The history and evolution of E-commerce

History of ecommerce dates back to the invention of the very old notion of “sell and buy”, electricity, cables, computers, modems, and the Internet. E-commerce became possible in 1991 when the Internet was opened to commercial use. Since that date thousands of businesses have taken up residence at web sites.

E-commerce applications were first developed in the early 1970s and allowed business companies and organizations to send commercial documentation electronically with innovations such as electronic funds transfer(EFT),and electronic data interchange(EDI).

When the Internet became commercialized and users began flocking to participate in the World Wide Web in the early 1990s, the term electronic commerce was coined. Then E-commerce applications rapidly expended. One reason for this rapid expansion was the development of new networks, protocols, and E-commerce software. The other reason was the increase in competition and other business pressures.

Since 1995, Internet users have witnessed the development of many innovative applications, ranging from online direct sales to e-learning experiences. In 1999, the emphasis of E-commerce shifted from B2C to B2B, and in 2001 from B2B to B2E, c-commerce, e-government, e-learning, and m-commerce. Given the nature of technology and the Internet, E-commerce will undoubtedly continue to shift and change. More and more E-commerce success are emerging.

By the end of 2001, the largest form of E-commerce, B2B, had around $700 billion in transactions. According to all available data, E-commerce sales continued to grow in the next few years and, by the end of 2007, E-commerce sales accounted for 3.4 percent of total sales.Overall, the growth of the field will continue to be strong into the foreseeable future. Despite the failures of individual companies and initiatives, the total volume of E-commerce is growing by 15 to 25 percent every year.

History of E-commerce is a history of a new, virtual world which is evolving according to the customer advantage. It is a world which we are all building together brick by brick, laying a secure foundation for the future generations. Print this post