History and Evolution of E-Commerce

History

In the beginning, the Internet was characterized by slow dial-up connections and online billboards.

During that time, E-Commerce(EC) refer to the process of execution of commercial transaction electronically with the help of Electronic Data Interchange (EDI) and Electronic Funds Transfer (EFT) which gave an opportunity for users to exchange business information and do electronic transactions.

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1970’s ~ EDI and EFT were formulated to support commercial electronic transaction.

1979 ~ Online shopping was invented in the UK by Michael Aldrich. Online Shopping was used extensively particularly by auto manufacturers such as Ford, Peugeot-Talbot, General Motors and Nissan.

1990 ~ Tim Berners-Lee developed World Wide Web at CERN that started the 1st Internet Transaction.

EC would additionally include enterprise resource planning systems (ERP), data mining and data warehousing.

1991 ~ EC became possible in when the Internet was opened to commercial use.

Since that date, thousands of businesses have taken up residence at web sites.

1993 ~ Marc Andreessen developed Mosaic, this is the 1st graphic web browser launched to interchange text and graphic. Microsoft came up with Microsoft Internet Explorer.

1994 ~ Netscape releases the Navigator browser in October under the code name Mozilla.

Pizza Hut offers pizza ordering on its Web page.

1995 ~ Jeff Bezos launches Amazon.com.The 1st commercial-free 24 hour, internet-only radio stations, Radio HK and NetRadio start broadcasting.

Dell and Cisco begin to aggressively use Internet for commercial transactions.

eBay is founded by computer programmer Pierre Omidyar as AuctionWeb.

1998 ~ DSL was launched into the market that provided much faster access and persistent connection to the internet.

2000 ~ European and American business companies offered their services through the World Wide Web (www).

Dot-com bust led to unfortunate results and many of ecommerce companies disappeared, the “brick and mortar” retailers recognized the advantages of electronic commerce and began to add such capabilities to their web sites.

2003 ~ Amazon.com posts first yearly profit.

2008~ US EC and Online Retail sales projected to reach $204 billion, an increase of 17 percent over 2007.

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Evolution

Indeed, EC has evolved from online billboards to a fully functional, personalized shopping experience over the past decade.

Today it includes of a very extensive range of activities and methods, from e-banking to Offshore manufacturing to e-logistics.

Netscape came on the scene in 1994 with its point-and-click Web browser that opened the door to the billion-dollar revenues e-tailers enjoy today.

Two of the first online purveyors were eBay and Amazon.com

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The swift growth of ecommerce is due to business ventures implementing the effective policies of ecommerce that embraces the following four crucial principles:

Security of Logical Assets

Tough copyright, exclusive rights and other forms of logical asset security are important solutions to reviving the information economy.

Online Reliability, Safety and Confidentiality

Advancement in ecommerce is basically due to Customers certainty in the protection, safety measures and confidentiality of personal and financial information.

Safeguarding data and links on the Internet is very important for the steady success of Internet and economy of information. Internets potential will be recognised only in free, open markets.

Investing in an e-commerce technology infrastructure

Maintenance of the essential physical communications to deliver digital matter (primarily through telecommunications deregulation and government efforts to reduce the digital divide) is very important to encourage technological growth.

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As a conclusion, the first business deal carried out on telephone or via a fax is mainly considered as first ecommerce transaction. EC spread to a significant group globally within a span of 4 years from 1996 to 2000. EC technology will continues to progress to change personal communication and global trading at an astonishing speed.

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