Abstract
The revolution in information availability and the advances in novel interaction technologies have ushered in two major shifts that call into question the traditional assumptions of buyer-seller interactions. First, buyer-seller information asymmetry has greatly decreased in many interactions. Second, face-to-face communication is no longer the main format of buyer-seller interactions. In this article, the authors review empirical research on how these shifts have changed buyer-seller negotiations, an important type of buyer-seller interactions. Several insights arise from this review. First, the shifts have caused fundamental changes in buyers' and sellers' roles, power, and aspirations and information processing. Second, the shifts and these fundamental changes together cause major changes in buyer-seller interactional processes and outcomes, including (1) change in buyers' attitude and behavior, (2) change in sellers' effectiveness in interacting with buyers, and (3) change in buyer-seller interactional processes. Based on these insights, the authors develop a research agenda to guide the reexamination of existing theories and the development of new theories of buyer-seller interactions.