TWC Group 8 Outline

Technology and its impacts on e-commerce

Introduction

• General background on e-commerce
• Which parts of e-commerce this paper will be covering
• What interested us in choosing this topic

Background

• Revolution of e-commerce(significant event in history that sparked the e-commerce trend)
• Why the world is moving towards e-commerce
• how it affects our lifestyles

Issues

Pros

For consumers:

• Convenience

o Consumers no longer need to step out of their homes to purchase goods

o Transactions can be completed in the comfort of their homes

o Buying and selling 24/7

o Easily compare goods

• Increases variability of goods available for sale

o Boundaries of sale no longer defined

o Consumers are allowed to choose from a variety of sources

o Not limited to only their own country

o Global shipping, freight

o Consumers benefit from increased choices

o Goods can also become cheaper due to competition from a variety of sources

o Make more informed choices with feedbacks given by other buyers

For retailers

· Niche product retailers may find themselves having reasonable sales volumes than before

o Niche products usually in low demand in most retail stores due to exclusivity and price

o But with e-commerce, better exposure and opportunity to connect with more groups of people who wish to purchase such goods

· Logistical and administrative problems due to human errors are removed

o Transactions and business are done virtually

o Little or no human contact i.e salesperson

o Lesser chances of human error when doing invoices, etc…

o Accounts more easily managed as transactions occur using technology and not manually

o No need for receipts

· Establishing new business relationships and opportunities

o Ease of commercial transactions and communication

o Online advertising to boost sales

o Reach out to a wider consumer base

§ Sales volumes benefit

§ Profit margins rise

o Reach out to new business partners

§ Find new product manufacturers

§ Costs can be reduced in the short run due to wider pool of suppliers on hand

§ Find new business partnerships

§ Benefit the corporation in the long run

· Ease of starting up/maintaining

o No or low start up cost

o Can be started up immediately

o Low barriers to entry

o Low maintenance cost

Cons

Security

· Possibility of important information being stolen

o (Personal details and credit card information when making online payment)

· The site might not be the actual Company that users are actually looking for (Hoax)

Reliability and credibility

· Product scams (online frauds and misrepresentation of products and services)

· Biased reviews

· Advertisement placed on the web pages might be seen as in collaboration with the company

o Deemed as trustworthy but its actually virus

Competition (High-level)

· Other competitors are also venturing into e-commerce (low barriers of entry and minimal start-up costs)

· Physical shops are losing attractiveness in the market

The lack of human touch

· Valued Added Services might be compromised

Discussion and analysis

o Legal

• Copyrighting

o Economic

• Impacts to the company by bringing more profits or less

o Social

• Human touch

Future consideration (where we might go)

o Virtual fitting room

• Online fashion consultant
• Solutions for people who wants fashion advice

o Solve security issues of e-commerce and m- commerce

o TV innovation

• Combine Kinect software with iPad functions

Conclusion

SESSION FIVE

Today’s topic is on ICT and world change, from the past to present, and what to expect in the future. This topic is no stranger to anyone at all, ICT is everywhere around us. While I am typing now, I am already using a part of ICT. Everyone around us owns a mobile phone, laptop, uses the internet etc, therefore we are all familiar with the benefits of ICT. However, is ICT really flawless?

ICT has been an integral part of our daily lives, and it is undeniably shaping the world in almost every way. It has certainly changed the rules and ways of communication, sharing of different views and opinions, transmitting of information, gaming etc. Information is being transmitted at an unprecedented rate, we can now access to hundreds of thousands of articles in split seconds. The world seems to be “shrinking” in a way as the information we can access to seems limitless.

In Singapore, I feel that ICT can and should be introduced to more schools and slowly integrate into the education system. The reason to justify my stand is that I feel that ICT can be a catalyst to cultivate more thinkers and to allow students to think out of the box. We do find many differing opinions on same issues thanks to the ingenious development of ICT which allows two way communication between the author and reader. This will trigger the student’s ability to think and to have a view on their own. The textbook is an essential provider of knowledge, but at the end of the day, it is still limited. The internet will expand their knowledge and also make learning more hands on and fun.

ICT is not all the great and it does have its drawbacks too. Since the day Internet is introduced, governments have already started tracking and filtering every movement of its citizens on the Internet. The Internet we use every day to source for information, chat with friends is the same Internet that terror groups use to spawn their activities. While some people may feel it’s an invasion of privacy, I feel that this is absolutely necessary and vital. Especially since the 9/11 attack, online security needs to be tightened and scrutinized. Another drawback is that cyber crimes are on the rise. Despite all the warnings of scams online, some gullible groups of people still do fall for them. Also, another alarming issue is that children now can have access to pornography and violence videos uploaded online. This is the duty of parents and they should keep a watch on them.

