The authors show how the convergence of supply chain and e-commerce can catalyze the forging of advanced-level networks that will dominate future markets. In the first wave, some part of virtually every business will transfer to a cyber channel of distribution. In the second wave, networks targeting specific consumers will create new alliances across the full spectrum of supply. In the third wave, advanced networks will form global ""value chain constellations"" that will become the norm for most future industries.