Emerging Web 2.0-Based Based Business Models
Recently,
the Web paradigm shifted from the business-centered to user-centered one. This
paradigm shift has become known as “Web 2.0”, coined by Tim O’Reilly in 2004 (O’Reilly,
2007. Web 2.0 refers to a website that has evolved beyond
Web 1.0 and features user-created-content and online communities that allow
website visitors to interact dynamically with the site. While technological
distinctions between Web1.0 and Web 2.0 are often not clear in some areas, the
social and technological environment for positive user participation and
interactivity epitomizes Web 2.0. Web 2.0 is continuously evolving and offers
new business models and support business processes, knowledge management,
customer relationship management, and partner relationship management.
Despite the lack of a comprehensive framework
for the use of Web 2.0 applications, businesses are eager to use them. Managers
are already active users of the various Web 2.0 technologies such as social
networks and blogs. Managers are realizing that Web 2.0 affects a wide spectrum
of business activities from building product or brand awareness to after-sales
services. The main purpose of this study is to explore emerging Web 2.0-based
business models. This study proceeds as follows: Section 2 presents a
literature review on Web 2.0. Section 3 explores emerging Web 2.0-based
business models. Finally, Section 4 concludes with managerial implications.
Literature Review
Web
2.0 refers to the multitude of new ways that the Internet is used as a platform
for developing and hosting software applications and developing and exchanging
digital contents by the businesses and users. Due to the easy publication and
editing of online content, Web 2.0 has already had great impacts on the ways
that people interact and businesses operate. A global survey conducted by
McKinsey in 2007 finds that the popularity of Web 2.0-based applications is
growing among businesses (McKinsey Survey on Internet Technologies, 2007[mb1] ).
While most companies surveyed have so far integrated a limited number of these
applications into their business strategies, the large majority have indicated
that Web 2.0 integration is important for maintaining the company’s market
position, providing a competitive edge, and addressing customer demand. Other
studies on Web 2.0 adoption indicate that the benefits of the Web 2.0
applications come from knowledge management initiatives (Cayzer, 2004;
Wagner,
2004), project management efforts (Miller, 2006),
and social networks that connect employees (Middleton, 2008).
Businesses can leverage Web 2.0 technologies in order to dynamically cooperate
with customers and partners in efforts to generate new design innovations
(Brown, 2008[mb2] ).
McAfee (2006) coined the term “enterprise 2.0” to describe the application of Web
2.0 to the enterprise utilizing wikis and social networking software to support
and enhance the continuously changing and emergent collaborative structures of
knowledge work across the enterprise. Organizations need to invest in Web 2.0
technologies differently from the way they invested in information technology
(IT) projects in the past. Organizations will have to find new ways of
management to respect the freedom, openness, and sociality inherent to Web 2.0
technologies (De Hertogh & Viaene, 2010).
The most important contribution of Web 2.0 is
not in the software but in the information provided on the web sites (van Iwaarden,
van der Wiele, Williams, & Eldridge, 2010). The
tremendous increase in user-generated content (UGC) on the Internet has
important consequences for Web users, as well as companies. While most studies
argue that Web 2.0 is a healthy phenomenon, as it is promoting free expression
and democracy and is becoming the new source of consumer influence and
empowerment, critics argue that Web 2.0 also promotes low quality amateur
journalism, threatens intellectual property rights, and blurs the boundaries
between fact and fiction. Objections about UGC have also to do with issues of
privacy and the lack of responsibility for online publications (Constantinides,
2010). Web 2.0 also emphasizes communication via the
e-social networking, occurring on so-called e-community platforms. Therefore,
interaction between users is the utmost importance. Interaction is easily
conceivable for private as well as for commercial purposes (Kollmann & Lomberg, 2010).
Web 2.0 has contributed to an unprecedented
growth of information volume, new forms of networking, customer empowerment,
and new business models (Constantinides & Fountain, 2008).
The following discusses major Web 2.0 applications including social networking
sites, blogs, folksonomies, wikis, and integrated services.
