Essay by payal_bhura May 2014

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Discuss e-commerce: its development and future perspectives.

Electronic commerce or e-commerce is the trade of goods and services over an electronic network, stereotypically the Internet. Here, the products or services are exchanged between buyers, producers and consumers digitally and the money exchange also takes place electronically through e-credit.

In 1968 E-commerce started through an electronic interface, which allowed companies to make transactions electronically. In 1984 a standard called ASC X12 was introduced to make sure both companies had the same transaction capabilities so that they interacted reliably and quickly.

In 1992, Netscape introduced an Internet browser that allowed for point and click capabilities. This was the beginning of the Internet shopping trend. This was the first time that ordinary people could get on the Internet and navigate fairly easily. Up until this point, it was mainly reserved for computer programmers. In 1995, the two most recognizable E-commerce companies, known to us today, were introduced.

Both Amazon.com and eBay.com came into the picture. Founder of Amazon, Jeff Bezos was selling to every state in the U.S and over 40 other countries. Ecommerce allowed the easy processing of orders and shipping also enabling him to buy directly from the publishers.

eBay saw growth that was just as incredible. By allowing anyone to buy and sell online, in just a few short years the company attained pinnacles of success with a tremendous turnover.

From its humble beginning in 1995 modern Ecommerce has become the fastest growing area of business, showing continued growth year after year. Technology has advanced further making it so much more accessible to people from all walks of life.[1: Parsons, June Jamrich and Dan Oja. Computer Concepts 2006. 8th ed. Boston: Thomson.]

Over the past ten years, the Ecommerce revolution has transformed the way we shop to...