E-commerce is also a growing aspect of the business community. This formally is the use of digital transactions between and among businesses and individuals. More commonly e-commerce is the use of the Internet to conduct business. E-commerce also provides one of the most popular activities on the Web is shopping. It has much allure in it; you can shop at your leisure, anytime, and in your pajamas. Literally anyone can have their pages built to display their specific goods and services
History of e-commerce dates back to the invention of the very old notion of “sell and buy”, electricity, cables, computers, modems, and the Internet. E-commerce became possible in 1991 when the Internet was opened to commercial use. Since that date thousands of businesses have taken up residence at web sites.
There have been several key steps in the history of e-commerce. The first step came from the development of the Electronic Data Interchange (EDI). EDI is a set of standards developed in the 1960’s to exchange business information and do electronic transactions. At first there were several different EDI formats that business could use, so companies still might not be able to interact with each other. However, in 1984 the ASC X 12 standards became stable and reliable in transferring large amounts of transactions. The next major steps occurred in 1992 when the Mosaic web-browser was made available; it was the first ‘point and click’ browser. The Mosaic browser was quickly adapted into a downloadable browser, Netscape, which allowed easier access to electronic commerce. The development of DSL was another key moment in the development to of e-commerce. DSL allowed quicker access and a persistent connection to the Internet. Besides that, AOL had sales of 1.2 billion over the 10 week holiday season from online sales. The development of Red Hat Linux was also another major step in e-commerce growth. Linux gave users another choice in a platform other then Windows that was reliable and open-source. Microsoft faced with this competition needed to invest more in many things including electronic commerce.
Moreover, Napster was an online application used to share music files for free. This application was yet another major step in e-commerce. Many consumers used the site and were dictating what they wanted from the industry. A major merger, in early 2000, between AOL and Time Warner was another major push for e-commerce. The merger, worth $350 million, brought together a major online company with a traditional company. In February 2000 hackers attacked some major players of e-commerce, including Yahoo, eBay and Amazon. In light of these attacks the need for improved security came to the forefront in the development of e-commerce.
It is predicted that the revenues up until 2006, will grow 40% to 50% yearly. Expectations of higher prices as well as larger profits for e-commerce business are also present. Also, we will see a larger presence by experienced traditional companies, such as Wal-Mart, on the Internet. It is believed companies in general will take this mixed strategy of having stores online and offline in order to be successful. It can be seen that there will be a large growth in Business-to-Consumer (B2C) e-commerce, which online businesses is selling to individuals. However, even though B2C e-commerce may be the most recognizable there are different varieties.
Today the largest e-commerce is Business-to-Business (B2B). Businesses involved in B2B sell their goods to other businesses. In 2001, this form of e-commerce had around $700 billion in transactions. Other varieties growing today include Consumer-to-Consumer (C2C) where consumers sell to each other, for example through auction sites. Peer-to-Peer (P2P) is another form of e-commerce that allows users to share resources and files directly.
In conclusion, e-commerce may be a new form of doing business, but it has developed rapidly. Even though e-commerce has a short history there have been several important turning points in its development. Further, as progress took place more markets opened up for the use of electronic commerce. It became apparent it could be used more then just for Consumer-to-Consumer, but also for other markets such as Business-to-Business. In e-commerce which is evolving according to the customer advantage and comfortable for the customer, this is through such technology as virtual agents. As with other forms of business, e-commerce has impacted some industries more then others, such as the culture and information sector. Other industries, like banking, have the potential for large future growth via e-commerce. In each of these aspects of society we can see areas that e-commerce is being successful, but there is also need to make improvement. A major problem are to concern is the issue of privacy. Consumers are hesitant to use online business because they often have limited guarantees about the privacy of their information. If the problem can be reduced, e-commerce can play a positive role in helping to improve the world of business.
History of e-commerce dates back to the invention of the very old notion of “sell and buy”, electricity, cables, computers, modems, and the Internet. E-commerce became possible in 1991 when the Internet was opened to commercial use. Since that date thousands of businesses have taken up residence at web sites.
There have been several key steps in the history of e-commerce. The first step came from the development of the Electronic Data Interchange (EDI). EDI is a set of standards developed in the 1960’s to exchange business information and do electronic transactions. At first there were several different EDI formats that business could use, so companies still might not be able to interact with each other. However, in 1984 the ASC X 12 standards became stable and reliable in transferring large amounts of transactions. The next major steps occurred in 1992 when the Mosaic web-browser was made available; it was the first ‘point and click’ browser. The Mosaic browser was quickly adapted into a downloadable browser, Netscape, which allowed easier access to electronic commerce. The development of DSL was another key moment in the development to of e-commerce. DSL allowed quicker access and a persistent connection to the Internet. Besides that, AOL had sales of 1.2 billion over the 10 week holiday season from online sales. The development of Red Hat Linux was also another major step in e-commerce growth. Linux gave users another choice in a platform other then Windows that was reliable and open-source. Microsoft faced with this competition needed to invest more in many things including electronic commerce.
Moreover, Napster was an online application used to share music files for free. This application was yet another major step in e-commerce. Many consumers used the site and were dictating what they wanted from the industry. A major merger, in early 2000, between AOL and Time Warner was another major push for e-commerce. The merger, worth $350 million, brought together a major online company with a traditional company. In February 2000 hackers attacked some major players of e-commerce, including Yahoo, eBay and Amazon. In light of these attacks the need for improved security came to the forefront in the development of e-commerce.
It is predicted that the revenues up until 2006, will grow 40% to 50% yearly. Expectations of higher prices as well as larger profits for e-commerce business are also present. Also, we will see a larger presence by experienced traditional companies, such as Wal-Mart, on the Internet. It is believed companies in general will take this mixed strategy of having stores online and offline in order to be successful. It can be seen that there will be a large growth in Business-to-Consumer (B2C) e-commerce, which online businesses is selling to individuals. However, even though B2C e-commerce may be the most recognizable there are different varieties.
Today the largest e-commerce is Business-to-Business (B2B). Businesses involved in B2B sell their goods to other businesses. In 2001, this form of e-commerce had around $700 billion in transactions. Other varieties growing today include Consumer-to-Consumer (C2C) where consumers sell to each other, for example through auction sites. Peer-to-Peer (P2P) is another form of e-commerce that allows users to share resources and files directly.
In conclusion, e-commerce may be a new form of doing business, but it has developed rapidly. Even though e-commerce has a short history there have been several important turning points in its development. Further, as progress took place more markets opened up for the use of electronic commerce. It became apparent it could be used more then just for Consumer-to-Consumer, but also for other markets such as Business-to-Business. In e-commerce which is evolving according to the customer advantage and comfortable for the customer, this is through such technology as virtual agents. As with other forms of business, e-commerce has impacted some industries more then others, such as the culture and information sector. Other industries, like banking, have the potential for large future growth via e-commerce. In each of these aspects of society we can see areas that e-commerce is being successful, but there is also need to make improvement. A major problem are to concern is the issue of privacy. Consumers are hesitant to use online business because they often have limited guarantees about the privacy of their information. If the problem can be reduced, e-commerce can play a positive role in helping to improve the world of business.
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