Business and Electronic Commerce (E-Commerce)

             Electronic Commerce (E-Commerce) is essentially the buying and selling of goods and services using the Internet, and is revolutionizing the way business is being conducted. The most common form of E-Commerce takes, and the one most people are familiar with is online shopping. Creating a "virtual storefront" gives businesses access to global markets, and allows the opportunity for small businesses to compete with larger rivals on a more level playing field. E-commerce encompasses the entire sales process - marketing, the actual sales transaction, supplier relationships, and customer support. The ability to offer goods and services over the Web has had a remarkable impact on consumers and many industries. Over $750 million in airline tickets were sold over the Web last year, and the brokerage industry now manages $200 billion worth of assets in online accounts (IBM, 1999). The American Chamber of Commerce has produced a report on the impact of e-commerce on our lives (New York Times, 1998). This report has found that:
             - The e-commerce industry employs 7.4 million workers, some of whom earn among the nation's highest average salaries.
             - Traffic on the Internet has doubled every 100 days and Internet commerce among businesses will likely surpass $300 billion by 2002.
             - The Internet is growing faster than all other technologies that have preceded it. Radio existed for 38 years before it had 50 million listeners, and television took 13 years to reach that mark. The Internet crossed the line in just four years.
             - In 1994, only 3 million people were connected to the Internet. By the end of last year, more than 100 million were using it.
             - Without information technology, inflation in 1997 would have been 3.1 percent, more than a full percentage point higher than the 2 percent it was.
             Businesses quickly embraced e-commerce as a legitimate way to do business and consumers have followed suit being eager to take advantage of all...

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Business and Electronic Commerce (E-Commerce). (1969, December 31). In MegaEssays.com. Retrieved 11:11, April 20, 2024, from https://www.megaessays.com/viewpaper/17937.html