Development and Future Perspectives of e-Commerce - 825 Words

Development and Future Perspectives of e-Commerce (Essay Sample) Content: E-COMMERCEStudents NameClassDate IntroductionE-commerce refers to the online transaction of businesses. It involves purchase and sales that are facilitated by the internet. Online shopping is, however, not restricted to sales and purchases only. There are many forms in which e-commerce take place, for example, in electronic payment, online auctions, online ticketing and banking.Genres of E-commerceClassification of e-commerce is done basing on the participants in a transaction. Business -Business e-commerce occurs when the parties transacting are traders, retailers, or manufacturers. Business-consumer is a situation that occurs when a business enterprise sells to the consumer electronically. Consumer-consumer e-commerce is a modern form of barter trade. Individuals who are not in the business industry trade what they have but do not need to get what they lack. An example is the online auctioning transaction.Development of e-commerceSince the introduction of e-commer ce approximately forty years ago, massive development has taken place. New development and technology are responsible for the development being experienced in the online transaction sector. The comfortably of people engaging in e-commerce has also improved a lot with many people embracing it as a safe and convenient mode of business transaction.1960-1982The development of Electronic Data Interchange is believed to have-paved way for the establishment of e-commerce. With the aid of EDI data transfer through computers replaced faxing and mailing of documents. The innovation saw many traders preferring to send invoices and orders using data format in computers. Online shopping developed from Michael Aldrich idea of connecting a television to a computer used for processing transactions that had a telephone and named it as teleshopping.1982-1990France launched the Mintel in the year 1982. It allowed internet services to use videoptex terminal devices accessed via telephones lines. The m intel freely telephoned subscribers and therefore, connected many users to a computing system. The thriving of the mintel ceased after the discovery of the internet after three years.1990- Present Tim Berner Lee together with Robert Cailliau proposed an idea to mould a Hypertext project which they called the worldwide web. Later in the year, Lee made the first ever web server by the use of a NexTcomputer after which he went ahead to write a web browser. In 1991, he declared his innovations available to the public. The linking of the hypertext with the internet led to the development of HTML, URL, and HTTP. the National Science Foundation laid the threshold for online shopping the same year by lifting the restriction on commercial utilization of the NET. However, people were still reluctant in engaging in online shopping.Online Megastores Amazon, the worlds biggest online retailer shop, was launched as a bookstore in the year 1995. Other big entrants like eBay and yahoo followed. T he peak of online trading came with the introduction of PayPal, which facilitated easy and safe mode of transferring money online. Since then, online shopping has been on the development to being a mode that people prefer most than the other traditional modes of trading.The Future of E-commerce As the internet progressively evolves, e-commerce is expected to experience flux. There exists a huge possibility of all the other modes of trading incorporating e-commerce. People spend a lot of time online, therefore; they will prefer to conduct their shopping online. E-commerce may become the sole mode of trade in the future.ConclusionE-commerce has made life more comfortable with its facilitation of easier, time saving modes of transactions. Economic growth has been on the rise because of many people embracing online shopping. However, there have been challenges that risen as well, for example, cyber theft. However, security ...