1. B2C – Retail supply of financial accounting services such as financial advice and income tax returns.
2. B2B – Business to business in terms of firms or individuals who provide accounting services to businesses such small business book keeping to major accounting firms providing consulting and audit services
3. P2P – The collaborative economy whereby consumers supply each other for example financial advice or accounting services.
Choose TWO competing services (websites) in your chosen ecommerce model segment. Your assignment is to compare and contrast your two chosen businesses and websites.
Introduction to B2C E-commerce and Wealth Management
For this assignment, I have chosen to analyse the B2C e-commerce model. This will involve analysing retail supply of financial accounting services such as financial advice and income tax returns provided by two companies: Wealth Management.com and Odin financial Advisors.
www.wealthmanagement.com
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www.odinfinancial.com
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B2C e-commerce models are online platforms that enable transactions to be directly conducted between the company and consumers (Othman, 2014, p. 1907). They focus more on customer experience and ensure that the consumers get value for their time and money.
www.wealthmanagement.com is a B2C e-commerce model because it contains features that enable the business communicate directly with consumers without going through intermediaries. If a user needs help with his financial management and planning, he can directly ask wealth management organization.
Similarly, www.odinfinancial.com is a B2C model because it offers financial management and analytics information. It also allows customers to view transactions histories and other information that may be crucial (Dave, 2015, p. 35). Also, the site provides the latest transaction carried by the company.
Odin Financial advisors provide a range of services which the customer can choose from. They offer services in auctions and exclusive sale of assets, capital raisings, buy-side and sell-side mergers and acquisitions, and long-term confidential strategic financial advisory.
Principal business goals at www.wealthmanagement.com
Wealth Management financial advisors would like to increase brand awareness, promote customer satisfaction and retain customers. When one visits the sites, there is a menu which provides news, investment, wealth planning, practice management, real estate, technology and research in various financial fields. The menu serves the role of informing the customers on the status of operations in these fields. Similarly, the page offers an opportunity for customers to have the company do their portfolio construction and access ETF model portfolios.
Principal business goals at www.odinfinancial.com
The principal goals at this website are to inform, provide platforms for transactions and enable communication with customers. The home page provides customers with alternatives of; advisory, news, selecting transactions and accessing contacts. Additionally, the customer gets to view recent transactions and the role played by the company in them.
Attributes of www.wealthmanagement.com
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Attribute
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Rating
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Comment
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How the URL relates to the business name
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5
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The URL provides the name of the business and indicates the services offered by wealth management financial advisors. They help customers to manage their wealth through offering advice in estate planning, investment, technology and practice management.
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How easy it is to find it with general internet search engines
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5
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When one inputs the URL in the general search engines like Google, Bing! Yahoo, he is directly taken to the home page of wealth management. This is easier because it saves the customers’ time taken to go suggestions, or list of possible pages often provided by the search engines if the address is not definite (Kietzmann, 2014, p. 279).
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Does it provide relevant organizational information?
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2
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The home page provides relevant organizational information. The name of the organization and list of services it provides is found on the page. However, there is no statement explaining the general purpose and goal of the organization.
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Are requirements to provide user’s information appropriate?
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5
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The requirement to provide personal and sensitive information is appropriate since the user is only required to provide a username, email, password, country, firm type and assets and under management. The information is not risky and can only be accessed by the user.
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How well does the website reassure users about security and use of information
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5
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The site contains privacy statement. It states that the company is committed to protecting the privacy of the information customers share with them.
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How well does the website foster trust in the organization?
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2
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The site only provides news updates and types of services provided by the organization. However, it does not provide a list of previous transactions carried out by the organization and the role played in those transactions. Also, there are no reviews on the home page.
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How well does the website address legal issues associated with the use of the website or engagement in transactions
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5
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The site provides legal notices and disclaimers. It also provides the terms and conditions for the use of their services.
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How well does the website provide for the accessibility needs of consumers?
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5
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The website has texts, images, and videos. They act as equivalent to texts for people with different disabilities. For example, instead of reading, one can watch video and still get access to the same content.
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How well does the website address language and cultural needs of users?
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2
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The website can only be used by people who can read and understand English. This locks out people who would like using their services but do not communicate in English (Laudon, 2015, p. 35).
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Does the website contain all product information that a user could reasonably require?
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4
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The menu provides a list of services offered by the company. However, there is no provision of the steps to follow should one be interest in their services. There are links to publications on different financial transactions and trends.
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Does the website allow customisation?
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1
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The site does not allow users to make changes to improve their own experience. Users cannot configure the layout, content or the functionality of the system (Short, 2016, p. 41). Further, users cannot alter colors or other factors related to the visual design of the page. This limits its usability among people with vision problems or preferences for particular topics (AM Al-Asadi, 2015, p. 3).
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How well does the website personalise experience for users?
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2
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The website does not provide content according to the browsing history of the user. When one gets to the site, he can only view content according to the arrangement and order by the company.
