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Electronic Commerce in Private Purchasing

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Electronic Commerce in Private Purchasing

Page 1 of 11
Electronic Commerce in Private Purchasing

Introduction of Ecommerce

I guess you can say that ecommerce started back in the 70’s with EFT (Electronic Funds Transfer), in the 80’s with EDI (Electronic Data Interchange). The 90’s around 1995 is when the internet move from the federal sector to commercial sector when NSF (National Science Foundation) decommissioned NSFNET and move assets to vBNS (Very-High-Speed Backbone Network Services) which serves as a testing ground for the next generation of internet technologies, which allow ISP (Internet Service Providers) to develop. After the internet was develop we had an explosive growth mostly in “Dot Coms” ventures many professional left the major firm and job security to join start ups for the promise of millions of dollar. In the mid 2000 when the NASDAQ collapsed in March hundreds of thousands of people lost their jobs, stock values plummeted and thousand of company filed bankruptcy, downsized or were taken over by competitors. The subsequent stock market crash caused the loss of $5 trillion in the market value of companies from March 2000 to October 2002. By the early 2003 companies that were well-conceived internet based companies were proving their values, consumers became confidence in buying over the internet and business began to realize the internet can create true operation efficiencies and increase profit. The explosion in the use of the Internet has paved the way for several path-breaking innovations. One of the most interesting and exciting aspects of this evolution is the emergence of electronic business (e-business) as a mainstream and viable alternative to more traditional methods of businesses being conducted today. E-business is defined as the process of using electronic technology to do business. It is the day and age of electronic business. Also the structure of the Web is rapidly evolving from a loose collection of Web sites into organized market places. The phenomena of aggregation,...

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