Social Networking Sites
Social
networking sites (SNS) allow individuals to form or maintain online social
connections and share their skills, talents, knowledge, and/or preferences with
other members. While every social networking site requires its members to
create a profile, each site has different purposes and targets specific user
populations. For example, Facebook focuses on friend networks, LinkedIn focuses
business networks, and MySpace focuses on special interest topics such as
movies and hobbies. Recently, these SNS have expanded their business models and
have begun competing with each other.
Blogs
Blogs
(short for weblogs) are online journals that are characterized by short entries
and regular updates. Blogs are inherently flexible and can be used for a
variety of purposes, ranging from personal opinions to knowledge management
initiatives and customer relation tools (Ives & Watlington, 2005).
One of the most useful features of blogs is the functionality that allows
readers to comment on each entry (Kolbitsch & Maurer, 2006; Rosenbloom,
2004). The collective comments and links on blogs form a
clustered online network termed the blogosphere (Schmidt, 2007).
A variety of public blogging services are available to individuals and firms.
For example, Twitter is the most popular social networking microblogging
service which thrives on constant change and updates. Tweets are text-based
posts of up to 140 characters displayed on the author’s profile page and
delivered to the author's subscribers, known as followers. Authors can restrict
delivery to those in their circle of friends or allow open access. Recently,
blogs have demonstrated the sheer power of information sharing and
dissemination in areas of politics, natural phenomena, and celebrity
activities.
Collectively Arranged Metadata: Folksonomies
and Tags
Collectively
arranged metadata are the result of user participation in the classification of
digital objects. Collectively arranged metadata become more useful as more
users participate in the creation. The process of individually assigning
metadata about objects such as URLs, images, videos, and texts is called
folksonomy or tagging. The process of assigning tags or labels to websites is
also often referred to as social bookmarking. The primary benefit is that users
will find information more easily and accurately. Folksonomies have become part
of social software applications such as photograph annotation and bookmarking,
and have become an important alternative to search engines or other instruments
for surfing the web. An empirical analysis of the complex dynamics of tagging
systems has shown that consensus around stable distributions and shared
vocabularies emerge, even in the absence of a centrally controlled vocabulary (Halpin, Robu,
& Shepherd, 2007). Some popular tagging sites include Delicious: a social bookmarking system, Digg: a story sharing community in which
submissions are voted upon by users, and Flickr:
a photo publishing/sharing site.
Wikis
Wikis
are easy-to-use, browser-operated platforms that enable collaborative
publication on the Internet (Ebersbach & Glaser, 2005). Wikis
also embody a specific mindset towards collective intelligence. They allow many
individual participants to contribute to an online discussion, usually via
centrally managed content management systems. Wikis are designed to make it
easy to correct mistakes and track changes. In contrast to blogs, the content
of wikis tends to be more unbiased, as the author allows the readers to co-edit
the original content. Through multiple revisions of a document by a group of
co-editors, the content becomes more credible (Kolbitsch & Maurer, 2006).
A number of validity checks are implemented to the contributions made to a
given wiki topic. One of the most successful applications of wikis is
Wikipedia, a popular online encyclopedia for which any member can contribute
and edit contents.
Integrated Services
Integrated
services utilize Web services. A number of web applications are based on Web
services and service integration among businesses and users. Mashups are
aggregations of services from different online sources to create a new service.
One example includes pulling store locations from a database and displaying
them on Google maps to show where the stores are located. Salesforce.com is an
example of companies hosting and integrating corporate mashups. A podcast is a
series of digital media files (either audio or video) that are released
episodically and often downloaded through web feed. They are often distributed
through an aggregator, such as an iPod. Many businesses are leveraging podcasting
to their customers. A web feed is a data format used for allowing people to
subscribe to online distribution of news, blogs, podcasts, or other
information. Content distributors syndicate a web feed, thereby allowing users
to subscribe to it.
