E-commerce Essay - 550 Words

E-commerce (Essay Sample) Content: E-commerce: its developments and future perspectivesName:Course:Instructor:Date:E-commerce: its developments and future perspectivesE commerce (or Electronic Commerce) is the new kind of trade carried out on mass and online markets via an electronic platform, in particular on the internet. It is considered as a major and global tool for trade in todayà ¢Ã¢â€š ¬s business environment. According to Watson et al., E-Commerce (EC) is "the use of networks and Internet technology for communications and transactions between various groups of stakeholders like businesses and consumersà ¢Ã¢â€š ¬Ã‚ [Richard, Watson T., Pierre Berthon, Leyl and F. Pittand George M. Zinkhan,. Electronic Commerce: The Strategic Perspective, Dryden, Fort Worth, TX. 2000.] E-commerce enables buyers and sellers of goods and services to establish real time communication regardless of their geographical locale and so a creating convenient business relationship. The greatest aspect about the future o f E-commerce is that its limits and full capabilities remain untapped. This leaves all stakeholders involved with objectives and a vision to realize and experience the growing trends in E-commerce and its impact on business in general. The practice grew from transactions of online retail business and it has witnessed continuous innovations recording a remarkable trend over time. It has expanded from circles of developed economies to be a global movement creating numerous employment opportunities in its way. However, a few critics have expressed disapproval of E-commerceà ¢Ã¢â€š ¬s rapid development citing that it has become too wide and complex resulting in increments in durations consumers take to make purchases due to the vast variety of choices that make it difficult to narrow down to particular options.[Ibid.] E-commerce has developed with advancement of the internet and social networking that has facilitated advertisement capacity to reach anybody in the world so long as they can access the internet. The internet stage of web 3.0 has enabled instantaneous online shopping and marketing at very affordable costs. With every coming year, new levels of technological advancements take E-commerce to a higher level making its frontier unimaginable, considering that, the technological industry is only in its initial stages. Furthermore, the websites used in E-commerce today are created in different local languages allowing for more and more market penetration.One factor that has contributed greatly to the development of E-commerce is the fact that people are able to use credit cards safely and conveniently to make payments over the internet. This has been catapulted to greater heights by the move by financial institutions to competitively and affordably bring this product (Credit cards) closer to people. Another important aspect that is instrumental to the development of E-commerce is the increasing number of internet users in the world today. Mobile phone devic es have played a key role in enabling this practice in a rapid and affordable manner. Foreign Direct Investment (FDI), has also been on the increase between countries hence advancement in supply chain efficiency of products internationally. This has enhanced customersà ¢Ã¢â€š ¬ confidence in international trade on the platform of E-commerce[Dujjaman Ohi, et al.. E-commerce Challenges, solutions and Effectiveness Perspective: International Journal of Computer applications. 70(9). 9-17. Foundation of Computer Science. New York NY. Press. 2013] As... E-commerce Essay - 550 Words E-commerce: Int Development and future perspectives (Essay Sample) Content: Title: E-COMMERCE: ITS DEVELOPMENT AND FUTURE PERSPECTIVES.Name:Course title:Instructor:Date: E-commerce or electronic commerce is a term used to refer to any form of commercial transaction or business which requires transfer of information across the internet. E-commerce draws from technologies such as supply chain management, inventory management system, mobile commerce, internet marketing and automated data collection systems. Currently, e-commerce is the most imperative aspects of internet to emerge (Plant 2000, 161). This is because it allows consumers to exchange their products electronically without time or distance obstacles. Much has changed since the last CSCA report on e-commerce business. One of these changes is the increasing rate of global expansion on business-to-business and business-to-consumers models of e-commerce. With the ever increasing globalization, online businesses are in course to please customers and generate profits. As a result, constant customization and innovation of the web will continue to diversify trade (Plant 2000, 69). E-commerce sector has evolved and will continue to develop. The following are four five trends that have shaped E-commerce in recent times. Increased Online Security-simpler payment processThe increased globalization has seen more customers switch to online payments mechanisms such as PayPal as well as credit and debit card transactions. As a matter of fact, e-commerce sites have emphasized on online security with the likely introduction of new safer payment methods and increased improvement on current ones. The move has translated to increased number of online shoppers and the number of financial transactions undertaken online. Many online retailers have also resorted to offering discount coupons to induce sales and a means of online payment.Localization Online traders do not shy away from creating indigenous e-commerce websites. This refers to a totally localized user experience. The move i s welcomed for online retailers because it caters for niche markets. The current generation is very curious and loves to explore. Therefore, the products marketed across as exotic and traditional easily attract customers and generates revenue (Schneider 2011, 161).Interactive products display that replace imagesWith so many products at their disposal, most customers become apprehensive. Images rarely convince customers to buy a product because customers cannot judge product with them. As a result, product demonstration videos have been used more frequently to address the need of apprehensive customers (Schneider 2011, 28). Online business and product demonstration videos have become popular with ever-improving internet speeds. Social media has also been integrated in the e-commerce debate. Retailers have turned to social media in a big way for better video sharing through Twitter, Facebook and other sites. Marketers have continued to regard social media as part of marketing mix so m uch that they have integrated it with other marketing strategies (Schneider 2011, 67). M-commerceE-commerce has realized the need for deeper mobile integration; for instance, the increased use of responsive web design that became dominant in the year 2012. Online businesses have continued to adapt to and make the most use of the available screen real estate of the device from which they are being accessed. Thanks to responsive web design, there is just one website that will adapt itself to be viewed in an ideal manner for any screen size. Online retailers have continued to create better and customized mobile applications. As a result, e-commerce has become more focused thanks to personalized mobile campaigns that targets specific customers (Schneider 2011, 13).  The future in technology is mobile, broadband, mobile, wireless and multimedia (3D, video, 4D). All these technological advancements are rapidly developing and are being integrated into e-commerce and online act ivit...