An Analysis of Crowdsourcing as an Effective ECommerce Strategy
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
Latest posts by Mariam Peyton (see all)
Currently, there is an ongoing growth and development of social websites that offer e-commerce activities and as a result, there has been an innovation of the concept of crowdsourcing as a strategy to conduct these e-commerce activities. The primary aim of this paper is to study critically the concept of crowdsourcing and its effectiveness as a strategy. The paper will begin with a clear understanding of the historical development of crowdsourcing. And later it will provide an analysis of what is crowdsourcing and how it functions and its relevance while conducting e-commerce. The paper will provide some case studies of organizations that employed the strategy and an analysis of whether it was a success or a failure. The paper will also suggest on how the strategy can be effective in businesses.
In the present times, information and knowledge have become major production factors in this global economy which has resulted in innovation and technical progress having major contributions to the growth and development of the economy. E-Commerce refers to the use of digital technologies to conduct business transactions among different parties, such as consumers, suppliers, intermediaries, and governments.
Crowdsourcing is a method used to obtain information, ideas, or services from a large group of people, usually through an online platform. It can be used for various purposes in businesses, such as problem-solving, innovation, data collection, content creation, or funding. Crowdsourcing offers enormous benefits to businesses such as cost reduction, and quality improvement among so many others.
The strategy was invented by Jeff Howe and Mark Robinson in a 2006 article for ‘’Wired magazine’’, where they explained how various big companies like Netflix were using the internet to gain information from their millions of users. The strategy has since then been applied to a number of spheres, such as innovation, problem-solving, data collection, citizen science, and crowdfunding.
HARVARD
Citation Here
Citation Here
APA
Citation Here
MLA
Citation Here
CHICAGO
Citation Here
An Analysis of Crowdsourcing as an Effective E-Commerce Strategy a Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Define crowdsourcing and its benefits and challenges for e-commerce businesses.
- Identify different types of crowdsourcing models and examples of successful e-commerce platforms that use them.
- Evaluate the effectiveness of crowdsourcing as a strategy to enhance customer engagement, innovation, and quality in e-commerce.
1.0 INTRODUCTION
Crowdsourcing as a strategy defines how an e-commerce business organizes its workforce by outsourcing its activities to an employee who conducts business on the Internet. [Jeff Howe and Mark Robinson in the June 2006]. The strategy is to the effect that instead of employing a specific person to carry out certain activities, the business calls upon anyone who is willing to submit their proposals or solutions. The business later suggests which proposal is more effective for them. This way, the business can access a large and diverse talent pool, reduce costs, and stimulate innovation and creativity. Crowdsourcing is usually done through online platforms, where people can see the tasks and the rewards, and submit their work. According to Jeff Howe, the following are some of the basic definitions of the concept of crowdsourcing.
Simply put, crowdsourcing is when a company gets an activity that would have been done by a specific person and allocates it to a large group of people in the form of an open call to submit proposals. (Howe, 2006) once the job is posted, it can either be attempted by a group or even sole individuals. The vital requirement of this strategy is that a company used an open call to a large group of people.
Howe explained this concept and said that true crowdsourcing happens when a company accepts one’s proposal, processes it, and later rewards the provider of that specific proposal. This is so because it wants to create a difference with open sourcing where there is no reward attained. By way of explanation, crowdsourcing occurs when a company posts a problem on the internet and individuals offer solutions to the problem, and then the winning ideas are awarded a monetary reward, and then the company uses the idea for its own benefits.
Matt H. Evans in his article titled “Power of Crowdsourcing”, noted that Crowdsourcing comprehends the world of ideas which later helps companies to function through a quick design progression.
When we look at both these definitions, we note that for crowdsourcing to be effective, it needs a channel that can reach out to large groups of people and the internet is well-known to be the best choice here.
