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The development of ebusiness in property agency industry in Greater China

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Title: The development of ebusiness in property agency industry in Greater China


1
The development of e-business in property
agency industry in Greater China
2
Introduction
  • What is E-commerce?
  • It is the integrated use of the computing and
    communications technologies for commercial
    transactions, including the transfer of
    information, products, services or payments via
    electronic networks.

3
Types of E-business operations
  • B-B (business to business)
  • most common type today
  • transactions take place between business partners
    in the internet environment
  • e.g. GE (General Electric) EC system
  • B-C (business to customer)
  • retail business in the internet environment
  • e.g. Amazon.com

4
  • 3. C-B (customer to business)
  • provision of Marketplace for customers to buy
    their products in the internet environment.
  • e.g. priceline.com
  • C-C (customer to customer)
  • Customers sell directly with other customers in
    the form of auctions or classified ads in the
    internet environment.
  • e.g. eBay.com

5
Marketplace / Marketspace
  • A virtual market place where buyers and sellers
    can interact with each other to complete a
    commerce transaction.
  • It is a Agent Based System
  • - dbase engine
  • - searching engine
  • - Internet logistic implementation system
  • - Internet payment gateway

6
Technology Factors
  • Telecom Infrastructure I, C
  • (e.g. broadband internet network,
  • set-top box)
  • Privacy Security I, C
  • (e.g https, cryptograph, encryption)
  • (e.g e-cert, digital signature, public key)
  • Payment gateway I, C
  • (e.g. SSL, SET)
  • Intelligent I, C
  • (Cookies, servlet program)

7
Sociology Factors
  • Privacy I, C
  • Lifestyle Change I, U
  • Mobility from rural area to I, U
  • metropolitan
  • PRC join WTO I, U
  • Population growth I, U
  • Consumer behavior change I, U
  • Open market information I, U
  • Timely Information I,U

8
Economics factors
  • Social economic growth I, U
  • Second hand property I, C
  • PRC join WTO I, C
  • (non zero sum game, increase 4.6 GDP)
  • Currency control in PRC I, U
  • (capital inflow/outflow)
  • International Banking I, C
  • (arranging bank mortgage)
  • Lower transaction cost I, U
  • Eliminate agency theory problem I, C

9
Political Factors
  • Government regulation on internet I,C
  • Law implementation by Government I,C
  • Government control on internet access I,C
  • Transparence on property transaction
    information I,U

10
Scenario One
  • Good prospect for e-business
  • Navigation of marketplace (Property Agency) in
    terms of
  • 1. Reach
  • A platform collects a lot of variety property
    sites in major cities.
  • Clicks and Mortar Strategy would be relevant.
  • e.g. Centaline Agency property makes use of web
    platform to deal with potential customer.
  • The ability to deal with huge amount of customers
    locally and from
  • Overseas in the platform.
  • Bounded Rationality could be overcome from doing
    business in physical location to virtual platform.

11
Scenario One
  • Affiliation
  • Customer preference would be the trend and
    customer relationship
  • Management is the core success factor of
    property agency.
  •  
  • In Post-modernization, sign and virtual reality
    is important and it changes the people lifestyle.
    Individualism of metropolitan citizen enhance the
    importance of customer relationship management.
    Social mobility of different class in China would
    demand the fairness and class identity and
    Internet could provide the relevant marketing
    information to satisfy their needs.
  •  
  • Tailor-made service for particular customers e.g.
    business and commerce customer of foreign
    companies may need statistic and property dealing
    transaction for decision making - a reducing of
    transaction cost.

12
Scenario One
  • Affiliation (cont)
  • A united platform of financial service,
    registration, payment and property features
    together with analysis is the basic requirement
    of a successful marketplace / Portal in the
    property transaction.
  • Richness
  • The infrastructure that can provide relevant
    marketing information to the consumer is a
    competitive advantage of a property agency
    platform.
  •  
  • Marketing information relies on Government policy
    in PRC for the regulation to govern the
    Internet business and it is certainty that PRC
    government would provide a competitive
    telecommunication environment.

13
Scenario One
  • Richness (cont)
  • Relevant and timely marketing information would
    reduce the impact of opportunism of the company
    managers in control the source of
    Information in order to maximize personal
    interest at the expense of the Company - agency
    theory

14
Scenario One
  • E-business is the non-zero sum game as it
    provides business opportunity. The transaction
    cost in terms of cost saving and efficiency
    improve the productivity of the society as a
    whole.
  •  
  • The trend of e-business in different direction
    provide more opportunity for agency business as
    strategic alliance with expertise in different
    area would join together in a marketplace for
    business. Centaline is typical success example to
    form alliance with Microsoft in set up Intranet
    and Internet web (i.e. a market place ).
  •  
  • The "brand" of "belief" would be the marketing
    strategy of property agency since Sony is very
    success in the brand of belief. Consumer
    recognize the technology of Sony in buying
    walkman and CD player is a good example.
  • Conclusion good prospect of property agency in
  • e-business of Greater China.

15
Scenario Two
  • The fast growth of E-business is susceptible
  •  
  • Based on the recent trend of e-business
    especially the Dot. Com Companies, many of them
    are unstable and face to be closed down.
  •  
  • Hit rate is no longer cared by customers and
    bankers. Instead, their burn rate are utmost
    concern.
  • Regarding the lifestyle of Chinese, such as Hong
    Kong people, they are still not accustomed to
    buying through internet or trading through
    e-business. It will take longer time to proceed
    the e-business which may be more than 5 years.

16
Scenario Two
  • Politically, the China Government exert
    influences or controls on ISP to deliver some of
    sensitive information to Mainland's people so
    that e-business may not stretch fully in China
    market instantly.
  •  
  • Existing interest parties or Pressure Groups will
    try their best efforts to stop the adverse
    effects of e-business on them or their
    supporters.
  •  
  • China government may exert their influence when
    the e-business arise serious unemployment
    problems or social instability.
  •  
  • Game Theory

17
Conclusion (scenario 2)
  • Among the above factors, the effects of
    e-business on Property Agency Market are only
    sudden or new at the start. After many web sites
    are formed, people will commence to disseminate
    the information and the actual effects will be
    exposed. It seems that the effect will not be so
    substantial in short run since people like
    Chinese cannot adopt the e-Business very fast.
  •  
  • We do agree the agency companies to spend money
    and efforts on exploring the e-business.
    However, one cannot rely solely on it. The
    traditional way to run property agency business
    is still very important and acceptable by most
    people.
  •  
  • On the other hand, although web sites may help
    reduce the cost of advertisement, it is hard to
    measure whether users will really base on the
    said information to search for housing units and
    approach to respective company.
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