E-Commerce Its Development and Future Perspectives Essay

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†¦show more content†¦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 great ly spurred the growth of e-commerce in both the developed and developing countries. Digital media is also becoming richer and very interactive hence improving online customer experience. Recent development of social media networks has added new paradigms to e-commerce, particularly in online marketing. Online shopping and selling is becoming interactive by day. Consumers themselves are becoming content creators in terms of online product reviews. Advances in the field of communication have also made it possible to make real time communication online. Many e-commerce websites now have online customer support features to cater for clients’ requests in real time. Growing popularity of e-commerce saw business to business transactions rising from US dollars 43 billion back in 1998 to about US dollars 1.3 trillion in 2003 in the U.S. alone. Major players in e-commerce in the contemporary world include; banks, government, supply chains, credit card companies, ISPs, products and ser vices suppliers, distributors, manufacturers, and consumers. Despite the developments and exponential growth of e-commerce, there are several issues that continue to pervade online businesses. Some of the current issues that face e-commerceShow MoreRelatedE-Commerce: Its Development and Future Perspectives754 Words   |  3 PagesE-COMMERCE: ITS DEVELOPMENT AND FUTURE PERSPECTIVES E-COMMERCE Manzoor and Amir defined E-commerce as the buying and selling of goods and services via electronic means such as the internet. The e-commerce is generally efficient due to its availability throughout where the buyers meet the sellers online. 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