The purpose of the case study is to present an overview of selected top retail B2C e-commerce multinational enterprises, located on three different continents, in order to determine the process of internationalization through speed as well as path. E-commerce business and the traditional theory of internationalization are also discussed. The reasons for choosing the segment, the profile, and the locations as a study site are outlined. The main objective of this study is to create the general background view and to describe the process of internationalization among Bonprix Handelsgesellschaft mbH, eBay Inc. (eBay) and Alibaba Group Holding Limited as the top retail B2C e-commerce companies, to investigate if the firms follow the traditional Uppsala Model, and to test different methods of speed of internationalization measurement. The design of the study is expressed in the form of a descriptive case study and it includes four propositions. The research reveals that, selected top retail B2C e-commerce MNEs do not follow the traditional Uppsala Model and that the speed of internationalization in every case is increasing. To establish the speed hierarchy, it is enough to use time distance between establishment and the first foreign entrance. Further to the path, every corporation with headquarters on different continents has a diverse strategy and is driven by different categories, but language and culture differences do not constitute a problem, and two companies out of three prefer to invest in countries with a lower level of education. The research contributed that retail B2C e-commerce MNEs do not follow the traditional theory of internationalization, as well as that in methodology the speed hierarchy can be measured properly by the first foreign expansion (in years).

ACKNOWLEDGEMENTS II
ABSTRACT III
LIST OF FIGURES VI
LIST OF TABLES VII
GLOSSARY VIII
CHAPTER 1. INTRODUCTION 1
1.1 Research background 1
1.2 Research motivation 2
1.3 Research purpose and research gap 2
1.4 Research area 3
1.5 Research structure 6
CHAPTER 2. LITERATURE REVIEW AND PROPOSITION DEVELOPMENT ... 9
2.1 E-commerce businesses and MNEs 9
2.2 The e-commerce business 10
2.2.1 Types of e-commerce 10
2.2.2 B2C e-commerce segments 11
2.3 Process of internationalization 13
2.3.1 Internationalization theories 13
2.3.2 The Uppsala Model strategy of internationalization 14
2.3.3 Internationalization of e-commerce companies 18
2.4 Speed and path of internationalization 19
2.5 Proposition development 20
CHAPTER 3. METHODOLOGY 23
3.1 Source materials and research method 23
3.1.1 Sample and data sources 23
3.1.2 Criteria and process for choosing three research cases 24
3.2 The top retail B2C e-commerce multinational enterprises 27
3.3 Speed and path of internationalization methods 33
CHAPTER 4. RESULTS 35
4.1 Background of enterprises 35
4.1.1 Case 1. Bonprix Handelsgesellschaft mbH 35
4.1.2 Case 2. eBay Inc. (eBay) 37
4.1.3 Case 3. Alibaba Group Holding Limited 40
4.2 Speed and path of the enterprises 44
4.2.1 Summary of the speed of internationalization 49
4.2.2 Path and significance of psychic distance 51
4.2.3 Path of companies in selected fields of psychic distance 54
4.3 Summary of traditional and e-commerce MNEs 62
CHAPTER 5. DISCUSSION 65
5.1 Retail B2C e-commerce MNEs and Uppsala Model 65
5.2 Speed summary 65
5.3 Path summary 66
CHAPTER 6. CONCLUSIONS 69
6.1 Empirical verification 69
REFERENCES 71
APPENDIX A. FULL LIST OF RETAIL B2C E-COMMERCE MNES 80
APPENDIX B. LIST OF HEADQUARTERS RETAIL B2C E-COMMERCE MNES IN COUNTRIES 82
APPENDIX C. FULL LIST OF TOP B2C E-COMMERCE COMPANIES IN THE WORLD 83

Acedo, F. J., & Jones, M. V. (2007). Speed of internationalization and entrepreneurial cognition: Insights and a comparison between international new ventures, exporters and domestic firms. Journal of world Business, 42(3), 236-252.
