 |
|
|
|
 |
|||
 |
 |
||
 |
|||
 |
 |
||
 |
|||
 |
|||
 |
 |
||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
|
|
|
|
|
|
 |
|||||
 |
 |
 |
 |
||
 |
|||||
Information Asymmetry Shrinker
Many years ago, the salesperson knew more about the product, the pricing, and the competition than you did. This is “information asymmetry.” Now you can spend a few hours “surfing” the Internet using “search engines, bulletin boards, community/chat rooms, etc.” and research a product/subject to know as much or more than salespersons. This is referred to as an Information Asymmetry Shrinker.
One of the most obvious areas to research is travel. Most hotels and airlines now have web sites with complete information as in brochures, many listing "special Internet" rates. I must admit that I still do better calling the hotel directly, but I’m have all the options and room types when I call. Using online maps, you can find in- or out-of-town addresses, directions and driving times. We've planned several driving trips on the web all over the U.S. and Mexico.
Researching major purchases is now much easier. Knowing the MSRP and actual dealer cost of automobiles is a great advantage when going into negotiation with a dealer or seller. You can research electronics specifications, features, and expert reviews for electronics and computers.
With a small postal scale, finding Zip Codes and shipping costs on the USPS or UPS web sites makes sending mail and packages more efficient. Looking up phone numbers, long distance and local, is now free, without the annoying dollar-a-call to information. You can view or download forms and regulations on the Internet instead of waiting weeks for the mail, or trying to get information from a harried customer service clerk. Recently, I needed to see an IRS booklet and it took me 3 minutes to find it on the IRS web site. I pay my city Business Taxes online.
There are many tasks and transactions which can be accomplished on the Internet more easily and efficiently than on the phone, in person, or through the mail. The most obvious is email. I make appointments and arrangements and keep in touch with relatives and friends with whom I normally wouldn’t, such as those overseas. I check stock prices and "real time" news on the Internet.
Online, I check my bank and credit card accounts several times a week, transfer funds between savings and checking and investment accounts, and detect problems in days not weeks. Paying bills over the Internet is a breeze and as safe as any other means; no envelopes, checks, or stamps. However, I generally don't accept bills or automatic deductions electronically, and only if I get a discount since it's much cheaper for the company. I especially won’t use that service if I am dealing with a company that historically screws up the billing.
I have been buying over the Internet for 6 years now, items such as books, clothes that don't have to be fitted, and office supplies. Someday, I'll do groceries regularly, but I'm not there yet. I also buy movie tickets and theatre tickets on the net, however, I refused to deal with one site that tried to charge a $14 “convenience fee.”
Other transactions which are very easy are pharmacy and organization membership renewals. These can be done 365/24/7, and the dreaded “all operators are busy…” simply does not occur, although sites may be busy/unavailable. The mail order pharmacies, now part of many health insurance programs are well organized, and most even have lists of medicines ready for renewal. For financial transactions, I have set up a separate credit card with a $1000 limit in case of a hacker problem.
These are some things that the Internet is good for. I'm sure there are others and more to come. If you want to know more, you can reach me at : edlortz@krenninggroup.com.