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E-commerce (Essay Sample)

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E-commerce: its developments and future perspectives

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E-commerce: its developments and future perspectives
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E-commerce: its developments and future perspectives
E commerce (or Electronic Commerce) is the new kind of trade carried out on mass and online markets via an electronic platform, in particular on the internet. It is considered as a major and global tool for trade in today’s business environment. According to Watson et al., E-Commerce (EC) is "the use of networks and Internet technology for communications and transactions between various groups of stakeholders like businesses and consumers”[Richard, Watson T., Pierre Berthon, Leyl and F. Pittand George M. Zinkhan,. Electronic Commerce: The Strategic Perspective, Dryden, Fort Worth, TX. 2000.]
E-commerce enables buyers and sellers of goods and services to establish real time communication regardless of their geographical locale and so a creating convenient business relationship. The greatest aspect about the future of E-commerce is that its limits and full capabilities remain untapped. This leaves all stakeholders involved with objectives and a vision to realize and experience the growing trends in E-commerce and its impact on business in general. The practice grew from transactions of online retail business and it has witnessed continuous innovations recording a remarkable trend over time. It has expanded from circles of developed economies to be a global movement creating numerous employment opportunities in its way. However, a few critics have expressed disapproval of E-commerce’s rapid development citing that it has become too wide and complex resulting in increments in durations consumers take to make purchases due to the vast variety of choices that make it difficult to narrow down to particular options.[Ibid.]
E-commerce has developed with advancement of the internet and social networking that has facilitated advertisement capacity to reach anybody in the world so long as they can access the internet. The internet stage of web 3.0 has enabled instantaneous online shopping and marketing at very affordable costs. With every coming year, new levels of technological advancements take E-commerce to a higher level making its frontier unimaginable, considering that, the technological industry is only in its initial stages. Furthermore, the websites used in E-commerce today are created in different local languages allowing for more and more market penetration.
One factor that has contributed greatly to the development of E-commerce is the fact that people are able to use credit cards safely and conveniently to make payments over the internet. This has been catapulted to greater heights by the move by financial institutions to competitively and affordably bring this product (Credit cards) closer to people. Another important aspect that is instrumental to the development of E-commerce is the increasing number of internet users in the world today. Mobile phone devices have played a key role in enabling this practice in a rapid and affordable manner. Foreign Direct Investment (FDI), has also been on the increase between countries hence advancement in supply chain efficiency of products internationally. This has enhanced customers’ confidence in international trade on the platform of E-commerce[Dujjaman Ohi, et al.. E-commerce Challenges, solutions and Effectiveness Perspective: International Journal of Computer applications. 70(9). 9-17. Foundation of Computer Science. New York NY. Press. 2013]
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