MIS in Online Marketplaces:
Online marketplaces have transformed the way in which transactions were traditionally conducted. The basic definition of an online marketplace is a medium through which purchase and sale of goods and/or services takes place using the Internet as a medium. Trading through online media requires only a computer system and an Internet connection to conduct transactions. Transactions through this media include the regular goods and/or services as well as transactions pertaining to securities. In case of securities transactions, the Internet enables the trader to place buy or sell orders with the brokerage firm. Usually, the orders get executed only when the markets are open. However, the traders also have the option of placing the orders at their convenience beyond the usual trading hours.
There are six types of exchanges. These are:
One-to-Many Marketplaces
One-to-many marketplaces are private exchanges which link one seller to numerous buyers. The seller is usually the owner of the marketplace. Traders operating in these marketplaces have sufficient market influence. They force the participants of the marketplace to follow their way of conducting business.
Aggregator Hubs
Aggregator hubs allow sellers and buyers to trade in markets that are highly fragmented. These exchanges demonstrate the content in the catalogs of the suppliers to the prospective buyers. Some of these hubs also display certain other types of content like contracts and authorizations.
Broker Hubs
Broker hubs bring together multiple buyers and sellers to negotiate on the price of the product and/or service. These exchanges are best suited for commodities that are traded in bulk and those which are in limited supply. In other words, it is an exchange in which commodities are traded through auctions or some kind of bidding process. Though real time transactions are becoming more common, e-mail or an automated bidding process is used for handling requests for quotes, proposals, contracts, and other such transactions that take place between the buyers and the sellers.
Collaboration Hubs
Collaboration hubs are exchanges which are backed by good infrastructural facilities that facilitate online trading. These exchanges have software tools and virtual environments that enable multiple buyers and sellers to share information and collaborate on a specific functionality. Collaboration hubs also provide web-based collaborative design and engineering software for industries like automotive and aerospace that have a high degree of engineered products.
Translator Hubs
Translator hubs are exchanges that offer capabilities like buying, selling, and collaboration. These exchanges are similar to collaboration hubs. Translator hubs have significant enterprise application integration (EAI) capabilities that enable system and data integration between the different trading environments of trading partners. These hubs provide data translation services in order to facilitate communication including EDI, electronic mail, fax, eXtensible Markup Language. MarketSite from Commerce One and Ariba Network from Ariba are examples of translator hubs.
True Many-to-Many Marketplaces
True many-to-many marketplaces are virtual software environments that enable direct interaction between multiple purchasing and ordering systems. These exchanges facilitate free and unrestricted e-commerce between the buyers and the sellers. True many-to-many marketplaces are rule defined i.e., the workflow technology is used for transferring the relevant information from the computer systems of the buyers to those of the sellers and vice versa. At the front end, workflow technology automates most of the decision-making and collaborative planning associated with customer ordering and at the back end; it automates the logistics supply and demand. Initially, the online exchanges were used only as a medium for matching the buyers and sellers. But now, true many-to-many marketplaces are designed for managing all the processes involved in the supply chain.
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