H istory of Ecommerce Solutions – The Major M ilestones
Be it business-to-business (B2B) e-commerce or business-to-consumers (B2C) e-commerce, the meaning of commerce itself changed drastically with the introduction of Ecommerce Solutions on the horizon.
Originally identified in late 1970s by mainly Electronic Funds Transfer (EFT) technology, ecommerce solutions in the past five decades have touched every area of our existence, whether we realize that or not. The solutions in the commerce trade and a revolution in banking system in 1980s upon the arrival of credit cards, ATMs and telephone banking were the initial milestones of this immensely impressive technology but it was not until 1990 when internet changed the course of human evolution permanently, and soon there were worldwide access of various e-commerce solutions giving commerce a different feel, a different look and a different meaning altogether than ever contemplated. The first online store Amazon was opened in 1995, closely followed by eBay and now there are thousands of online stores providing easy access to commodities facilitated by an equally easy way of paying. The reason of the Chinese economy scaling new heights in 1998 was the introduction of various e-commerce solutions in the country’s trade and commerce business. Though the dot-com bust in 2000 led to a massive suffering to commerce trade across the globe, it did not take very long to revive and soon many online companies were posting profits showing that customers invested not only money, but trust in them and as a cumulative result, soon the trade was on its way to a successful recuperation. A recent research estimated eCommerce and Online Retail sales business in USA to reach $197 billion in 2011. And thus Ecommerce Solutions is no more considered to be only the sales aspect of ebusiness, but promises to be much more.