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In its simplest form, the electronic wallet (a.k.a. the digital wallet or e-wallet) is a digital file that can be downloaded onto the consumer's desktop. When it is time to conduct business online - be it buying a book, ordering an airline ticket, or renewing a car registration - users activate their wallets, which then enter credit card, billing, and shipping information onto a point-of-sale form with a single click. But even the most basic wallet doesn't stop there. While providing relief from repetitive typing, wallets can also help users compare product prices, keep track of their purchases, and store information. For example, a music buff who has conveyed information about her online CD purchases to Ticketmaster could be notified when one of her favorite artists is in town. Some wallets go one step further, alerting online consumers about a better deal at another Web site. Originally designed to automatically complete online point-of-sale forms with a single click, the electronic wallet is paving the way for a richer, more personalized online shopping experience. Brodia, Gator, and Qpass are but a few Internet startups taking advantage of this new opportunity, with the traditional giants - American Express, IBM, and Microsoft, for instance - also getting into the act. Brodia, an e-commerce company dedicated to simplifying online shopping for consumers, provides service via its Web site (www.brodia.com) and in partnership with financial institutions such as MBNA, Capital One, Wells Fargo, and Providian. These firms offer the Brodia online shopping service as part of the credit card and banking services. By typing in their passwords, users can access their Brodia wallet from any desktop and use it to bypass passwords, maintain purchase records from multiple sites, and link to customer service departments. Wallet advocates say that the technology gives consumers greater control, allowing customers more freedom of movement and choice when shopping online. And that, says Marina ("Miko") Lagdameo (MBA '97), senior director of business development at Brodia, is the point at which her company intends to turn online shopping on its head. "Our mission is to commerce-enable the consumer - putting control back into their hands. Many Internet portals are trying to get consumers stuck to their site, doing all of their shopping and communicating from there. Our services - password management, merchant mail, and find and compare - stick to the consumer, following them wherever they shop on the Web." With companies like Brodia breaking down the barriers to doing personal business on the Web, it won't be long before conducting transactions online will be as easy as going to an ATM - or easier. - Judith A. Ross |
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As people get more accustomed to using the Internet to conduct business transactions,
their demands will become more sophisticated. Cyberspace is jam-packed with startups
trying to second-guess what consumers of the future will want. "Whole new industries
are emerging online," says HBS professor Dwight Crane. "There is a learning curve in
conducting business over the Internet. After people break through a few initial
barriers and see the power of the medium, there is no telling what will happen." One
futuristic device that interests Crane and others familiar with the rapidly changing
world of Internet commerce is the emergence of the electronic wallet.