Achrol, R. S., & Kotler, P. (1999). Marketing in the network economy. The Journal of Marketing, 146-163.
Alden, D. L., Steenkamp, J.-B. E., & Batra, R. (1999). Brand positioning through advertising in Asia, North America, and Europe: The role of global consumer culture. The Journal of Marketing, 75-87.
Alibabagroup.com. (2017). History and Milestones. Retrieved from http://www.alibabagroup.com/en/about/history (Accessed July 15, 2017).
Bell, J. (1995). The internationalization of small computer software firms: A further challenge to “stage” theories. European journal of marketing, 29(8), 60-75.
Beugelsdijk, S., Kostova, T., & Roth, K. (2017). An overview of Hofstede-inspired country-level culture research in international business since 2006. Journal of international business studies, 48(1), 30-47.
Bonprix.de. (2016). History. Retrieved from https://en.bonprix.de/corporate/about- us/business-model/history/ (Accessed July 21, 2017).
Bonprix.de. (2017). Business Model. Retrieved from https://en.bonprix.de/corporate/about-us/business-model/ (Accessed July 21,2017).
Chang, S.-J. (1995). International expansion strategy of Japanese firms: Capability building through sequential entry. Academy of management Journal, 38(2), 383- 407.
Chang, S.-J., & Rhee, J. H. (2011). Rapid FDI expansion and firm performance. Journal of international business studies, 42(8), 979-994.
Chesbrough, H. W., & Teece, D. J. (1996). When is virtual virtuous. Harvard business review, 74(1), 65-73.
Chetty, S., & Campbell-Hunt, C. (2003). Paths to internationalisation among small-to medium-sized firms: a global versus regional approach. European journal of marketing, 37(5/6), 796-820.
Chetty, S., & Campbell-Hunt, C. (2004). A strategic approach to internationalization: a traditional versus a “born-global” approach. Journal of international marketing, 12(1), 57-81.
Chetty, S., Johanson, M., & Martín, O. M. (2014). Speed of internationalization: Conceptualization, measurement and validation. Journal of world Business, 49(4), 633-650.
Child, J., & Hsieh, L. H. (2014). Decision mode, information and network attachment in the internationalization of SMEs: A configurational and contingency analysis. Journal of world Business, 49(4), 598-610.
Cope, N. (1996). Retail in the digital age. Bowerdean.
Coviello, N., & Munro, H. (1997). Network relationships and the internationalization process of small software firms. International business review, 6(4), 361-386.
Cyert, R. M., & March, J. G. (1963). A behavioral theory of the firm. Englewood Cliffs, NJ, 2. Davidson, W. H. (1980). Experience effects in international investment and technology transfer: UMI Research Press.
Dabić, M., Tipurić, D., & Podrug, N. (2015). Cultural differences affecting decision making style: A comparative study between four countries. Journal of Business Economics and Management, 16(2), 275-289.
Delios, A., & Beamish, P. W. (1999). Geographic scope, product diversification, and the corporate performance of Japanese firms. Strategic Management Journal, 711-727. Deloitte. (2016). Future of e-commerce: uncovering innovation. Retrieved from www.deloitte.com/in (Accessed February 27, 2017).
Dictionary, O. E. (Ed.) (1989) (2 ed.). Oxford: Clarendon Press.
Dunning, J. H. (1980). Toward an eclectic theory of international production: Some empirical tests. Journal of international business studies, 11(1), 9-31.
Dunning, J. H. (1999). Trade, location of economic activity and the multinational enterprise: a search for an eclectic approach. PJ Buckley & P. Ghauri. The internationalization of the firm, 61-79.
eBay.com. (2017). Our company. Retrieved from https://www.ebayinc.com/our- company/ (Accessed June 18, 2017).
Forsgren, M. (2015). Managing the Internationalization Process (routledge Revivals): The Swedish Case: Routledge.
