Ecommerce evolution and how it helped lives around
E-commerce also known as electronic commerce is, basically, purchasing, selling and exchange of goods and services over computer networks, through which transaction or terms of sale are performed electronically. The general public has become familiar with this term just in the last decade or so, but eCommerce has been around for over 40 years.
At its very basic level, the term refers to any commerce that takes place electronically, this includes, ATM, credit card transaction, and as well as the ability to do billing and invoicing through electronic methods. The convenience, safety and security of eCommerce have improvised exceptionally since its origin in 1970.
It has changed the way we buy things; it does not require moving from store to store or driving to the mall, one can sit in the comfort of their home and buy things with just a few clicks. Today, with the growing use of internet, tablet and mobile devices, we’ll see that the eCommerce will continue to expand and evolve with new technologies and innovations.
The Evolution of Ecommerce 1984 Electronic Data Interchange (EDI) was developed, which replaced traditional faxing and mailing of documents with a digital transfer of data from one computer to the other reliably.
1990 Using the NeXT computer, Tim Berners-Lee wrote the inaugural web browser (World Wide Web) WWW, shortly after; it was debuted publicly on Aug 6th 1991.
1992 CompuServe provided with online retail products to the consumers, which gave people the opportunity to buy things from their computers.
1994 Arrival of Netscape provided the users with a simple browser to surf the internet and secure sockets layer, which helped in secure online transaction.
1995 Two greatest names of ecommerce are launched: Amazon.com and eBay.com.
1998 People were motivated to spend more time and money on the internet with the use of DSL, or Digital Subscriber Line, which provides fast and always on, Internet services to the subscribers.
1999 The retail spending over the internet reaches $20 Billion according to business.com. 2000 Dot com Burst.
2001 Amazon has its maiden year of profit, another was eBay.
Ecommerce is still advancing and evolving, even today, with the development of social media. The conversations between the businesses and consumers are becoming engaging, making it easier and quicker for transactional exchanges to happen online.
With mobile commerce gaining speed and growth, more users purchase products from the palm of their hand. The market for mobile payments is expected to grow 4 times more in 2014, reaching $630 Billion in value. Ecommerce sales have grown from $27.6 Billion in 2000 to $143.4 Billion in 2009 and it’s expected to grow even more in near future.
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