The history of e-commerce is not only interesting, but has proven to be one of the greatest developments of mankind over time. E-commerce, also known as e-commerce, can be used to refer to the act of conducting commercial transactions and communicating over electronic devices such as computers. It involves the buying and selling of goods and services over digital communication networks and encompasses electronic transactions such as smart cards and electronic money transfers.
There has been a lot of confusion regarding the difference between e-commerce and e-commerce. To explain the difference between the two, one will have to look at the manner and location in which the business is conducted. E-business involves conducting business over Internet networks. It is purely an internet business and encourages buying, selling and collaborating with partners online so that unlike e-commerce where business is conducted at a specified location, e-business is conducted online anywhere and anytime. This difference, as we will see later, has its bearing on the history of e-commerce.
The first form of e-commerce was conceived at the end of the 20th century, when electronic technology was used for the transfer of information and to conduct business transactions between different business entities. The enabling technologies at the time were electronic funds transfer and electronic data interchange. Taking inspiration from this part of e-commerce history, many companies found ways to expand their market influence and these efforts and innovations gave rise to what are now used as automatic teller machines (ATMs). , credit cards and telephones. banking systems.
A time has passed and with the introduction of high-speed internet connections and relevant security mechanisms; the history of e-commerce has been accelerated from the business idea to what it is today. More and more companies, especially those in the banking sector, have experienced strong growth over short periods of time. However, e-commerce businesses saw their lowest points during the “dot-com” meltdown which saw a large number of internet businesses crumble to their knees.
Calm was restored a few years later when most businesses, and especially those in Europe, began to embrace e-commerce. History was written once again when business transactions, driven by the desire to meet the growing demands for customer service worldwide and of all sizes and natures, were conducted over the Internet. The most notable companies of this era were Amazon, eBay and Dell which, despite carrying out small transactions over the Internet, became the most formidable e-commerce entities in the history of e-commerce.
E-commerce has made life much easier than two centuries ago. He took into account how hectic life has become so few people enjoy the luxury of shopping from store to store without any time constraints. Buyers can now buy whatever they want with just one click. You can also compare the prices of goods and services in stores around the world, but from the comfort of your own home. Like all good things, e-commerce has enlightened most people on the importance of technology. It has also allowed companies to appreciate how much a simple invention can change the face of your business. Such is the story of e-commerce.