Forsgren, M. & Johanson, J. (eds.), 1992, Managing Networks in International Business Philadelphia: Gordon & Breach. P10.
Foundation, E. (2016). Global B2C E-commerce Report 2016. Retrieved from https://www.ecommercewiki.org/wikis/www.ecommercewiki.org/images/5/56/Gl obal_B2C_Ecommerce_Report_2016.pdf (Accessed February 10, 2017).
Freeman, S., Edwards, R., & Schroder, B. (2006). How smaller born-global firms use networks and alliances to overcome constraints to rapid internationalization. Journal of international marketing, 14(3), 33-63.
Ghemawat, P. (2001). Distance still matters. Harvard business review, 79(8), 137-147.
Gupta, P. (2015). Comparative Study of Online and Offline Shopping: A Case Study of Rourkela in Odisha (Doctoral dissertation).
Hofstede, G. (2014). Country comparison. Helsinki, Finland: itim International URL: https://geert-hofstede.com/countries. html (Accessed July 30, 2017). [WebCite Cache ID 6oFo5yzk1].
Hogan, S. B. (1998). To net or not to net: Singapore's regulation of the Internet. Fed. Comm. LJ, 51, 429.
Hooley, G., Loveridge, R., & Wilson, D. (1998). Internationalization: process, context and markets: Macmillan.
Horst, T. (1972). Firm and industry determinants of the decision to invest abroad: An empirical study. The Review of Economics and Statistics, 258-266.
Johanson, J., & Vahlne, J.-E. (1977). The internationalization process of the firm—a model of knowledge development and increasing foreign market commitments. Journal of international business studies, 8(1), 23-32.
Johanson, J., & Vahlne, J.-E. (1990). The mechanism of internationalisation. International marketing review, 7(4).
Johanson, J., & Vahlne, J.-E. (2009). The Uppsala internationalization process model revisited: From liability of foreignness to liability of outsidership. Journal of international business studies, 40(9), 1411-1431.
Johanson, J., & Wiedersheim-Paul, F. (1975). The internationalization of the firm—four Swedish cases. Journal of management studies, 12(3), 305-323.
Jones, M. V., & Coviello, N. E. (2005). Internationalisation: conceptualising an entrepreneurial process of behaviour in time. Journal of international business studies, 36(3), 284-303.
Kaczorowska, M. (2012). Internacjonalizacja firm. Przykład Szwecji. Portal Innowacji.
Kim, W. C., & Hwang, P. (1992). Global strategy and multinationals' entry mode choice. Journal of international business studies, 29-53.
Knight, G. A., & Cavusgil, S. T. (2005). A taxonomy of born-global firms. MIR: Management International Review, 15-35.
Kraemer, K., Gibbs, J., & Dedrick, J. (2002). Environment and policy factors shaping e- commerce diffusion: A cross-country comparison. ICIS 2002 Proceedings, 30.
Kshetri, N. B. (2001). Determinants of the locus of global e-commerce. Electronic Markets, 11(4), 250-257.
Lu, J. W., & Beamish, P. W. (2001). The internationalization and performance of SMEs. Strategic Management Journal, 22(6-7), 565-586.
Luo, Y., Hongxin Zhao, J., & Du, J. (2005). The internationalization speed of e- commerce companies: an empirical analysis. International marketing review, 22(6), 693-709.
Madhok, A. (1997). Cost, value and foreign market entry mode: The transaction and the firm. Strategic Management Journal, 39-61.
Maitland, E., Rose, E. L., & Nicholas, S. (2005). How firms grow: clustering as a dynamic model of internationalization. Journal of international business studies, 36(4), 435-451.
Maślankowski, J. (2015). Analiza jakości danych pozyskiwanych ze stron internetowych z wykorzystaniem rozwiązań Big Data. Roczniki Kolegium Analiz Ekonomicznych/Szkoła Główna Handlowa, (38), 167-177.