During the lesson, “cloud computing” was brought up. I thought I knew what this term was, but in fact, it was much more than what I thought it was. I was amazed at the convenience cloud computing bring about and also how it could significantly help businesses to strive. When businesses execute similar system, newcomers will be able to settle down in the office quickly enough as the system is universal across companies. This will reduce their training times and also cut costs.

Another interesting video was brought up in class today. It was a video of a virtual human being being able to feel and respond. It really showed me how amazing existing technology is but yet at the same time it’s really creepy. The boy in the virtual world had a “human” part to him, and after watching this video, how do we actually differentiate humans? Is he human?

I would rate the lesson 8/10. My knowledge of ICT has been taken to another level :)

SESSION FOUR

Brief overview/ Summary

Tuesday marked the end of the 4^th session which means we are already 1 month into TWC! :) Time really flies and lessons have been really enjoyable and informative :) Also, I had my 1^st presentation in SMU during TWC on Tuesday and I really learnt a lot from the presentations given. The seniors were so confident and charismatic when they presented and now I know what it really is to give a presentation. Anyway, we discussed the topic of Drivers of World change for the first half and went on to Change management and Leadership during the second half.

Interesting Observations and Ideas

Prof showed us a video of a random man who was dancing crazily on his own in the public. It was such a crazy and simple video, but it really taught us a great lesson on Leadership. It is never easy to be the first follower, but once you be it, you may be the catalyst for an eventual change.

“Be the change you want to see in the world” by Mahatma Gandhi. In order to cope with change, we have to first be the initiators of change and make things happen. If we start with ourselves, we would be able to anticipate and work towards the change we want. However, if we just sit and respond to change when it happens, it will probably be too late by then. Worst of them all to cope with change, is to be surprised by the change. This is being ignorant and oblivious to surroundings in everyday life, and it will probably be impossible to cope with it as there is just too much to catch up with. Therefore, start being the change you want to see in the world.

In addition to this, I also want to quote the lyrics of one of the hit songs of Michael Jackson's, Man in the Mirror - “I’m starting with the man in the mirror…if you wanna make the world a better place, take a look at yourself and make that change.”

During the lecture on Change management and leadership, Prof showed us a model Proactively Managing Change – Understanding the Pessimism Time Curve. We often have a great idea and aspiration from the start, perhaps in the example of businesses. Most businesses start off with a wonderful business idea, full of optimism and drive. However, more often than not, life is not a bed of roses. As time passes, and the businesses gradually proceed on, problems will start piling as they are more thoroughly informed and aware of the industry. However, once they bypass the obstacles that came their way, success is in their hands.

Key Takeaway point

Change is a constant and it is an integral part of our lives. There have been many factors that have contributed to this change. Environment, Globalization, Social media, Technology are some examples of the key drivers to Global Change. The quote “It is not necessary to change. Survival is not mandatory” by W. Edwards Deming clearly emphasizes that change is indeed necessary for survival. Therefore, change is inevitable.

Personal ratings

9/10. The presentations were really entertaining and I enjoyed the lesson :)

Preliminary Individual Topical Paper

Background

In vitro fertilization treatment was first founded in 1978, which also marked the first successful birth of a “test-tube baby”. Success rates were relatively low then, but specialists and professionals continue to embark on their research based on the “test-tube baby”. As technology advances with medical breakthroughs, success rates increased tremendously: In 1985, there was only 5% success rate of pregnancy, while fast forward in 2006, that number had climbed to just under 30 percent.

Issues/Challenges

Issue -> Around 1 in 4 couples will have twins for those who successfully conceived, in comparison with 1 in 80 in the population. This may seem like a blessing, but it increases the chances of miscarriage and even complications.

Religious issues -> Catholics believe that new lives should be created with the closest intimacy between the husband and wife.

Social issues -> Same sex couples are able to have genetically linked children on their own.

Emotional -> The first procedures of IVF require the fertilisation of the sperm and embryo, after which inserting into the women’s ovaries. However, the success rates ranges from 30% to 50%, which means there is a 50% to 70% chance of not being able to conceive successfully. This will cause additional emotional distress to parents as their last hope has been killed. This may lead to depression of the mother.

Ethical -> The careful selection of embryos sparks controversy. To avoid inheritable diseases, embryos are carefully selected and the only the best embryos will be chosen to transfer to the women’s uterus. Through this process, are we playing God by altering genes? The issue of artificial contraception is itself a controversy too. Should we play God?

Despite these challenges, most countries legalized IVF and recognized it as a solution for infertility.

Key Observation

IVF has revolutionized the medical arena in the area of child birth. In the world today, 1 out of 7 couples have difficulties conceiving. With the increasing stress levels around the world, these numbers are increasing rapidly. Infertility could be due to either the men or women or due to unexplained causes. Therefore, the introduction of In Vitro Fertilization can offer hope to such parents. It also enables older women to conceive despite their age.

