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So what's new in the 'new economy'? 5 myths of e-business

So what's new in the 'new economy'? 5 myths of e-business. Phil Shankland Oasys. So what's new in the 'new economy'? 5 myths of e-business. what do we mean by the ‘new economy’ ? characteristics of the new economy examples dotcom failures why companies fail 5 myths 5 hits

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So what's new in the 'new economy'? 5 myths of e-business

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  1. So what's new in the 'new economy'?5 myths of e-business Phil Shankland Oasys Sheffield Business School 26/10/00

  2. So what's new in the 'new economy'?5 myths of e-business what do we mean by the ‘new economy’ ? characteristics of the new economy examples dotcom failures why companies fail 5 myths 5 hits conclusion – new acronyms Sheffield Business School 26/10/00

  3. So what's new in the 'new economy'? Phil Shankland Oasys – e-strategy/e-marketing 1,500 web enquiries per month 300 new/used car sales per month £2m turnover per month 80,000 prospects in 70 countries 650 stock machines – ‘live’ database 30,000 fax/email shots per month Sheffield Business School 26/10/00

  4. So what's new in the 'new economy'? mybands.com £5.5m music infomediary – web/wireless/DTV Sheffield Business School 26/10/00

  5. What do we mean by the ‘new economy’? 2 views: the e-vangelists the e-conomists Carl Shapiro and Hal Varian: (professors) Information Rules – A Strategic Guide to the Network Economy Amazon sales rank: 286 Kevin Kelly : (publisher ‘Wired’) New Rules for the New Economy – 10 Ways the Network Economy is Changing Everything Amazon sales rank: 3,421 Sheffield Business School 26/10/00

  6. What do we mean by the ‘new economy’? the e-conomists the e-vangelists Allen Morgan: (Mayfield Venture Capital) “There aren’t any new business models.” PierreOmidyar: (founder of Ebay.com) "What I wanted to do was create a marketplace where everyone had access to the same information." (Oct 2000 – 19m registered users) Johan Konings: (Pythagoras Participations) “There’s no such thing as a New Economy, it’s about creating value propositions.” Sheffield Business School 26/10/00

  7. Characteristics of the new economy Sheffield Business School 26/10/00

  8. Characteristics of the new economy ‘old’ ‘new’ Knowledge products content Communication/ physical electronic distribution Market place on-line Sheffield Business School 26/10/00

  9. Characteristics of the new economy ‘old’ ‘new’ Marketing mass one-to-one Selling brand brand Supply chain fragmented integrated Sheffield Business School 26/10/00

  10. Characteristics of the new economy e.g. music ‘old’ ‘new’ Knowledge CD subscription Communication/ record co. web/wireless Distribution distributor digital TV Market retailer anytime/ anywhere Sheffield Business School 26/10/00

  11. Opportunities in the new economy Knowledge content Time-Warner Communication/ infrastructure AOL distribution Market broadband ‘always on’ Sheffield Business School 26/10/00

  12. Examples of ‘new economy’ companies ? Sheffield Business School 26/10/00

  13. If the ‘new economy’ is so hothow come it’s gone cold? Sheffield Business School 26/10/00

  14. If the ‘new economy’ is so hothow come it’s gone cold? Sheffield Business School 26/10/00

  15. A to Z of dot com failures including: • auctions.com • boo.com • boxman.com • clickmango.com • …… • worldspy.com • xenote.com • …… next? Sheffield Business School 26/10/00

  16. reason company boo.com poor financial control boxman.com poor sales clickmango.com poor customer service Q: are these ‘new economy’ reasons? Sheffield Business School 26/10/00

  17. Geoffrey Moore • Are there any new reasons to fail? • the slow fail – inflexibility/sticking to the plan • the chasm trap – vendor promise/market acceptance • the tornado dive – first mover/value chain lag • the dead zone – modest gain/high pain Sheffield Business School 26/10/00

  18. No surprises: • new idea • new business model • unproven market • new management • speed to market • cash burn Sheffield Business School 26/10/00

  19. “In high-tech ventures, you can expect to fail many, many times. That's part of the deal.” Geoffrey Moore, Chasm Group Sheffield Business School 26/10/00

  20. “The combination of weak financial structure, mounting competitive pressures and investor flight will drive most US Web retailers out of business by 2001.” Forrester Research, April 2000. Sheffield Business School 26/10/00

  21. Myth #1 “There are new rules for the new economy.” x Sheffield Business School 26/10/00

  22. Myth #2 “In order to succeed you need first mover advantage.” x Sheffield Business School 26/10/00

  23. Myth #3 “In order to attract users you need to burn cash.” x Sheffield Business School 26/10/00

  24. Myth #4 “Achieving scale is more important than making money.” x Sheffield Business School 26/10/00

  25. Myth #5 “Disintermediation will see the end of the middleman.” x Sheffield Business School 26/10/00

  26. 5 hits of e-business #1 B2B e-commerce “Ecommerce in Europe is set to go into ‘hypergrowth’ in the next two years, according to a new report published by Forrester Research. It predicts that worldwide Internet commerce will hit $6.9 trillion in 2004, with West European e-commerce reaching $1.5 trillion. http://www.forrester.com Sheffield Business School 26/10/00

  27. 5 hits of e-business #2 Supply chain – B2B exchanges “E-procurement could save UK manufacturers millions of pounds according to a new report commissioned by MRO.com. But they found that UK manufacturers are lagging behind other sectors - such as banking and finance - in taking advantage of e-procurement. Half of UK manufacturing companies surveyed will have some type of e-procurement system in place by 2001.” www.mro.com Sheffield Business School 26/10/00

  28. 5 hits of e-business #3 Wireless internet “Europe will lead the US in the growth of m-commerce over the next year, states the Patricia Seybold Group. It its predictions for 2000 - Looking Ahead to the Year 2000 - it says that the growth of broadband wireless will outpace cable deployment outside the US. It also predicts that merchandise returns will plague e-tailers with inventory management becoming a major ebusiness roadblock.” www.psgroup.com Sheffield Business School 26/10/00

  29. 5 hits of e-business #4 Personalisation “Personalisation is by an order of magnitude the single most important factor in the future success of mobile commerce.” Patrick Neil - Vodafone Sheffield Business School 26/10/00

  30. 5 hits of e-business #5 Infomediaries • a trusted holder of consumers’ personal preferences • a deliverer of specific value added services across multiple vendors to a consumer • permission, relationship and trust based • high initial build cost, long term asset value becoming more valuable over time • the link between vendors and consumers Sheffield Business School 26/10/00

  31. Conclusions – new acronyms • B2B “back to basics” • B2C “bending to customers” • P2P “path to profitability” Sheffield Business School 26/10/00

  32. So what's new in the 'new economy'?5 myths of e-business Questions Sheffield Business School 26/10/00

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