The Internet of Products and The Triple Bottom Line

Abstract

The previous chapter outlined the importance of electronic markets with respect to an increased coordination efficiency and a reduced transaction cost. Moreover, it was shown that lower prices for goods as a result of lower transaction cost positively influence the economic welfare of a society. This chapter details why current electronic markets still lack transparency and how the Internet of Products aims at correcting this situation. Empirical evidence for the lack of transparency of three large electronic markets was gathered in a semantic product retrieval benchmark.