Mathews, J. A., & Zander, I. (2007). The international entrepreneurial dynamics of accelerated internationalization. Journal of international business studies, 38(3), 387-403.
McDougall, P. P., & Oviatt, B. M. (2000). International entrepreneurship: the intersection of two research paths. Academy of management Journal, 43(5), 902-906.
McDougall, P. P., Oviatt, B. M., & Shrader, R. C. (2003). A comparison of international and domestic new ventures. Journal of international entrepreneurship, 1(1), 59-82.
Musteen, M., Francis, J., & Datta, D. K. (2010). The influence of international networks on internationalization speed and performance: A study of Czech SMEs. Journal of world Business, 45(3), 197-205.
Nakamura, R. (2014). Internationalizing E-Commerce Companies–A New Paradigm?
Narasimhan, R., & Carter, J. R. (1990). Organisation, communication and co-ordination of international sourcing. International Marketing Review, 7(2).
OECDiLibrary. (2011). OECD Science, Technology and Industry Scoreboard 2011 (Vol. 6).
Oh, I. S., Guay, R. P., Kim, K., Harold, C. M., Lee, J. H., Heo, C. G., & Shin, K. H. (2014). Fit happens globally: A meta-analytic comparison of the relationships of person–environment fit dimensions with work attitudes and performance across East Asia, Europe, and North America. Personnel Psychology, 67(1), 99-152.
Omni, R. (2017). Choxi Welcome Creditors. Retrieved from http://www.omnimgt.com/sblite/templates/a/Default.aspx?clientId=CsgAAncz%2 b6YNzP1f%2bV%2fPy17EcHgll0ByOeeltOANHNV%2bRy3tUuGH2nOmi5tcY pdjfJPQ7OPyHV8%3d (Accessed March 14, 2017).
Ottogroup.com. (2017a). Bonprix. Retrieved from https://www.ottogroup.com/en/die otto-group/konzernfirmen/bonprix.php
Ottogroup.com. (2017b). Four pillars of the future: the Otto Group’s E-Commerce Strategy. Retrieved from https://www.ottogroup.com/en/innovation/Otto-Group-e commerce-strategy.php (Accessed July 20, 2017).
Oviatt, B. M., & McDougall, P. P. (1994). Toward a theory of international new ventures. Journal of international business studies, 25(1), 45-64.
Oviatt, B. M., & McDougall, P. P. (2005). Defining international entrepreneurship and modeling the speed of internationalization. Entrepreneurship theory and practice, 29(5), 537-554.
Polańska, K. (2012). Business models and social media in the electronic economy. Information Systems in Management, 3(1), 223-232.
Przybylska, K. (2005). Proces internacjonalizacji przedsiębiorstwa w teorii ekonomicznej. Folia Oeconomica Bochniensia, (3), 73-92.
Ramaswamy, K. (1995). Multinationality, configuration, and performance: A study of MNEs in the US drug and pharmaceutical industry. Journal of international management, 1(2), 231-253.
Reports, U. H. D. (2013). Education index. Retrieved 2017, from UNDC http://hdr.undp.org/en/content/education-index (Accessed July 30, 2017).
Reuber, A. R., & Fischer, E. (1997). The influence of the management team's international experience on the internationalization behaviors of SMEs. Journal of international business studies, 807-825.
Rialp, A., Rialp, J., & Knight, G. A. (2005). The phenomenon of early internationalizing firms: what do we know after a decade (1993–2003) of scientific inquiry? International business review, 14(2), 147-166.
Rust, R. T., & Huang, M.-H. (2014). The service revolution and the transformation of marketing science. Marketing Science, 33(2), 206-221.
Shabazz, D. (1999). Internet Politics and the Creation of a Virtual World. International Journal on World Peace, 27-39.
Sharma, D. D., & Blomstermo, A. (2003). The internationalization process of born globals: a network view. International business review, 12(6), 739-753.