àSuccess rate for women below 35 is 47.6% and for above about 30%

Also, the selection of embryos allows the detecting of genetic abnormalities and avoiding of inheritable diseases before implanting the eggs into the patient. This is very beneficial since some women have a higher risk for having a child affected by various complications.

Discussion and Analysis

I personally support IVF treatments. Although it may have raised certain controversial issues, it is undoubtedly a breakthrough in the medical field and for mankind. Children are our future and their innocence makes the world a better place to live in. Thus, since infertile parents are given an opportunity to conceive, why deny them of a chance to? Also, with the decline in population growth in developed countries, IVF will certainly encourage infertile parents to have children of their own.

Will IVF one day be one of the solutions to the declining population growth in developed countries?

Taking things forward

One of the rising factor that is affecting infertility is the large amount of stress faced by working populations and their diets. Therefore, IVF can provide as a solution to this problem. Also, many couples in the developed world are postponing marriages and having kids. IVF is projected to be widely used by not only infertile couples but also those who want to give birth at a later age. 25% of all couples might eventually be undergoing IVF to conceive in the future.

SESSION THREE

Brief overview/ Summary

3 weeks into SMU and today’s the 3^rd session for TWC. I am starting to warm up to SMU and getting used to the heavy workload. Today’s topics were no stranger to me and I enjoyed hearing different viewpoints. For the first half of the lesson, we went into discussing about technology and industrial development : towards sustainability and for the second half, we discussed about technology and innovation management.

Interesting Observations and Ideas

During the lesson today, Prof showed us a video on sustainability of resources. One particular line that struck me from the video is that “if everyone in the world were to consume as much resources as the US, we would need 3 to 5 planets to satisfy the world’s population.” Indeed, US’s ecological footprint is the largest. Generally, every person has only 1.8 hectares of ecological footprint per year. However, the US footprint is equivalent to 9.7 hectares per person per year, which exceeded by 5 times the average footprint. I can’t help but think of what will become of our future generations? Will they be able to enjoy the resources like we do now? Even after these alarming statistics surface, consumption rates are still extremely high. It does seem like the continuous search for profits and the care for the environment cannot co-exist in the US or even in the world. Even the respected president of the United States, president Obama released a disappointing statement that environment laws will be less stringent so to allow businesses to carry out with more ease. This translates to exploiting the environment even more. Without the lead from the president, it seems more impossible for people consume resources such that it is sustainable. As mentioned in the video, we cannot have a linear production in a finite world.

The Love Canal is a reflection of man’s selfish act to strive to maximize profits at the expense of the environment. The Love Canal is a dumping ground for toxic waste and chemicals for factories whereby after several years of dumping, there were construction of schools and housing. This has caused health problems like birth defects of children due to the toxic waste. Just like how after years of irresponsible mining and logging by corporations and governments, Mother Earth has struck back at us with severe storms, freak weather patterns and global warming. Everything we do has a consequence and we should not let our future generations suffer the consequences for the problems we create. Therefore, although highly difficult to achieve, sustainable development is crucial.

During the second part of the lesson, Prof shared his Landscape model for Technology. I generally agree with his model. Take Valley Opportunities in the case of Bubble Tea for example. In Singapore, we see a whole range and variety of Bubble Tea shops. It was popular in the past, stagnant for a period of time and the craze is now back. The low barriers to entry made it easy for such stalls to start up as well as exit the industry. However, we observe an interesting trend that corresponds to the model. Sweet Talk, an old established brand of Bubble tea has relatively low margins of profits due to their low interest for innovation (their menu has not changed much from previous years). However, brands like Koi and Gong Cha has relatively higher margins of profits and popularity due to their higher interest for innovation. Although both are selling Bubble Tea, each of them has their own unique selling point. This sets the two apart and each appeal well to the public. Thus, the model is a good reflection of technology and innovation in businesses today.

Key Takeaway point

Our resources are finite. We cannot carry on exploiting Mother Earth as there is a limit to how much these resources can help us advance as a society. We humans have used up 80% of the Earth’s resources. Even the most important resources, oil and fossil fuels are expected to deplete by 2050. At the alarming rate at which we are consuming resources, the future of our generations is bleak. Therefore sustainable development is necessary. This is to ensure that our future generations are able to enjoy similar luxuries that we do now. To do so, everyone must do their parts to try conserve energy or recycle as we are inhabitants of the Earth. Hybrid cars, Masdar city and the use of biofuels are some examples that I believe humans will succeed in achieving sustainable development.

Issues for further discussion

Will you pay more for a green certified product given that there is a cheaper alternative that is not certified as a green product?

Personal ratings

8/10.