What is E-Commerce?
Electronic commerce, commonly known as e-commerce or eCommerce, consists of the buying and selling of products or services over electronic systems such as the Internet and other computer networks.
For the broader definition, not just the buying and selling of goods and services, but also servicing customers, collaborating with business partners and conducting electronic transactions within an organization.
It is also about e-learning, e-government, social networks, and much more. EC will have an impact on a significant portion of the world, affecting businesses, professions, and, of course, people. Electronic commerce is generally considered to be the sales aspect of e-business. It also consists of the exchange of data to facilitate the financing and payment aspects of the business transactions.
The History of E-Commerce
History of ecommerce dates back to the invention of the very old notion of “sell and buy”, electricity, cables,computers, modems, and the Internet. Ecommerce 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.
Originally,electronic commerce meant the facilitation of commercial transactions electronically, using technology such as Electronic Data Interchange (EDI) and Electronic Funds Transfer (EFT). It gave an opportunity for users to exchange business information and do electronic transactions. The ability to use these technologies appeared in the late 1970s and allowed business companies and organizations to send commercial documentation electronically.
An Interorganizational System (IOS) allows the flow of information to be automated between organizations to reach a desired supply-chain management system, which enables the development of competitive organizations.
Although the Internet became popular worldwide in 1994, it took about 5 years to introduce security protocols and DSL allowing continual connection to the Internet. Since people began to associate word "ecommerce" with the ability of purchasing various goods through the Internet using secure protocols and electronic payment services.
The Evolution of E-Commerce
Since 1995, many innovative applications, ranging from direct online sales to e-learning experiences had been developed. Almost every organization in the world has a Web site. In 1999, the emphasis of e-commerce shifted from B2C to B2B.In 2001, from B2B to B2E, e-government, e-learning, and m-commerce. In 2005, social networks started to rise and so did l-commerce and wireless applications. E-commerce will undoubtedly continue to shift and change in the future.
Here is the summary of Year and Event
- 1984-EDI, or electronic data interchange, was standardized through ASCX12. Thisguaranteed that companies would be able to complete transactions with one another reliably.
- 1992-Compuserve offers online retail products to its customers. This gives people the first chance to buy things off their computer.
- 1994-Netscape arrived. Providing users a simple browser to surf the Internet and a safe online transaction technology called Secure Sockets Layer.
- 1995-Two of the biggest names in e-commerce are launched: Amazon.com and eBay.com.
- 1998-DSL, or Digital Subscriber Line, provides fast, always-on Internet service to subscribers across California. This prompts people to spend more time, and money, online.
- 1999-Retail spending over the Internet reaches $20 billion, according to Business.com.
- 2000-The U.S government extended the moratorium on Internet taxes until at least 2005.
Here’s the vedio,