Simon, S. J. (2000). The impact of culture and gender on web sites: an empirical study. ACM Sigmis Database, 32(1), 18-37.
Singh, N., & Kundu, S. (2002). Explaining the growth of e-commerce corporations (ECCs): an extension and application of the eclectic paradigm. Journal of international business studies, 33(4), 679-697.
Srite, M., & Karahanna, E. (2006). The role of espoused national cultural values in technology acceptance. MIS quarterly, 679-704.
Stahl, G. K., & Tung, R. L. (2015). Towards a more balanced treatment of culture in international business studies: The need for positive cross-cultural scholarship. Journal of international business studies, 46(4), 391-414.
Statista, E. R. I. a. (2015). E-Commerce-Markt Deutschland 2015. Retrieved from https://de.statista.com/statistik/studie/id/29938/dokument/e-commerce-markt- deutschland-2015/
Stevenson, H. H., & Jarillo, J. C. (2007). A paradigm of entrepreneurship: Entrepreneurial management. Entrepreneurship: Concepts, theory and perspective, 155-170.
Stopford, J. M., & Wells Jr, L. T. (1972). Managing the MNE: Organization of the Firm and Ownership of the Subsidiaries: New York: Basic Books.
Suder, G. (2011). Doing business in Europe: Sage.
Sullivan, D. (1994). Measuring the degree of internationalization of a firm. Journal of international business studies, 25(2), 325-342.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. (2016a). Form 10-K (Annual Report) for eBay Inc., for the Fiscal Year ended December 31, 2015. Retrieved from https://investors.ebayinc.com/secfiling.cfm?filingid=106508816-265&cik=1065088 (Accessed August 10, 2017).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. (2016b). Form 20-F (Annual Report) for Alibaba Group Holding Limited, for the Fiscal Year ended March 31, 2016 Retrieved from http://www.alibabagroup.com/en/ir/pdf/agm160524_ar.pdf (Accessed August 11, 2017).
Vargo, S. L., & Lusch, R. F. (2014). Service-dominant logic. What it is not, What it.
Vermeulen, F., & Barkema, H. (2002). Pace, rhythm, and scope: Process dependence in building a profitable multinational corporation. Strategic Management Journal, 23(7), 637-653.
Vernon, R. (1971). Sovereignty at bay: The multinational spread of US enterprises. Thunderbird International Business Review, 13(4), 1-3.
Wagner, H. (2004). Internationalization speed and cost efficiency: Evidence from Germany International business review, 13(4), 447-463.
Wells, N. (2016). A tale of two companies: Matching up Alibaba vs. Amazon. CNBC. Retrieved from https://www.cnbc.com/2016/05/05/a-tale-of-two-companies matching-up-alibaba-vs-amazon.html (Accessed October 14, 2017).
Winterman, D., & Kelly, J. (2013). Online shopping: The pensioner who pioneered a home shopping revolution. BBC news magazine. Retrieved from http://www.bbc.com/news/ magazine-24091393 (Accessed October 14, 2017).
yStats.com. (2016). TOP PLAYERS IN GLOBAL B2C E-COMMERCE MARKET 2016. Retrieved from https://www.ystats.com/market-reports/global-b2c-e- commerce-market-players-2016/ (Accessed February 21, 2017).
yStats.com. (2017). About us. Retrieved from https://www.ystats.com/about-us-2/ (Accessed July 18, 2017).
Thomson Reuters EIKON, 2016 DataStream, retrieved on August 08, 2017
Zahra, S. A., Ireland, R. D., & Hitt, M. A. (2000). International expansion by new venture firms: International diversity, mode of market entry, technological learning, and performance. Academy of management Journal, 43(5), 925-950.
Zagorsek, H., Jaklic, M., & Stough, S. J. (2004). Comparing leadership practices between the United States, Nigeria, and Slovenia: does culture matter?. Cross Cultural Management: An International Journal, 11(2), 16-34.