E-Commerce Business Models
A
business model is a framework of how an organization generates revenue and
involves a series of planned activities or business processes. The literature
on business models has been abundant. Timmers (1999)
proposes his definition of business models that is applicable for e-commerce
environments: “A business model is defined as the organization of product,
service, and information flows, and the sources of revenues and benefits for
suppliers and customers.” Afuah and Tucci (2003) suggest that a
business model is “the method by which a firm builds and uses its resources to
offer its customers better value than its competitors and to make money doing
so.” They note that business models are designed to make money for long term. Rappa (2004) stated that “a business
model is the method of doing business by which a company can sustain itself (that
is, generate revenue); the business model spells out how a company makes money
by specifying where it is positioned in the value chain.
In summary, all of these definitions share a
common idea: it concerns what to produce and sell, and how to sell and to whom.
The business model also addresses the value proposition of the product or
service and earnings logic behind the profit making. The business model is a
representation of management thinking and practice that helps companies to see,
understand, and run their activities in a distinct and specific way (Chararbaghi,
Fendt, & Willis, 2003). Based on that management
thinking and practice, each firm is likely to develop a unique business model. Afuah and
Tucci (2003) suggest the following eight components of a
business model:
1. Customer
value: The description of target customer value. How can the firm deliver
value to customers? Will the firm offer differentiated or lower-cost
products/services?
2. Scope:
Target the right market segments with products or services that have the
appropriate value mix to customers.
3. Pricing:
The development of proper pricing strategies.
4. Revenue
sources: The determination of all revenue sources.
5. Connected
activities: The determination and timing of activities that underpin
customer value.
6. Implementation:
The determination of organizational structure, systems, people, and environment
needed to carry out the activities and deliver customer value.
7. Capabilities:
The existing capabilities and the desired capabilities needed to execute the
value-adding activities, and the capability gaps needed to be filled.
8. Sustainability:
The strategies that help the firm sustain competitive advantages and make it
difficult for competitors to imitate the sustainability.
The term, “e-commerce business model” has
been widely used by researchers and practitioners to loosely describe a unique
aspect of a particular electronic commerce business. E-commerce business models
use the web to carry out their activities and generate revenue. E-commerce
business models are important for companies to survive in the global economy
and are a fertile ground for innovation (Amit & Zott, 2000[mb3] ).
E-commerce business models constantly evolve to adapt to changing consumer
demands. For example, Amazon.com was launched as an online bookseller in 1995,
but today it sells practically everything. Priceline.com started as a
“name-your-own-price” site hosting travel bidding services, but later expanded
its business to fixed-price products as a regular online travel agency.
A number of researchers have presented
high-level e-commerce business models that have been influential in shaping
strategy development and implementation of many online businesses. Their list
of the e-commerce business models is not exhaustive. As shown below, their
differing views on e-commerce business models are complementary with each
other. Weill
and Vitale (2001) identify the following eight e-commerce
business models.
1. Content
Provider: Provides content (information, digital products, and services).
Examples include America Online (AOL) and accuweather.com.
2. Direct
to Customer: Provides goods or services directly to the customer, often
bypassing traditional channel members. An example is Dell.
3. Full
Service Provider: Provides a full range of services in one domain (e.g.
financial, health, application services). Examples include E*TRADE and
Scottrade.
4. Intermediary:
Brings together buyers and sellers by concentrating information. Examples
include Expedia.com and eBay.
5. Shared
Infrastructure: Brings together multiple competitors to cooperate by
sharing common IT infrastructure. An example is CourseSmart, which is a venture
supported by the leading publishers in North American higher education.
6. Value
Net Integrator: Coordinates activities across the value net by gathering,
synthesizing, and distributing information. An example is Cisco, which designs,
manufactures, and sells networking equipment. Cisco utilizes resellers to
install and support the configurator to reduce errors and collect market
information.
7. Virtual
Community: Creates and facilitates an online community of people with a
common interest enabling interaction and service provision. Examples include
Facebook and LinkedIn.
8. Whole
of Enterprise: Provides a firm-wide single point of contact, consolidating
all services/business models provided by a large multi-unit organization.