Cancel anytime…right from your account dashboard
NOT YET READY TO SUBSCRIBE? Try our other options below
Get a personalized on-demand assignment fast **
Purchase This Assignment On Demand
100% original custom written assignment
Zero plagiarism (checked via Copyscape)
Harvard/APA/AMA referencing
3500 words-(14 pages)
Price: £ 141.75
Services We are Offering
We are more than a free study and revision tool.
We also provide
on demand research and custom writing services.
123 Writing is the #1 exam revision and assignment study platform in the UK.
Get unlimited access to answered student essays, assignments, past exam questions and sample coursework written by qualified academic writers & tutors.
Our Standard subscription typically retails for £299.88 a year.
Today, you can join at 80% discount.
Here’s a full breakdown of everything you get as a Standard or Premium subscriber...
» Get access to our database of more than 5,770 answered premium strategy case studies
Get unlimited access to a robust database of premium business strategy case studies including more than 5,770 fully answered sample strategy frameworks and tools such as pestle, value chain, value matrix, porters five forces, Ansoff’s matrix, etc., authoritatively written and tailored for student revision, assignment preparation and transformative business research. Our strategy case studies are especially suited for university students wishing to apply strategic frameworks to real-world situations, company cases or simulations. All our strategy case studies come with teaching notes and learning outcomes, making them effective as coursework revision, and essay study help tools.
» Free access to past exam & assignment answers
Revise and prepare for exams and coursework with our fully answered exam notes and sample assignment papers. Furthermore, get quick on-demand answers to past exam question and assignment questions from our writers. Exam answer notes come with personalized lesson plans, and detailed study notes complete with detailed explanations of each answer, for maximum exam revision and assignment preparation. This tool is perfect for readers struggling with exam preparation & assignment study.
» Get extra assignment related help from our writers & tutors
Achieve high grades with a little extra assignment related support. Get extra help with your essays, assignments and general coursework, from our knowledgeable writers and tutors who will provide extra assistance when required for all academic related tasks including proofreading, grammar editing & correction, citations, referencing, etc. at no extra cost for standard and premium subscribers. All our standard and premium subscribers receive free proofreading services, which will include a check for punctuation, grammar, sentence formation, typographical errors, formatting, errors and other consistency issues (broadly).
» Get free assignment & essay writing help worth up to 7K words
Commission an on-demand essay, or assignment title from our knowledgeable writers and tutors on any subject matter. Get up to 7,000* words in on-demand custom assignment help from our writers who can assist with difficult topic in classical business literature. (* 7,000 free word credit exclusive to premium members).
» Fast & speedy answers to on-demand case solutions & assignment questions
Make use of your available free word credit (up to *7,000words) to commission on-demand custom case solutions, case study assignments and receive fast & speedy personalised answers. Receive timely and fast plagiarism-free answers to assignment questions or case solutions in as little as 1-2 business working days. Topics include Strategic Management, Marketing, Business Management, Economics, Operations Management, Organization Studies, International Business & Management, Human Resource Management and more. (* Exclusive to premium members).
» Get exclusive Q&A sessions with our subject matter writers
Ask our qualified, vetted and knowledgeable writers up to *12 essay, assignment and coursework related questions annually and receive accurate, clear, and detailed answers including step-by-step explanations briefs that are easy to follow. (*Exclusive to premium members).
» Free access to test bank questions & answers, study notes and practice quizzes
Test your knowledge on any subject with our quick quizzes and test banks for maximum retention after revision and studying. Test Bank contains questions in a variety of formats including multiple choice, true/false, short answer, and essay questions.
» Free access to video tutorials & study packs
Get free access to exclusive video tutorials to common subject topics. Our subject matter video tutorials, study notes and study packs have been created to help students learn and understand basic course module materials, as well as prepare students for their coursework assignment questions, essays and exams. Our video tutorials, study notes and study packs can be organized by topic, textbook or Question &Answer.
» Access to textbook chapter reviews and answer solutions
Get access to chapter reviews of popular business books, broken down in easy-to-understand simple concepts with simplified English. If English is not your first language, this service will make revising for essay assignments and exams as easy as 123 (Exclusive to premium members).