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Does the website identify sufficient channels for user service/support?
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5
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The channel used for user service and support are email ([email protected], [email protected] or [email protected]). They also use phone, US Toll-Free: (866) 505-7173
International: (847) 513-6022
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How easy is it to find any information regarding the organization, the products, and services?
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5
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The home page provides necessary information that may be useful to the user. It also provides a list of their services and publications.
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How easy is the information on the website to read?
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4
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The information is easy to read. However, it is easier for someone who has basic knowledge in financial terms and fields because the content is explained in terms familiar with people who know business as a discipline.
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Is the website easy to navigate?
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4
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The website is easy to navigate because the home page provides a menu containing all the services of the organization. However, it is not clear when and how one can conduct transactions with the organization. This makes the page a good source of financial service news (Lijuan, 2015, p. 468). However, for anyone who would like to initiate a purchase, it is challenging.
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How appropriate are the websites aesthetics?
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4
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The background is white with details of light and deep blue. White makes it easier for users to concentrate on the content which are written in black. The font type makes the content look official wand adds seriousness to the website (Julita, 2017, p. 445).
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How well does the website foster community among users?
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2
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The website allows users to make comments on the publications. However, it does not ask users to spam their friends on social networking sites. Similarly, it does not offer a balance of utility and fun and most content/ publications lack photos.
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How quickly does the website load into your browser and do all website features, links and embedded objects work as intended?
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5
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The website immediately loads onto my browser. All the features, links and embedded objects work as they were intended.
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How well does the website support different web browser’s platforms?
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2
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Accessing the website using a mobile device offers a different experience from using a Personal Computer. From a mobile device, some links and embedded objects do not work as intended. To watch videos, one has to tilt the screen to view all the content. However, on personal computer, all the links an embedded objects work and user is not directed to other further links.
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Does the Website provide a sufficient range of payment as could be reasonable expected?
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1
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There is no indication of the types of methods of payment. Meaning, users have to get into contact with them to know how to pay for their services. This is expensive and time-consuming.
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Does the website provide a range of delivery options as could be reasonable expected?
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1
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The website does not provide any method of delivery as any user would expect.
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Attributes of www.odinfinancial.com
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Attribute
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Rating
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Comment
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How the URL relates to the business name
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5
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The URL indicates the name of the business.
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How easy it is to find it with general internet search engines
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5
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Immediately the URL is typed in the search engine, the home page of Odin Financial Advisors appear.
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Does it provide relevant organizational information?
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4
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At the top of the page, it is written that Odin Financial Advisors is a Turkish Independent Investment banking Advisory service firm focusing on merger and acquisition. This only explains what the organization does, it does not explain where it is located and address.
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Are requirements to provide user’s information appropriate?
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5
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The user is only required to provide working email address to get into contact and initiate transactions with the organization.
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How well does the website reassure users about security and use of information
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4
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The website offers terms privacy. The information provided by the user is only used by the organization for the purpose intended. If a need arises to share the information with a third party, the user is notified and given an opportunity to decline or consent.
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How well does the website foster trust in the organization?
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4
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The website provides contact of every individual who conducts transactions on behalf of the organization. This helps in preventing customers from being victims of scam artists (Da-Lun, 2017, p. 94). However, the website does not have a Privacy Policy which can help in fostering trust in the organization.
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How well does the website address legal issues associated with the use of the website or engagement in transactions
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5
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There is a legal provision on the website. The link directs the user to the terms of use, limited license, ownership and trademarks, warranty and reliance, and international uses and choice of law.
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How well does the website provide for the accessibility needs of consumers?
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4
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The website makes use of texts, videos, and images. This makes it efficient even for people with disabilities. The background has a mixture of navy blue and sky blue while the texts are in black. The contrast between the elements makes the content of website visible.
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How well does the website address language and cultural needs of users?
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5
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Although the website is written in English, there is an option to translate the content into the Turkish language. Meaning, both English and Turkish users can access the services of the organization.
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Does the website contain all product information that a user could reasonably require?
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5
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The website contains the range of services offered by the organization and the staff members who can help users in them. For example, if a user would like to how international money market works, he is shown a list of staff members who major in this area.
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Does the website allow customisation?
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2
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The user can view the content according to the arrangement and design of the website. There are no suggestions of things the user may find useful.
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How well does the website personalise experience for users?
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5
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The user is allowed to change the language from English to Turkish.
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Does the website identify sufficient channels for user service/support?
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5
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The website has provided an e-mail address, phone number, and their office locations. Their offices are located at Maya Park Tower 2, No 2.
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How easy is it to find any information regarding the organization, the products, and services?
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5
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The home page provides necessary information regarding the organization’s services (Xi, 2017, p. 83). This is found in the ‘About Us’ section.
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How easy is the information on the website to read?
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4
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The content has been written in official English using the financial jargon. Meaning, it limits people who are not conversant with the business language.