Rappa (2004) presents a collection of nine e-commerce business models:
1. Brokerage:
Brokers are market-makers: they bring buyers and sellers together and
facilitate transactions. Brokers play a catalyst role in business-to-business
(B2B), business-to-consumer (B2C), or consumer-to-consumer (C2C) markets.
Examples include marketplace exchanges (Orbitz, ChemConnect), auction brokers
(eBay), and transaction brokers (PayPal, Escrow.com).
2. Advertising:
The web advertising model is an extension of the traditional media broadcast
model. The advertising website provides content and services (such as email,
instant messaging, blogs) mixed with advertising messages. Examples include
portals (Yahoo!), classifieds (Craigslist), and content-targeted advertising
(Google).
3. Infomediary:
Data about consumers and their consumption habits are valuable, especially when
that information is carefully analyzed and used to develop targeted marketing
campaigns. Examples include advertising networks (DoubleClick) and
metamediaries (Edmunds).
4. Merchant:
Wholesalers and retailers of goods and services. Sales may be made based on
list prices or through auction. Examples include online merchants (Amazon.com)
and bricks-and-clicks (Barnes & Noble).
5. Manufacturer
(Direct): The power of the web allows a manufacturer to reach consumers
directly and thereby compress the distribution channel. Dell Computer is a
well-known direct manufacturer.
6. Affiliate:
In contrast to the generalized portal, which seeks to drive a high volume of
traffic to one site, the affiliate model provides purchase opportunities
wherever people may be surfing. The affiliate model is inherently well-suited
to the web. Examples include banner exchanges and revenue sharing programs
(Barnes & Noble, Amazon.com, Target).
7. Community:
An online community is an electronically supported social network. It can be
seen as a group of people who have regular social interaction, independent of time
and space, because of a common interest such as a problem, task, or feeling
exchange. Examples of online communities are Internet forums, where users can
gather to share information.
8. Subscription:
Users are charged a periodic (daily, monthly, or annual) fee to subscribe to a
service. Subscription and advertising models are frequently combined. Examples
include content services (Netflix), internet services providers (America
Online), and treasure hunting games (Geocaching).
9. Utility:
The utility or “on-demand” model is based on metering usage, or a “pay as you
go” approach. Unlike subscriber services, metered services are based on actual
usage rates. Examples include metered usage (utility computing by Hewlett
Packard).
As web technologies advances, new e-commerce
business models continue to emerge. From the previous discussion, field
studies, and examples, it is easy to conclude that at present many businesses
explore and utilize Web 2.0. However, Web 2.0-based business models have not
been fully investigated. In order to help businesses to utilize Web 2.0, the
next section explores a basic classification of the Web 2.0-based business
models.
3. Emerging Web 2.0-Based Business Models
Web
2.0 is moving beyond the early diffusion stage and best practices emerge. Many
new pure-play Web 2.0 business models arise by leveraging Web 2.0 technologies
such as wikis and blogs. In addition, bricks-and-clicks organizations try to
leverage Web 2.0 technologies to improve their business processes.
Organizations must understand the impacts of Web 2.0 technologies on their
existing business model in order to be competitive in this fast-paced
environment. In this section, we investigate the emergence of new Web 2.0-based
business models in which the use of Web 2.0 is the primary driver of revenue
and corporate existence. Based on the analysis of popular Web 2.0-based
organizations, we identified the following six Web 2.0-based business models.
Broad Online Community
A
broad online community is an electronically supported social network of a wide
range of user groups. It can be seen as a group of people who have regular
social interaction but without any specific idiosyncratic group
characteristics. The broad online community allows individuals to form or
maintain online social connections and share their skills, talents, knowledge,
and/or preferences with other members. The viability of this community model is
based on user loyalty, since users need to invest both time and emotion to the
community. Revenue can come from the sale of products, information services
and/or advertising. A large community may expect revenue from subscriptions for
premium services. Examples include Twitter, Facebook, Bebo, and Friendster.
