3 eCommerce Phrases You Should Know When Using Social Media

A tool used in industrial business-to-business procurement. It is a type of auction in which the role of the buyer and seller are reversed, with the primary objective to drive purchase prices downward. In an ordinary auction (also known as a forward auction), buyers compete to obtain a good or service. In a reverse auction, sellers compete to obtain business. Used by many purchasing and supply management organizations for spend management, as part of strategic sourcing and overall supply management activities.

Web 2.0:
A trend in World Wide Web technology, and web design, a second generation of web-based communities and hosted services such as social-networking sites, wikis, blogs, and folksonomies, which aim to facilitate creativity, collaboration, and sharing among users. Web 2.0 websites allow users to do more than just retrieve information. They can build on the interactive facilities of “Web 1.0″ to provide “Network as platform” computing, allowing users to run software-applications entirely through a browser. Users can own the data on a Web 2.0 site and exercise control over that data. These sites may have an “Architecture of participation” that encourages users to add value to the application as they use it.

Virtual communities/Community of Practice:
A group of people that primarily interact via communication media such as letters, telephone, email or Usenet rather than face to face. Virtual and online communities have also become a supplemental form of communication between people who know each other primarily in real life. Many means are used in social software separately or in combination, including text-based chatrooms and forums that use voice, video text or avatars. Rheingold’s definition contains the terms “social aggregation and personal relationships” to define a virtual community. The concept of a community of practice refers to the process of social learning that occurs when people who have a common interest in some subject or problem collaborate over an extended period to share ideas, find solutions, and build innovations. It refers as well to the stable group that is formed from such regular interactions.

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Filed under E-auction, eCommerce, eMarketing, Marketing, Miscellaneous, Virtual Communities, Web 2.0

2 responses to “3 eCommerce Phrases You Should Know When Using Social Media

  1. Communities are super important.

    If you’re building off of good social media relationships with your fans/followers – hopefully you are setting the groundwork for a great community.

    Community is the first step to Marketplace; another word that could be added to this list.

    Good stuff here!

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