Abstract
Electronic Business is based on trust between the seller and the buyer. Trust is not an issue if seller and buyer know each other, and they have an existing business relationship. However, when there are no earlier experiences, when the customer is not familiar with the vendor or the products and services are new – trust can be challenging. If there is no knowledge whether the vendor is trustworthy, the buyer is trying to find different kinds of reviews and experiences from other customers to make sure the buying decision is right. Here we look at how these cues could be made available, and in this way adding value to both vendor and buyer. Ultimately, better information increases trust and helps in developing successful business.
Highlights
Internet is increasingly important for business activities
In this paper we study the role of trust in electronic business
Trust has always been an important element in business
Summary
Internet is increasingly important for business activities. It has become popular to use internet for finding products and services, and potential vendors for them. From the customers perspective internet is a tool that makes it possible to find and compare different products and services. Vendors and entrepreneurs need to have visibility in internet, and the activities they do in different sites and channels have a major impact on business activities. It is critical to understand the importance of trust between vendor and customer, in an environment where they do not necessarily know each other’s, the products or services, and may be in a situation where every step of the business transaction is being made with computers. In this paper we study the role of trust in electronic business In this environment trust has a critical role in business transactions. Businesses need to pay attention to trust and understand how trust between vendor and customer could be increased
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