Focused Online Community
A
focused online community is a niche/specialty online community dedicated to
people with a common interests and needs such as professions or hobbies. One of
the major distinctions is in professional and private users (e.g., business
social network services as LinkedIn and private social networking services as
Blackplanet targeted at African American users). Users add their profile and
portfolio to the community and become part of a common interest such as a
problem, task, hobby, or business. Revenue can be based on the sale of
specialty advertising, premium services, specialty-related products and
services or contributions. Shopping communities bring like-minded people
together to discuss, share, and shop. Using the wisdom of crowds, users
communicate and aggregate information about products, prices, and promotions.
An example of a focused online community is an Internet car forum, such as
NASIOC (North American Subaru Impreza Owners Club, forums.nasioc.com). In this
forum, members of the community can gather to share information such as car
pricing, purchasing tips, technical details/troubleshooting, and events the
community may hold in their region. They can also post products for sale or
trade with other members. Like most focused online communities,
forums.nasioc.com is funded through banner advertisements, as well as sponsors
who sell their products on the forum.
Social Shopping
Social
shopping, also called social commerce, brings buyers and sellers together and
facilitates transactions by providing a method of e-commerce where shoppers’ social
interactions are emphasized in the shopping experience (Wikipedia, 2010[mb4] ).
Social shopping attempts use technology to mimic the social interactions found
in physical malls and stores. Social shopping can largely be divided into two
categories: (1) Group shopping sites and (2) Social shopping marketplaces.
Group shopping sites group individual consumers to purchase products and
services together from merchants at discount prices. Examples include Groupon,
Gilt City, LivingSocial, and BuyWithMe. Shopping marketplaces bring social
shopping sites, merchants, and consumers together to connect and transact. The
marketplace brings together independent buyers and sellers and creates a forum
for them to conduct business transactions. Examples include Sttorenvy and
Jasmere. Social shopping also encourages people to exchange information about
products and services. The revenue sources include sales commission and
advertising. Social shopping sites develop Android and iPhone-based mobile apps
to provide location-based services.
The success of the social shopping sites
depends on the customer satisfaction, customer loyalty, partner management, and
quality policy, including refund policy. As the number of the social shopping
sites grows rapidly, the competition intensifies and social shoppers’
complaints increase about overbooking, poor product/service quality, and
stockout. Participating companies usually pay a high rate of commission to
social shopping sites. Many social shoppers are bargain hunters.
Content Intermediary
Content
intermediaries are businesses that function as a third party between content
generators and content users. Sometimes, users serve as both content generators
and content users. Content intermediaries aggregate content and deliver it to
users. In addition to written content, content generators often contribute to
the sites with video, audio, or other types of rich media. Product reviews,
comments, recommendations, and news or information posted on the sites
represent high quality market information and an unbiased customer voice. Three
types of content intermediaries are: 1) blog sites, 2) collective intelligence
sites, and 3) content aggregating/sharing sites.
Blogs are online journals that are
characterized by short entries and regular updates. Blogs are inherently
flexible and can be used for a variety of purposes, ranging from personal
opinions of the contributor to knowledge management initiatives and customer
relation tools. Personal or public blog sites are used to host blogs and the posted
messages can be distributed to other sites or readers via RSS. Examples include
political blog sites, such as HuffingtonPost.com, consumer electronics blog
sites, such as engadget.com, and entertainment blog sites, such as
perezhilton.com.
As users contribute new content to the web,
the web of connections and associations among users grows stronger as a result
of their collective activities. Collective intelligence is formed out of
massive user participation and collaboration via the web. Innovative web
business models such as social bookmarking and online encyclopedias take
advantage of the network effects: the more people participate in generating and
refining content, the more useful they become to the users. The ease of content
generation and the speed of content sharing are critical to the success of
collective intelligence sites. Another innovative collective intelligence
business is an online reputation system. Online reputation systems are based on
intelligence of crowds. People provide opinions of the products, services, or
users they have experienced in the form of scores, rankings, and comments. The
reputation systems collect and publish reputation scores and comments to a
community or general public. While most reputation systems are product review
systems, the objects of the reputation system used by eBay are transaction
participants who provide ratings of the transaction party after they conduct a
transaction. eBay’s reputation system is designed to reward good behavior and
punish bad behavior. Examples of collective intelligence sites include online
encyclopedias, such as Wikipedia, social bookmarking/tagging sites, such as
del.icio.us and Digg, and online reputation systems, such as Epinions, Bizrate,
and Yelp.
