LEGAL CONTROL OF INTERNATIONAL TRADE
LEGAL ISSUES IN RELATION TO SELLING ON INTERNET
THE IMPACT OF E-COMMERCE
A brief history about the emergence of electronic medium into the commercial transactions The concept of Electronic commerce (e-commerce) means electronic buying and selling on internet. The concept of e-commerce is different from e-business, which means any electronic transaction which subsumes e-commerce. The internet which was started in 1969 as the U.S Defense Department Advanced Research Projects Agency called the APRANET has now made the global e-commerce a reality. The actual process of e-business runs through conducting the business transactions electronically using technologies like Electronic Fund Transfer. These technologies appeared at first in the late 1970’s and it went on with the evolution of novel techniques like credit cards, ATM machines and telephone banking as part of e-commerce.
The further emergence of e-commerce happened in between 1998 and 2000 as the primary e-commerce websites were built out so as to facilitate business in Western Europe and United States. Then the companies such as eBay and Amazon which were launched in 1994 began to lead the way in e-commerce. Both eBay and Amazon were among the first to establish prominent e-commerce brands. The most prominent e-commerce categories today are computers, books, office supplies, music, and a variety of electronics. The effects of e-commerce in the trading world
The e-commerce business has numerous advantages over offline retail sales. Consumers browsing online stores can easily check for the quality products and compare the varied shops with just a few mouse-clicks. Even the smallest online retail sites can enhance sales and gain profits with a very simple online presence. Further the web tracking technology allows e-commerce sites to closely track consumer preferences and deliver highly individualized marketing to their whole database. While e-commerce is still relatively new found territory, it certainly offers plenty of opportunity for entrepreneurs of all types. The sales statistics shows that from 1999 until 2008 e-commerce sales have raised steadily and now account for nearly 4% of total sales worldwide.
By facilitating e-commerce the business throughout the world can be done 7 days in a week or 24 hours a day. This system of sales helps to improve the involvement of customers and customer service. The flexibility and ease of shopping are the most primarily gains of sales through internet. Nevertheless the fact that e-commerce has its own lime lighted benefits, it possess certain disadvantages also which are related to technology and business practices. The problems related to security issues, lack of accessibility of internet, acceptance of e-commerce technology by traditional population etc are some major issues in concern. Further the lack of understanding of business strategy and goals may also form a demerit of this system. Recent developments in the international governance of e-commerce It was a proven fact that the information technology sector was responsible for almost one third of recent U.S economic growth. Furthermore, the IT sector was responsible for increasing U.S productivity and global competitiveness. A number of bilateral statements were concluded with the individual nations so as to make up the effectiveness of e-commerce transactions. With the establishment of the Internet Corporation for Assigned Names and Numbers (ICANN), the U.S managed to formulate a diverse international representation involving government, private sector and consumer interests into the arena of e-commerce. In the idea of increasing the consumer confidence in e-commerce the U.S had concluded the bilateral statement of Building Consumer Confidence in e-commerce and the Role of Alternative Dispute Resolution(December 2000). It specifically addressed developing self regulatory codes of conduct and alternative means of...