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... ... middle of paper ... ... 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.
Amazon.com operates in the Online Retail Industry. The sector is one of the fastest growing globally and is outperforming the ordinary retail marketplace. It was created after 1995 and it was only the Internet that made it possible for such an industry not only to be established but to become one of the most flourishing sectors in the business environment. What is interesting is that Amazon.com, together with eBay is the pioneer in the field. Both companies were launched in 1995 and are still extremely successful. The creation of e-mail in 1996 had a huge impact on the development of online retail by introducing a fast and easy way to communicate with customers. For this two-year period Internet usage doubled annually, thus, allowing for the expansion of the industry. Google is launched a year later, in 1998, only to become the most used search engine in the world and an essential partner for the online retailers by helping them tailor their websites to customer’s personal preferences and by advertising. After that, more and more people see the opportunity in the growing industry and enter it. By 2001 there are more than 513 million Internet users globally, which calls for action in terms of creating regulations and laws to protect the users and personal property. In 2003, Apple launches iTunes, and provides a platform for low-cost digital downloads. Another major change is the appearance of social media from 2004, which is one of the biggest influencer on the state of the industry. With the launch of iPhone in 2007, this trend strengthens as people get to enjoy the Internet anywhere they want to. From then on, technological advancements have made it extremely easy and fun to shop online, making it ...
Laudon, Kenneth C. Traver, Carol. E-commerce: Business. Technology. Society 3th ed. Pearson Prentice Hall. Upper Saddle NJ, 2007.
Technology plays a big part of the e-retailing industry. It has many positive qualities that impact the industry. Technology simplifies the purchasing process. Since the industry is web based, it helps eliminate the nuisance of not having products when wanted by having the capabilities of placing orders 24/7 at any computer with web access. Technology will also standardize the purchasing process thus reducing processing costs associated with traditional processing.
In 1994, Internet commerce (e-commerce) was miniscule. One day in the spring of 1994, Bezos who was already crazy about computers observed that Internet usage was increasing geometrically and more and more people were getting excited about its astounding commercial possibilities. A few inventors were already trying to make use of the new technology. Bezos saw an opportunity for a new sphere of commerce, and immediately began considering the possibilities. The thought foremost in his mind: "What is it that users cannot get easily offline that will sell online?"
The future of economic competitiveness for most enterprises relies on entrance and active participation in the e-commerce market. An essential problem with e-commerce is that the controls and organization are different for each site. There is no standard way of building t...
They expect more from retailers every day better value, more convenience and solutions that help them save time. Technology has given consumers almost limitless choices when it comes to what to buy, how to buy it, and how much to pay for it and they are taking advantage of it in increasing numbers. We are broadening our offering by growing our online businesses, developing our store formats and improving our assortment to give our customers shopping alternatives that meet their changing needs. We are accelerating the growth of our online businesses so our customers can shop when, where and how they want either in our stores or online,
E- Commerce started as early as 1948 during the Berlin airlift in the form of electronic transmissions (Seideman, 1996). E-Commerce later developed into electronic data interchange (EDI) and in the 1960s, industries cooperated to produce common electronic data formats. These formats were however only used in purchasing, transportation and finance at the intra industry level transactions. National EDI standards were later developed in late 1970s and these were developed well in the early 1990s.
Over the past decade, e-commerce has grown significantly due to the rapid globalization. The increased globalization has resulted from tech...
E-commerce, a system by which people can buy, sell and deal without even seeing the person on the other side, has taken a front seat in improving the economy of countries around the world. Technology today has made it possible for monetary institutions to help locate the customers resources and help solve their problems at any given time through online banking.... ... middle of paper ... ...
"The long-term challenge is to accelerate the development of next-generation technologies in a way that avoids repeating the mistakes of the past" (Global Technology Initiative, 2003). Even with these challenges, e-commerce is changing the face of business worldwide every day. In mid 1999, General Motors announced a development, which simultaneously accelerated the process of globalization and e-business (Reynolds, 2000).
The Information revolution is changing our daily lives. With the rapid development of computers and the internet, online commerce has become quite common and plays an important role in the modern world. Online business has been booming in recent years. US online retail sales rose an average of 11% in the first three months of 2009 (“US Online Sales Up,” 2009). The growth of online sales may be due to the growing number of consumers who shop online.
In today’s era “INTERNET” is playing a significant role in our daily life. People can walk through the internet to one who is actually living on the different side of the planet, can send mails round the clock, search information & even buy things online. With this invention of internet there is a shift in traditional way of shopping. Now there is no need to open a physical store. One can be active at any time and place and purchase products and services. The number of users of internet is increasing day by day which means that online shopping is increasing. Various characteristics of online shopping is making it more convenient for the customers, as compared to traditional way of shopping such as the ability to view and purchase goods and
Electronic Commerce as popularly as E-commerce has become a big deal in our growing economy due to the increase use of online systems. E-commerce now of the fastest growing business in the world. The technology has change the way of business. Business that have physical location have now made it an effort to focus their online business. It is the new sort of business platform where you can make use of different technologies like electronic data interchange or transfer document electronically. Online business is an effective of sales.
E-commerce or electronic commerce is carrying out business communications and transactions through computers and over networks. It involves buying and selling of goods and services through digital communication. E-commerce also includes transactions on the World Wide Web and the Internet and means such as electronic funds transfer, smart cards and digital cash. E-commerce covers outward facing processes that interact with customers, suppliers and external partners such as sales, marketing, delivery, customer service, purchasing of raw materials and supplies for production.
What's e-business? It is the transformation of every business process through using the internet and associated technologies. In this transformation, each part of the business becomes a part of an intrinsic network, which enables employees, suppliers and customers of a given enterprise to conduct their tasks. People usually try to make a point in differing e-business from e-commence, but as I see, e-commerce is a part of the e-business category, and an important one.