Chapter 7 Flashcards
(16 cards)
What is blockchain?
A decentralized, transparent ledger with transaction records shared by all nodes, updated by miners, monitored by everyone, and owned/controlled by no one.
What are the characteristics of blockchain technology?
Decentralization, consensus, immutability, and provenance.
How does blockchain work?
User signs off a transaction.
Transaction is broadcast and picked up by miners.
Miners validate transactions and form blocks.
Miners solve a proof-of-work problem to secure the block.
Consensus is reached, and the block is added to the chain.
What is proof of work in blockchain?
A method to secure blockchain by solving computational puzzles, ensuring integrity and preventing attacks.
Name two applications of blockchain in e-commerce.
Decentralized marketplaces and smart contracts via platforms like Ethereum.
What is augmented reality (AR)?
A technology overlaying data and graphics onto the physical world, typically via smartphones.
Name three examples of AR applications in e-commerce.
Virtual try-ons (e.g., Sephora Virtual Artist).
Furniture visualization (e.g., Home Depot app).
Measuring tools (e.g., AirMeasure).
What is virtual reality (VR)?
An immersive digital experience in a fully virtual environment, typically accessed via headsets.
Name two VR applications in e-commerce.
Virtual stores (e.g., Amazon VR kiosks).
Shelf testing (e.g., Kellogg VR simulations).
What are the benefits of AR and VR in e-commerce for retailers?
Supports multi-channel retail strategies.
Improves decision accuracy and reduces return rates.
Enhances customer engagement through interactive experiences.
What is e-commerce?
The process of buying, selling, or exchanging goods and services via computer networks.
What are the six types of e-commerce?
Consumer-to-consumer (C2C), Business-to-consumer (B2C), Business-to-business (B2B), Business-to-employee (B2E), E-government, and Mobile commerce.
What are the two types of B2C e-commerce business models?
Electronic storefronts: Single online stores selling directly to consumers.
Electronic malls: Platforms with multiple shops under one address, charging commission or service fees.
What is mass customization in e-commerce?
The production of unique goods at scale, requiring supply chain transformation to a pull system.
What are the front-end issues in e-tailing?
Digital marketing challenges, channel conflict, and cannibalization.
What are the back-end issues in e-tailing?
Fulfillment and supply chain management.
