How did eCommerce Develop?
Much has changed since the first time we heard of the word ‘eCommerce’. From a mere idea back in the 90’s, eCommerce has undergone unprecedented developments turning into an influential part of the global economic landscape.
Today more than ever, eCommerce plays an integral part in the economy as well as in the everyday life of consumers. What used to be a road less travelled has become a driving force of the global marketplace. Many do not notice it but eCommerce is slowly dominating the life of everyone.
Before you get overly consumed by eCommerce, it definitely pays to know how it developed.
Basically, eCommerce is considered as the conduct of business through electronic means. Today, internet and online banking are the most popular modes of transacting business. In its early years, this technology was known as Electronic Data Interchange (EDI). Ecommerce was first recognized during the late 70’s, wherein businesses started to conduct remote transactions. Companies send information and transact electronically. These simple beginnings laid the foothold of what we know today as eCommerce. In 1982, the Boston Computer Exchange initiated online selling of used computer equipments, this is considered as the first true example of eCommerce.
The following years saw the rise of ATM machines, distance banking and, the ever popular, credit cards. These developments are considered pivotal in the future developments of electronic commerce. At the close of the century, internet was becoming more popular, together with its rise is the continued of evolution of eCommerce with new concepts such as data mining, data warehousing and enterprise resource planning.
By 1994, the eCommerce has become more secure and accessible. Thanks to increased availability of high speed internet connections and development of online security protocols. Pioneers of information technology have predicted the growth of eCommerce, owing to it as an ‘untapped market.’
Following the boom of the internet, several businesses from across the United States and Western Europe dared to tread this new technology. These companies built the earliest rudimentary eCommerce websites. Soon many companies were seen following their footsteps.
Unfortunately in 2000, eCommerce has encountered a sudden setback causing the collapse of online businesses. Despite these heartrending developments, traditional business continued to hold on to eCommerce taking in mind the promise of a global consumer base. The following year, online business-to-business (B2B) transactions surprised the economy becoming the largest industry with sales of over 700 billion
After a very short hiatus, eCommerce regained its economic worth and continued on its extraordinary growth. Most companies that survived the tests of times have developed its own eCommerce platforms. One of the experts in this field of business is BigCommerce, a US-based online company that offers the best ecommerce platform. Forbes magazine even dub BigCommerce as a “high tech spin on an old school business.
Ecommerce has indeed gone a long way. Through the years, this technology has been developed to suit the needs of every consumer. It still continues to grow adapting to every turn of time.
You would not appreciate online shopping without knowing how it all began.
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