E-commerce or electronic commerce is defined as the commercial transactions (buying and selling of products or services) electronically through the internet or other computer telecommunication networks.
Origin & Emerging Trends Of Ecommerce Industry
It is one of the largest sectors in the electronics industry today. As the technology advances in the semiconductor industry, the growth of e-commerce spikes evermore, as it draws on various technological fields like mobile commerce, electronic fund transfers, supply chain management, online transaction processing, internet marketing, electronic data interchange, inventory management systems, and automated data collection.
E-commerce consists of broader economic activities than just the trading of goods online, as is a common understanding. The well-known online shopping is only one of its three branches, the B2C or business to consumer exchanges. At the same time, E-commerce spreads over to other branches such as the B2B or business to business exchanges, C2C or consumer to consumer exchanges, and internal original transactions that support these activities as well.
The term e-commerce was coined by Dr. Robert Jacobson who was the then Principal Consultant to California state Assembly’s utility & commerce committee, carried by the late Committee Chairwoman Gwen Moore (D-L.A) and enacted in 1984. The term was first introduced in the title and text of California’s Electronic Commerce Act by Dr. Jacobson.
Origin Of Ecommerce
The origin of electronic commerce dates back to 1948-49 Berlin blockade and airlift with a demand, between suppliers and their business customers, for a system for the exchange of business documents such as orders or invoices.
In the emerging days, it was done through telex, a network of teleprinters connected by switched exchanges that provided the service of international message transfers. Later on, various elaborations were made upon that primary system, and the first general standard of electronic data interchange was published in 1975. It was flexible enough to handle most simple online business transactions and involved computer-to-computer data exchanges.
The turn of events in the years that came after in various countries all over the world brought about drastic changes in the e-commerce industry, such that one would be right in saying that e-commerce leads the world today. All of us are familiar with some of the leading e-commerce platforms worldwide, like Amazon and Alibaba.
According to a 2015 survey, Amazon.com, the American e-commerce company, contributes more than half of then wold e-commerce growth, selling almost 500Million SKU’s in the US alone.
The phase of e-commerce as we know it today started with the first e-commerce website of Amazon back in the early 1990s. Many companies worldwide have followed its lead since then. Needless to say, Amazon has played a great role in bringing America to one of the leading countries in the e-commerce sector. As of 2017, global e-commerce transactions generated around 29.5 trillion US dollars.
E-commerce in the US and worldwide have evolved over the years undergoing many transformations. Global changes such as the covid-19, emergence of AI, etc have all had their influences on these transformations.
From chatbots making customer service easier to predicting stock market trends, AI has become most useful in the e-commerce field. The drastic growth of e-commerce is mostly owing to its simple procedures that make business easy for both dealers and consumers. On the other hand, there have been lots of scams and cybercrimes in this field through the years. Such issues can be resolved by making your e-commerce platforms as secure as possible.