K-commerce – definition and meaning
K-commerce or knowledge commerce is the trading of knowledge using electronic networks. By ‘trade,’ we mean buying and selling knowledge. People trade knowledge in many possible forms. In knowledge-based economies, the de-facto currency is knowledge capital. Hence, we have knowledge commerce; the exchange of knowledge or intellectual capital.
Intellectual capital covers a large area. It includes the value of a business and covers its workforce and the value inherent in its relationships. It also includes everything that is left when the workers go home, i.e., structural capital. Intellectual property, i.e., patents, trademarks, slogans, etc., is but one component of this.
Knowledge commerce is similar to any other type of commerce in which people trade tangible products.
However, in this case, people trade knowledge. They trade knowledge mainly using electronic e-commerce platforms, but not always.
Put simply; the term refers to sharing your knowledge online and making money in the process.
BusinessDictionary.com has the following definition of knowledge commerce:
“Exchange of knowledge, founded on the premise that in knowledge-based economies knowledge capital is the de-facto currency.”
Word Finder describes K-commerce as the opportunity to exploit intellectual capital’s intangible value. It also involves distributing that value as a tangible package. Specifically, a tangible package of knowledge-intensive goods or services.
“K-Commerce is the process of turning ‘intangible’ Intellectual capital, into ‘tangible’ (and marketable) knowledge packages,” Word Finder adds.
K-commerce and the knowledge economy
People coined the term ‘k-commerce’ in the age of the knowledge economy. The knowledge economy is the use of knowledge to generate values, i.e., both tangible and intangible values.
Technology, and, especially knowledge technology help to incorporate part of our knowledge into machines.
In an economy where knowledge or know-how rules, it is vital to develop innovative tools to manage knowledge.
We exploit the knowledge we already have by offering consulting services, e-learning, and selling e-books. We also exploit it directly and protect it using our intellectual property laws.
K-commerce and e-commerce
In an Information Systems Management article, R. Kocharekar, from the World Bank, wrote about e-commerce vs. knowledge management.
In an Abstract preceding the main article, Kocharekar explained that there is a synergy between the two.
Knowledge management is all about internal collaborative endeavors. It also involves sharing information and experiences.
K-commerce, on the other hand, is the “collaboration and sharing of knowledge with external **stakeholders.”
** Stakeholders are people who have an interest in a company, i.e., what the company does affects them.
Video – K-commerce
According to Kajabi, k-commerce is currently a $165 billion industry. Furthermore, it will grow to $243 billion by the end of 2020.
Although this video is part of a promotional campaign for Kajabi’s company, the first three-quarters of it contain interesting information. (Disclosure: Market Business News has received no money or business favors for placing this video.)