E-commerce Its Development and Future Prospective Essay

Introduction Technological advancements have taken the world by storm. The daily chronicles have a different story to tell with every dawn of a new day about a technological invention and/or innovation. Doing business has become competitive more than ever. This phenomenon has created a business environment that follows the clichà ©, the survival of the fittest. It is in this spirit that businesses have adopted technology to survive and remain relevant in the dynamic consumer environment. This is especially so because the world has become a global village where information, ideas and products flow between different continents have become seamless. The internet has made it easier and cheap for manufacturers, wholesalers, and retailers to†¦show more content†¦E- Commerce has evolved tremendously from online billboards to a personalized shopping experience. Types of e-commerce There are three categories of e-commerce depending on the buyer-seller relationship. †¢ Business to consumer (B2C): this involves the seller who is the business organization and the buyer being the consumer. In this model, the business organization s the information source while the customer is the information seeker. †¢ Business to business (B2B): this model involves business transactions involving two or more businesses. In this case, both businesses must provide a means of exchanging business documents. The major aspects include electronic funds transfer, electronic payment fulfillment and electronic racking of transactions. †¢ Business to government (B2G): this model involves the government agencies or departments and the business organization. The operation in this model is the same as that of B2B or B2C. Advantages of e-commerce To consumers †¢ Easier accessibility †¢ Consumers are also able to compare between different products on a global platform efficiently. †¢ With digital goods such as software, consumers can order and receive the product instantly. †¢ No geographical limitation To business organizations †¢ Elimination of geographical limitation †¢ Increased sales since there is a large pool of customers †¢ Decreased transaction and operating costs Limitations of e-commerce To consumers †¢ Customers cannot inspect theShow MoreRelatedE-COMMERCE: ITS DEVELOPMENT AND FUTURE PERSPECTIVES INTRODUCTION E-commerce is a type of business600 Words   |  3 PagesE-COMMERCE: ITS DEVELOPMENT AND FUTURE PERSPECTIVES INTRODUCTION E-commerce is a type of business where individuals, firms and companies engage in business activities over an electronic network mainly internet. 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