E-Commerce World

What is E-commerce?

E-commerce, also known as Electronic Commerce, consist process of electronically buying and selling goods, services and information. The transactions take place over networks, mostly the Internet and other computer networks. E-commerce also can be defined as a modern business methodology to cut costs while improving the quality of goods and services and the increasing speed of service delivery, by using Internet.

History and Evolution of E-commerce

Early of 1970s, electronic commerce meant the facilitation of commercial transactions electronically with the help of the leading technologies. One of the technologies is Electronic Funds Transfer (EFT), which refers to the computer-based systems used to perform financial transactions electronically. Besides, Electronic data interchange (EDI) was then developed in the late 1970s to improve the limitation of EFT. EDI enlarged the pool of participating company from manufacturers, retailers, services, and others.

Online shopping was invented in the UK in 1979. During the 1980s, online shopping was use by auto manufacturers such as Ford, Peugeot-Talbot, General Motors and Nissan. At this time, credit cards, automated teller machines (ATM) and telephone banking were also forms of electronic commerce. The other form of e-commerce was the airline reservation system which typified by Sabre in the USA and Travicom in the UK.

When come to 1990s, there is a significant change for E-commerce due to the access to the internet. The internet is a global network that internet was quickly accepted in the business transaction due to its function for allows the business to search for the new market, Although the Internet became popular worldwide around 1994, it took about five years to introduce security protocols and DSL allowing continual connection to the Internet Besides, the World Wide Web that emerged in the years when the internet was liberalized rendered e-commerce both more accessible and more affordable. It enabled small business to sense for the first time the benefits that can be reaped from the technology of E-commerce.

The video below show the evolution of E-commerce

In conclusion, e-commerce today is still at its infancy. There are more businesses are using the e-commerce to conduct their business such as E-bay, Amazon and so on. Invisible shopping carts, annoyance-free assistance and no lines at the register and many more benefits awaits the future of e-commerce. There is a bright future of e-commerce due to the continuous development and invention of the technology.