The Internet Revolution

Topics: Online shopping, Electronic commerce, Internet Pages: 5 (1725 words) Published: October 8, 1999
The Internet Revolution
Now, with the click of a button, consumers are buying just about anything imaginable, and all from the convenience of the internet. People no longer have to leave their homes, work or where ever there is internet access to make important purchases. Technology has advanced so that companies are conducting business around the world with out ever meeting. No longer do consumers or businessmen have to shake to complete a deal or a sale, but merely click down on the mouse and the numbers change. Some internet companies have never seen their customers and yet some traditional retailers have not yet acknowledged the internet. However, “convergence is the new religion (“The Real…” 53).” Big companies are changing the business world as we see it through the internet. June 1, Merrill Lynch announced it was joining the internet revolution and would begin selling stocks for $29.95 a trade (Cropper 60). A division of the Sabre Holdings Company of Fort Worth, Texas and Preview Travel, an exclusive partner of America Online, announced they were both merging to form one of the nations largest internet commerce sites with an expected revenue of nearly one billion dollars (Jones C-7). Companies are merging and joining the internet all out of the internet revolution craze. The internet is revolutionizing the way the world is doing business through faster, easier and more direct consumer access to their desired companies. Of course, such direct contact to these companies means that the “middleman” is often eliminated. People like accountants, travel agents and stockbrokers are all ending up with commissions being cut and even losing their jobs. “My commission was first cut from 10% to 8% and now to 5% on plane tickets. People are now buying their tickets online. Its much easier than going to travel agency (Halbert, intrv). People can also manage their money from home with on-line banking, which is now offered by many banks, which also eliminates the need for an accountant. Companies like E-trade and Ameritrade are taking the jobs away from stock brokers by offering $8 trades on-line as well. All these transactions eliminate jobs and are dangerous too. “Most online purchases today are completed with out a customers actual signature (Swisher R-22).” This means that anyone with access to a credit card number can make a purchase with the holder knowing, until he gets his statement. Electronic commerce is easy, but dangerous Then again, that is what Mr. Aminifard and his company is alert for. If companies know how to detect fraudulent transactions, then they can obviously avoid them. “With a few clues, you can pretty much guess (with 90% certainty) that an order is going to be fraudulent (Swisher R-22).” Companies want to avoid these transactions because they are left with the credit card bill in the end. There is obvious security in the internet and that is one reason companies continue to expand and people continue to buy. Companies are joining the internet revolution and for good reasons, if they don’t their competitors will. “The internet is the great equalizer. It can make small companies seem like large companies and…large companies take care, for the formerly minor competitor may take your business (Goodman 112).” The internet is saving time and money. “British Telecommunications will save a billion dollars next year by sourcing exclusively through the internet (Goodman 112).” Companies like Sears, the nations leading seller of appliances, need not to spend money on establishing a delivery system when they begin selling more products online because one is already established (Coleman A-4). The internet can save consumers time and effort as well because they can research the product before they phone in the order or go to the store. Companies are...

Cited: “Can On-line Banking Replace Conventional Banking?” Computer World. 1 Jan. 1998: 32- 4.
2 Nov. 1999: 112-14.
Halbert, JoAnn. Personal Interview. 2 Nov. 1999.
23 Mar. 1999: C-4.
“The Real Internet Revolution.” The Economist. 21 Aug. 1999: 53- 4.
Swisher, Kara. “Making the Sale – Seller Beware.” Wall Street Journal. 7 Dec. 1998: R 22.
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