E-commerce is the utilization of computer networks and the internet in business operations. E-commerce has brought an extensive turnover in the conduction of business operations all over the world. The use of e-commerce has enabled businesses to take extensive growth, improve service provision and improve on the aspect of time in business operations despite their location in the globe. Henceforth, all these have added the principal core for business conduction, which is making profits. The current utilization of e-commerce however has taken changes in small bits with gradual changes until to its current extensive use in business. This essay will focus on e-commerce development and its future.
Industrial and socio-economic sectors dictate the global economic changes. It is amazing to realize that the ancient economic growth had relied on the railway in the early nineteenth before its place was overtaken by the manufacturing sector in the late 1970s. The ICT sector took center stage at the onset of the 20th century and has since then taken a pole position in the execution of business. However, the greatest thing to note across is that the current explosive use of e-commerce stems up from the introduction of internet. Considering the cost of installation and acquisition of the internet in the early days, very few organizations would afford and was meant for prerequisite communication and thus it is the onset of e-commerce. Many advances that took place played a major role-play in ensuring the internet and computers are affordable. Consequently, businesses have incorporated e-commerce in their operations and communications.
Currently, the ICT factor has considered progress, and each organization has challenges to suit itself in the modern way of business conduction. Competition has been the most reason for the rapid growth followed d by the development of cheaper and affordable electronics have also played a role in the development of e-commerce. These developments have made it easier for small and medium enterprises to gain entry and optimize their business by use of ICT in adopting e-commerce. Among the major use of ICT is building up market share, advertising, setting up chain stores and increasing profit rather than just passing information.
Many airwaves of ideological differences cloud the development and prospects of e-commerce. Some value and give a thumbed up to the improvement and advancement of the ICT while others have put criticized the same. According to Masky, businesses and other enterprises are set to expand their use of e-commerce as long as ICT exists. It is a different view from Wong, Yen, and Fang who argue that the use of e-commerce is at its peak and the relative advantage upon any business lies in the manipulation of various e-commerce dynamics to ensure they remain competitive and relevant. The ideological differences however come to a consensus that ICT is and will continue the conduction of business.
In conclusion, the direction that has ICT has taken the conduction of business there is no doubt that the business will at a time rely entirely on the internet. Hence, the exchange will be electronic. The development and future perspective-defining factors of e-commerce are computer networks. The overall advantages that ICT has brought are uncountable, and all these have a long-lasting effect on business operations. Communication, marketing, and distribution have all been put into check with the onset of e-commerce. Scholars remain upbeat that electronic transactions will be the pivot point of pure e-commerce.
Maskay, Bishwa Kesher. 2001. Information Technology and E-Commerce For Development. 1st ed. Kathmandu: Centre for Development and Governance. 47
Wong, Xiaodong, David C Yen, and Xiang Fang. 2004. 'E-Commerce Development In China And Its Implication For Business.' Asia Pacific Journal Of Marketing And Logistics 16 (3): 68-83.