E-commerce has become very vital for many businesses to reach out to larger markets at cheaper costs unlike before. It relies on the cyberspace as its main backbone. A lot of people can now make instant payments for items bought online from the comfort of their living rooms or offices. It is also now possible for millions of people from across the world to work online and receive their payments courtesy of e-commerce.
E-commerce was not so much known about in the last few years. However, growth in technology has revolutionized it in modern times. The advent of World Wide Web (WWW) from the early 1990s has been one of the major forces behind the advancements in e-commerce. Governments and private sector are investing in e-commerce as one of the ways of surviving competition and increasing economic growth. E-commerce is currently facilitating transactions between businesses and consumers (B2C). On the other hand, it has also become vital in business to business trading (B2B).
The advent modern forms of e-commerce occurred in 1949 when Diners Club launched credit cards for its frequent customers as way of consolidating debts. Meanwhile, the most immediate technological innovations that precipitate advent of today’s e-commerce infrastructure include use of Electronic Data Interchange (EDI), availability of affordable computer hardware and software as well as increasing profitability of Internet Service Providers (ISPs). EID refers to transmission of business data within organizational networks in standard formats that favor transactions between businesses and clients. EDI has been an important milestone in the development of e-commerce in the sense that it paved way for the recent developments in e-commerce. Some of the contemporary features of e-commerce include quick online payment systems, online catalog management, and online marketing.
EDI has enabled businesses to understand importance of digital data transmission within networked computers. It also has also paved way for exchange of digital goods as well as services. EDI was also a major launch pad in electronic funds transfer in e-commerce. The contemporary society is marked with great sophistication in the field of e-commerce. One of the major sophistication in e-commerce is the growth and penetration of broadband across national boundaries that have greatly spurred the...