Methods of Information Processing and Presentation in Peer-to-Peer Online Marketplaces

Abstract

In e-commerce, buyers do not have enough information about the products and services provided. In some industries, retail trade has been completely supplanted; offline trading floors have become essentially pick-up points. Therefore, online marketplaces have a disruptive effect on traditional trade. Features of the online environment often encourage consumers to take additional risks (e.g., to buy a product or service having only its virtual representation available). A system of trust is formed to streamline the virtual interaction of sellers with buyers and stimulate regulations in the purchase/sale, since the usual regulatory mechanisms and rights do not work here. The electronic market in general can break down. Such a problem can be eliminated by introducing mechanisms of trust and reputation of buyers and sellers to each other. The chapter provides an overview of the ways of presenting and processing information in the systems of reputation and trust that function on online trading sites on the social networks of the internet.