E-Commerce and the New Economy

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E-Commerce and the New Economy The web has transformed our global economy. It is a powerful tool that has changed the way we produce, market and distribute goods and services. Finances and culture have been altered. New styles of commerce have developed. For example, a business call placed in North America could be handled by a technical expert in Asia as business is conducted internationally as well as transnationally. The purpose of this essay is to examine the issues, challenges and opportunities related to commerce in the “new economy”. The internet became popular in 1995. It creates many opportunities in different kind of industries. Ecommerce is one of the successful examples of buying and selling on the web. It is like a cocoon, which became mature in these recent years. Low start-up costs make online businesses attractive to new entrepreneurs. Establishing their businesses online can eliminate store rental expenses; they don’t have to hire anybody to take care of it (Charles Steinfield). They can upload some pictures and descriptions of their products online. This allows their customers to see what they are buying. Moreover, customers can search for their needs whenever they want as long as they have an access to the internet (Charles Steinfield). Because of globalization, the national boundaries are eliminated as well. Customers can make their purchase anywhere around the world. This expands target markets. Buying products online, customers can ask questions anytime when they encounter any problem or have doubts about what they are buying (Charles Steinfield). Many websites have provided online support services. Buyers can contact sellers directly and discuss their concerns. Therefore, the interaction between b... ... middle of paper ... ...r shopping will be done at home on the web. This will bring society into a new economy. Bibliography 1) Donna L. Hoffman, Thomas P. Novak and Patrali Chatterjee, “Commercial Scenarios for the Web: Opportunities and Challenges” http://www.ascusc.org/jcmc/vol1/issue3/hoffman.html Owen Graduate School of Management, Vanderbilt University 2) Charles Steinfield, “An introduction to the special issue” http://www.ascusc.org/jcmc/vol1/issue3/genintro.html Michigan State University 3) Rolf T. Wigand and Robert I. Benjamin, “Electronic Commerce: Effects on Electronic Markets” http://www.ascusc.org /jcmc/vol1/issue3/wigand.html School of information Studies, Syracuse University 4) Nonick “Buying online. Is it safe? What are the Dangers of Buying Online?” http://www.zyra.org.uk/buysafe.htm Zyra 5) Straubhaar and LaRose, “Media Now” Third Edition, Wadsworth, 2002
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