Content gathering/sharing sites gather web
content (and/or sometimes applications) from users. The value of the sites
depends on the quality and quantity of the content contributed by the users.
This content is in the form of video, audio, music, images, and text. Compared
to the blog sites, the journalistic function is limited. Examples include
video-sharing sites, such as YouTube, event sharing sites, such as Upcoming,
and photo publishing/sharing sites, such as Flickr.
Virtual World
Virtual
worlds are persistent virtual reality spaces (Schroeder, 2008).
Virtual world enables users to interact with each other without geographical
barriers. In virtual worlds or games, it is possible for users to interact
using avatars. Avatars are the representations of users in virtual worlds,
often graphically displayed as 3-dimensional characters and completely
customized according to the user's preferences. These worlds are available 24/7
– users can explore, socialize, and solve collaborative challenges. Virtual
world technologies have affected education, information, and gaming industries.
From a marketing perspective, virtual worlds create opportunities for a new
form of commerce – virtual or v-commerce (Nasco, Boostrom Jr., & Coker, 2010[mb5] ).
V-commerce is an alternative and/or supplement to traditional forms of
commerce. Virtual commerce is a viable type of commerce in which products are
created with infinite virtual resources and exchanged for real world money.
One of the more successful virtual worlds is
3-dimensional Second Life, created by Linden Lab in 2003. Avatars are central
to the way that users interact with people and objects in virtual spaces.
Second Life centers on socializing within communities, the sale and resale of
goods, and the advancement of its virtual economy. Virtual characters known as
Residents run businesses, own land, travel, and buy and sell goods and services
with the Linden Dollar. Virtual worlds represent a significant Web 2.0 business
model due to its business potential. The worldwide virtual world economy is
valued at approximately $1.8 billion (Dibbell, 2007).
Other virtual worlds include Smallworlds, Zwinktopia, ActiveWorlds, and
Twinity.
Shared Web 2.0 Services
Shared
Web 2.0 Services facilitate the growth of Web 2.0 populations by providing
sharable services in the form of software and hardware. Using the shared Web
2.0 services, users/groups can develop their own Web 2.0 applications at
minimum costs and technical skills. For example, users/groups may set up their
own wiki sites using wiki development tools provided by wiki hosting sites such
as Wikispaces and Wetpaint. WordPress is a popular blog hosting site available
to individuals and firms. The revenue sources include advertising, premium
services, and subscription fees. Examples of shared Web 2.0 services include
social networking host services for private specialty social networking, mashup
platform vendors, Widgets, wiki host services, Google apps for social
networking and collaborations, blog host services, and collaborative host
services.
4. Conclusion
In
this study, we discussed major Web 2.0 applications including social networking
sites, blogs, folksonomies, wikis, and integrated services. We also identified
six Web 2.0-based business models: 1) broad online communities; 2) focused
online communities; 3) social shopping; 4) content intermediaries; 5) virtual
worlds, and 6) shared Web 2.0 services. These Web 2.0-based business models
continue to grow in size and number through the interaction with individual
users and business customers.
Web 2.0 has not only engendered Web 2.0-based
businesses, but has also affected the other existing businesses. Existing
businesses must understand the impacts of Web 2.0 technologies on their
existing business models in order to be competitive in this fast-paced environment.
Managers should clearly identify and prioritize their business model components
that require Web 2.0 technologies to improve organizational performance. For
instance, certain organizations may decide to incorporate Web 2.0 only as part
of their information sharing and collaboration initiatives with partners
whereas others may use it as a means to network with their customers. The
overall business strategy will help determine Web 2.0 initiatives and implement
them.
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