History and Evolution of E-Commerce

Electronic Commerce is very important in today business world, which commonly known as e-commerce and it consists of selling and buying of products or services over electronic systems such as the internet and other computer networks. Nowadays there are a lot of buyers prefer to shop online. Modern e-commerce typically uses the World Wide Web for the transaction system. Ecommerce 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.

The meaning of electronic commerce has changed over the last 30 years. Originally, electronic commerce meant the facilitation of commercial transactions electronically, using technology such as Electronic Data Interchange (EDI) and Electronic Funds Transfer (EFT). These were both introduced in the late 1970s, allowing businesses to send commercial documents like purchase orders or invoices electronically. The growth and acceptance of credit cards, automated teller machines (ATM) and telephone banking in the 1980s were also forms of electronic commerce. From the 1990s onwards, electronic commerce would additionally include enterprise resource planning systems (ERP), data mining and data warehousing.

Amazon and Ebay were among the first Internet or E-Commerce companies that allow electronic transactions. Thanks to their founders, we now have a successful ecommerce sector and enjoy the buying and selling advantages of the Internet. Currently there are 5 largest and most famous worldwide Internet retailers: Amazon, Dell, Staples, Office Depot and Hewlett Packard. According to statistics, the most popular categories of products sold in the World Wide Web are music, books, computers, office supplies and other consumer electronics.

Below are the clip video on E-Commerce Evolution