Information Technology (IT) revolution has been widely touted as having equal if not greater impact on us than the industrial revolution. The application of electronic commerce or e-commerce has led to many changes in the way business is conducted. Contrary to the current buzz surrounding online business-to-business (B2B) alliances, some industry observers say the future for e-commerce is in business-to-consumer deals, with an emphasis on such major purchases as real estate. By some estimates, up to 50 percent of prospective homebuyers will use the Internet to search for new homes within the next two years. Even those who may not yet feel comfortable completing transactions on the Web say they will at least begin their search on the Internet before contacting a local realty office or perusing the classified ads. According to a survey by research company Weston Edwards & Associates prospective homebuyers nationwide used the Internet to educate themselves on the home buying process, as for what online real estate customers are looking for, detailed property descriptions top their lists, followed by disclosure of all transaction fees, customer service contacts via toll-free numbers, performance guarantees from service providers and sales data comparisons. (www.businesstown.com/Internet/ecomm-definition.asp)
Chapter 2 Introduction
2.0 Historical Development.
The term electronic commerce has changed over time. Originally, "electronic commerce" meant the facilitation of commercial transactions electronically, usually using technology like Electronic Data Interchange (EDI) to send commercial documents like purchase orders or invoices electronically. Today it includes activities more precisely termed "Web commerce" -- the purchase of goods and services over the World Wide Web via secure servers (note HTTPS, a special server protocol which encrypts confidential ordering data for customer protection) with e-shopping carts and with electronic pay services, like credit card pay authorizations. 2.1 Purpose of Study
The purpose of the research is to study the implementation of e-commerce towards real estate in Malaysian market. This includes the study of the level of readiness, level of usage, the level of acceptance and adoption of e-commerce on consumer and realtors towards using e-commerce applications in their business transaction. The Objectives are:
1) To study the level of acceptance and adoption of e-commerce applications among the Enterprises in Malaysia. This includes the study of the level of readiness of the Enterprises towards using e-commerce applications in their business transactions. 2) To identify the factors that may influence the level of adoption of e-commerce applications among the Enterprises in Malaysia. 3) To evaluate the benefits or potential benefits of e-commerce adoption by the Enterprises in Malaysia. 4) The advantages and disadvantages of commencing e-commerce in real estate business. 5) The growth of real estate industries before and after the introduction of electronic applications . 2.2 E-commerce Definition.
Electronic commerce consists of buying, selling, marketing and servicing of products or services over a computer network. The Information technology industry might see its as an electronic business application aimed at commercial transaction. There are many definition of e-commerce available in the Internet , books, magazines, journals and business times but one of the most precise and elaborated definitions as follows: Electronic commerce is the paperless exchange of business information using electronic data interchange (EDI), e-mail, electronic bulletin boards, fax transmissions, and electronic funds transfer. It refers to Internet shopping, online stock and bond transactions, the downloading and selling of “soft merchandise” (software, documents, graphics, music, etc.), and business-to-business transactions. The concept...