Crystal Ball
Gazing
Reflections on the role
of information resources in a liberal arts eduction
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Crystal Ball
Gazing |
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The democratization of information has changed the balance of power between merchant and customer.
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Not so long ago, consumers were confronted with information scarcity. The cost of searching for the information they needed was high. Shopping around meant spending more time and money just to gather information. And there was no guarantee that another day spent looking would yield a better buy. But the table has turned for both buyers and sellers. Information abundance is the hallmark of the Internet. People have more information and are better connected than ever before. E-mail, instant messages, Web sites - it all adds up to well-informed customers. |
Today, web sites readily exist to provide readers with detailed product specifications, the experiences of other customers, comparable prices from online stores nationwide, and -- in some cases -- even hacks to make the product work better. For example, while most buyers still purchase automobiles through a local dealer, over 75% now use the Internet to research specific models and features. Online sites also provide detailed information on dealer costs and even the hidden rebates that the dealer receives from each manufacturer. Thus, the buyer knows not only the features desired but the dealer's profit margin when negotiating the sale.