segment in 2009, followed by Apple.

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Sector Analysis
SWOT Analysis
A detailed industry level SWOT analysis was done to see what the key strengths are and opportunities of
the e –commerce business are. Various weaknesses and threats were also identified.

Strength Weakness

Opportunities Threats

The SWOT analysis clearly indicates that the benefits like lower capital requirements, lower cost of
transactions, global reach fast and efficient information processing are the core strengths of the e-
commerce business while facts like lack of interaction between seller and buyer and increased
transportation cost are the main weaknesses. While increased number of internet users can be seen as
an opportunity the threat of dishonest sellers creating a bad experience for customer cannot be ignored.

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PEST Analysis
PEST analysis is an environmental scan tool for analysis external macro environment. This section deals
with the detailed PEST analysis of the e-commerce business to see as to what external environmental
factors actually influence the market critically.

PEST Analysis – The Indian Perspective

Political
As far as the Indian perspective is concerned, while considering the Political factors, it is very important
that we understand that e-commerce is not affected by factors like tax policy, employment laws,
environmental regulations, trade restrictions and tariffs and political stability.

Economic
India offers a high growth rate. Though interest rates are higher as compared to US but the growth
compensates for that.

Social
The present Indian society can be characterized by presence of highly educated middle aged parents and
youth with high dispensable income who is health consciousness and gives emphasis on safety

Technological
India is one of the super powers in terms of IT and ITes.

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Porter 5 Force Analysis
Porter 5 forces analysis measures the attractiveness and feasibility of the entrance into particular sector.
It derives five forces that determine the competitive intensity and therefore attractiveness of a market.
Attractiveness in this context refers to the overall industry profitability.

The Porter 5 Force analysis indicates that the Threat of New entrant and Internal Competition is High in
the e-commerce market due to factors like Small capital requirement, low consumer loyalty, small
switching cost and presence of large number of players.

It also indicates that the Threat of substitutes and Power of supplier is Low because of the factors like
there is no change in the way a supplier would function in the businesses turning into e-commerce
model and the other traditional model of business are risky and capital intensive.

The Customer Power is pegged as Moderate because products offered by the e-commerce business are
mostly similar to the ones available in traditional market and the switching cost is low.

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Recommendations
Broad Business Recommendations
 Get into the e-commerce business as there is a lot of space and opportunity especially in the
B2B space
 Enter the market as a niche player and then expand to reduce the risk.
 Use innovative technologies to differentiate from the existing players.

Why Enter the Space

Reduce Risk Level

 High rate of product obsolesce and damage, coupled with capital intensity requires firms to
monetize the investment amount in short period of time which can be achieved through e-
commerce.
 Exploring untapped markets, that may not provide consistent returns, in order to gain
economies of scale by spreading capex cost

Innovation and Differentiation

 Opportunity for translating innovative offerings with unique marketing

 Standing out from the crowd and move emphasis away from the cost factor

Globalized Network

 Reaching to different players across various locations. Also, reaching their subsidiaries and
divisions across different geographies
 In Technology sector, being hi-tech and updated with the latest technologies communicates a
positive image for the firm

Omnipresent Nature

 Major platforms are free and can be easily customized on an on-demand basis
 Accessed by various players and people who play part in the buying process i.e. influencer,
gatekeeper, decider, buyer etc.

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Brand Building and Advertising

 Communicating the firm’s processes, best practices over e-media in the form of videos,
management and analyst interviews, accessible to the firm’s customers

How to Enter the Space – Strategy

People
 Understand target customer’s needs
 Use of internet and social media during the buying process

Strategy
 Stay organized and focused – Start with Niche and then expand. Target B2B first.
 Target initiatives for specific target audiences and objectives

Technology
 Choose the appropriate tools and tactics to deploy to optimize returns
 Information management for future use

Revenue Model to be Used

The Revenue models for e-commerce can be categorized into three types
 Advertising model
 Subscription model
 Transaction model

Advertising Model
This model makes money from the companies who wish to advertise their products or services on the
website. The sites may either put up banners of these companies or redirect the traffic to a particular
website in which case they receive a referral fee or a percentage of resulting revenue. This model would
be most efficient in B2C and C2C e-commerce businesses.

Subscription Model
This Model generates revenue when users subscribe to a service or a product provided by the site. In
this model, user’s willingness to pay is the most critical factor. This in turn depends on the quality of the
offering. This type of model is most applicable to B2B e-commerce businesses.

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Transaction Model
In this model, a site earns revenue by carrying out various transactions for the user. The transactions can
be exogenous or endogenous. Endogenous transactions are the ones in which a sites sells its own
product or services. Exogenous transaction is the one in which a site sells third party product or services
and earns a percentage of the sales. It is applicable to all e-commerce business models.

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References
[1] Thomas L. Mesenbourg, Measuring Electronic Business: Definitions, Underlying Concepts,
and Measurement Plans.

[2] Definition adapted and expanded from Emmanuel Lallana, Rudy Quimbo, Zorayda Ruth
Andam, ePrimer: An Introduction to eCommerce (Philippines: DAI-AGILE, 2000),
http://www.pstpl.com/eCommerce.asp

[3] IMRB - A Report by eTechnology Group@IMRB for Internet and Mobile Association in India,
http://www.iamai.in/Upload/Research/final_ecommerce_report07.pdf

[4] http://www.sitevaluecalculator.com

[5] “E-commerce/Internet: B2B: 2B or Not 2B?” (Goldman Sachs Investment Research,

November 1999), v. 1.1, 16,68-71.

[6] Ibid – India Business Insight Database, http://www.ibid.informindia.co.in/

[7] e- commerce and e- business, Zorayda Ruth Andam, -ASEAN Task Force 2003
http://www.apdip.net/publications/iespprimers/eprimer-ecom.pdf

[8] Kalakota and Whinston

[9] http://www.websiteoutlook.com/www.easytrade.com

[10] IMRB Report, http://www.iamai.in/Upload/Research/final_ecommerce_report07.pdf

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