E-commerce: Its Development and Future Prospective

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Introduction

Technological advancements have taken the world by storm. The daily chronicles have a different story to tell with every dawn of a new day about a technological invention and/or innovation. Doing business has become competitive more than ever. This phenomenon has created a business environment that follows the cliché, the survival of the fittest. It is in this spirit that businesses have adopted technology to survive and remain relevant in the dynamic consumer environment. This is especially so because the world has become a global village where information, ideas and products flow between different continents have become seamless. The internet has made it easier and cheap for manufacturers, wholesalers, and retailers to transact their businesses in a variety of markets in a faster manner. Consumers are also able to access a wide range of goods and services anytime they feel like. This study discusses the development of e-commerce and its future prospects.

What is e-commerce?

E-Commerce is the short form of electronic commerce. E-Commerce is the use of electronic data transmission to implement or enhance any business process. Examples of e- commerce are, electronic funds transfer, the use of automated teller machines, online tracking of shipments and electronic data interchange between business communities.

E-Commerce revolution

E-commerce became the next big thing after the industrial revolution. In industrial revolution era, the cost of doing business was big and characterized small transactions that needed high specialization involving intermediaries. E- Commerce emerged to remove these business flaws.

E- Commmerce dates back three decades in 1979 when Michael Aldridge invented online shopping. Following t...

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... of universal standards for transaction processing

• The cost benefit of using e-commerce is difficult to quantify in traditional accounting terms

The future of e-commerce

Competition among businesses is not going to slow any time soon. With so much data available about consumer markets, the businesses that have future are those that will personalize their customer’s needs and wants. This means that every element of a transaction between the seller and the buyer will be customized according to the customers wants. This will range from communication messages to the design of products.

Conclusion

The future of online shopping is technology oriented. With technology advancements, we expect anything. Consequently, ecommerce landscape will continue to evolve. As change is inevitable, the best option is to adopt and reap the benefits of business driven by technology.

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