Independent Portal and Online Trading Communities
It may well be that the development of the independent portal site (shown in Figure 6.3)—where multiple buyers and sellers can meet electronically and transact all types of business through a single point of integration—will be one of the most significant events, both in terms of IT and economic development, since the invention of the microchip. The portal model, a single Web site entry point available to anyone on the Internet, worldwide, allows any participant to log on and transact business for a subscription fee, a transaction charge, or a percentage of exchange fee. Activities include viewing catalogs, placing orders (or bidding, in the case of online auctions), and routing payments.
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