E-commerce is the process of the execution of commercial transactions electronically with the help of the leading technologies like Electronic Data Interchange (EDI) and Electronic Funds Transfer (EFT) which gave an opportunity for users to exchange business information and do electronic transactions.
The History & Evolution of E-commerce:
It was founded in the late 1970s and started to become popular during 1994. It took four years to develop the security protocols and Digital Subscriber Line (DSL) which allowed rapid access and connection to the Internet. E-commerce changed the process of purchasing of available goods and services over the Internet using secure connections and electronic payment services.
EDI was developed to improve the limitation of EFT. It enlarged the pool of participating company which is called Interorganizational System (IOS). An IOS allows the flow of information to be automated between organizations to reach a desired supply-chain management system, enables the development of competitive organizations.
During the year 1984, EDI was standardized through ASC X12, guaranteed that companies would be able to complete transactions with one another reliably. CompuServe offered online retail products to its customers which gave people the first chance to buy things off their computer in 1992. Netscape provided users a simple browser to surf the net and a safe online transaction technology called Secure Sockets Layer in 1994. In 1995, Amazon.com and eBay.com, two of the biggest names in e-commerce are launched. During 1998, DSL provides fast, always-on Internet service to subscribers. This prompts people to spend more time, and money, online. Retail spending over the Internet reaches $20 billion, according to Business.com in 1999. While in 2000, The U.S government extended the moratorium on Internet taxes until 2005.
According to Rich Riley, “an important milestone in the evolution of e-commerce is the development of affordable, easy-to-use e-commerce solutions enabled a lot of entrepreneurs to transform their unique ideas into organizations successful business.” E-commerce is a history of a new, virtual world which is evolving according to the customers’ advantage. The evolution of this will never end.
Web 2.0:
It refers to a second generation of web development and web design that facilitates communication, secure information sharing, interoperability, and collaboration on the World Wide Web. Web 2.0 concepts have led to the development and evolution of web-based communities, hosted services, and applications such as social-networking sites, video-sharing sites, wikis, and blogs.
It allows users more than just to retrieve information. It can build on the interactive facilities of Web 1.0 to provide “network as platform” computing, allowing users to run software-applications entirely through a browser. Users can own the data on a Web 2.0 site and exercise control over that data.
References:
1. http://www.flysyk02.netfirms.com/Ecommerce/History.htm 2. http://www.ecommercetimes.com/story/40249.html
3. www.klein.com/dvk/publications/ecommerce.ppt