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Is the website easy to navigate?
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5
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It is easy for the user to navigate the website based because the information has been divided into categories instead of all of it being put on the home page (Ho, 2017, p. 1).
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How appropriate are the websites aesthetics?
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2
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The website use standard font type which indicates the seriousness of the information on it. However, most pictures on the news section are in black and white. This makes the content look dull (Du Plessis F, 2010, p. 76).
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How well does the website foster community among users?
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2
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Apart from the contact information, there is no other provision for communication with the organization and other users. For example, there is no provision for comments in the news category.
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How quickly does the website load into your browser and do all website features, links and embedded objects work as intended?
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5
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The website immediately loads into the browser and all the website features, links, and embedded objects work.
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How well does the website support different web browser’s platforms?
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2
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It is easier to access the website, its features and embedded objects from a personal computer compared to the mobile device.
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Does the Website provide a sufficient range of payment as could be reasonable expected?
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1
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There is no provision for any method of payment. Meaning the user has to contact the organization.
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Does the website provide a range of delivery options as could be reasonable expected?
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1
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There is no provision for any option of delivery.
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Websites are deemed efficient based on the content, structure, images, navigation, contacts, Calls-to-Actions, news and texts (Ntah, 2017, p. 497). All these features are found in both www.odinfinancial.com and www.financialmanagement.com. They present information in form of long texts all over the sites. They have content section with articles sections and media publications about them. The contacts options are email, fax, and phone numbers. Additionally, they have CTA (Calls-To-Actions) sections that give room for users to contact the company and subscribe to their newsletters (Krishna M. Moorthy, 2012, p. 15).
In terms of performance, www.financialmanagement.com is more likely to be successful than www.odinfinancial.com. This is because it is easier for users to navigate through their content and structure. According to the Web Content Accessibility Guidelines (WCAG) 2.0, the extent of accessibility of websites is based on factors like HTML pages, pdf, documents, word documents, audio, video, games, and maps. Also, websites have to provide text equivalent for everything that is not text and have enough colour contrast between website content and background. www.financialmanagement.com is more accessible. Right from visiting the home page, one gets to know about the range of services provided. Similarly, it has images and provides videos which make it accessible for people with disabilities.
References List
AM Al-Asadi, B. K. a. D. M., 2015. Multiple comorbidities of 21 psychological disorders and relationships with psychosocial variables: a study of online assessment and diagnostic system with a web-based population. Journal of Medical Internet Research , p. 3.
Da-Lun, M.-Y. W. a. T., 2017. Waterfall Flow vs. Fixed Grid Webpage Layout Design–The Effects Depend on the Zhong-Yong Thinking Style. International Conference on Cross-Cultural Design, pp. 94-103.
Dave, C., 2015. Digital business and E-commerce management. s.l.:Pearson Education Limited.
Du Plessis F, V. H. N. a. G. C., 2010. Marketing communication. In: Integrated Marketing Communication. Pretoria: University of Pretoria, pp. 77-126.
Ho, A. G., 2017. Enriching the User Experience in Social Messaging: Emotion in Communication Design. Online Journal of Art and Design, Volume 5, p. 1.
Julita, K. O. a. V., 2017. What Drives Perceived Usability in Mobile Web Design: Classical or Expressive Aesthetics?. international Conference of Design, User Experience, and Usability, pp. 445-462.
Kietzmann, B. C. a. J., 2014. Ride on! Mobility business models for the Sharing Economy. Organization & Environment, pp. 279-296.
Krishna M. Moorthy, O. O. V. C. A. S. B. S. M. G. a. K.-T. Y., 2012. Application of Information Technology in Management Accounting Decision Making. International Journal of Academic Research in Business and Social sciences, pp. 3-15.
Laudon, K. C. L. a. J. P., 2015. Management Information Systems: Managing the Digital Firm Plus MyMISLab with Pearson eText--Access Card Package. s.l.:Prentice Hall Press.
Lijuan, G. S. a. W., 2015. The effects of online service quality of e-commerce Web sites on user satisfaction. The Electronic Library, 3(33), pp. 468-485.
Ntah, G. N. N. a. S. W., 2017. Website Quality and Online Shopping of E-Tail Stores in Nigeria. Journal of Service Science and Management , 10(6), p. 497.
Othman, i. M. N. a. B. I., 2014. A model for detecting customer level intentions to purchase in B2C websites using TOPSIS and fuzzy logic rule-based system. Arabian Journal for Science and Engineering, 3(39), pp. 1907-1922.
Short, N. B. a. S., 2016. Towards a sufficiency-driven business model: Experiences and opportunities. Environmental Innovation and Societal Transitions, Issue 18, pp. 41-60.
Xi, M. W. a. L., 2017. Effects of the aesthetic design of icons on app downloads: evidence from an android market. Electronic Commerce Research , 1(17), pp. 83-10
