E-Commerce: its Development and Future Perspectives

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E-Commerce: its Development and Future Perspectives

The role played by electronic devices in supporting business transactions has continuously increased in the last five decades. Initially, the application of electronic systems in business activities solely served the interest of different companies. Such included organizational communication and record keeping that involved internal and business-to-business (B2B) communications. However, the application of such potentials in business-to-consumer (B2C) transactions made the world realize that e-commerce was probably the best way to carry out business (Gangopadhyay, 2012). In sum, electronic commerce (e-commerce) defines all activities performed by electronic devices through various transmission systems designed to deliver information from one point to another. A broader perspective of the use of e-commerce would encompass the Internet, cell phone technology, automated teller machines, (ATMs), electronic tax registers (ETRs), and financial transaction companies like Visa and MasterCard among others (Cashin, 2010). In the future, more consumers and businesses will consider using e-commerce because it reduces costs, assists in overcoming geographical limitations, avails abundant information, and provides room for extensive product comparison.

The costs of products and services stand out as the most important elements of any commercial transactions. While consumers hope to purchase products and services at the cheapest prices possible, producers also hope to acquire raw the same way. E-commerce assists both parties in different ways. Businesses that use websites and social digital media to advertise can reach more consumers (Epstein, 2014). These get transferred to consumers in the form of reduced prices. E-commerce reduces the time that would have been wasted if operations were to be carried out manually. Equally, the costs of travelling and associated expenditure get saved for both consumers and businesses (Bidgoli, 2011).

Geographical boundaries have hindered numerous business transactions by creating physical limitations. Notably, e-commerce assists businesses and consumers to overcome this aspect through various means. The world’s career platform has increasingly become busy. Many individuals service more than one job and may be busy all day. As a result, businesses owning physical stores without online advertisements may have a few people walking in to purchase products (Cashin, 2010). However, this can be improved by opening a company website and placing adverts on social platforms like Facebook.com, Twitter.com, Instagram.com, and LinkedIn.com. Since such sites have millions of subscribers, business adverts stand better chances of getting noticed. The situation gets easier when such businesses avail online payment systems and provisions to deliver purchased goods (Raisinghani, 2012).

Finally, the element of information explosion and the ability to access a variety of products and services for comparison makes e-commerce an excellent choice for most customers. A consumer can find information about a specific product on the internet. When trying to find the shops that sell the same product, hundreds of results may be available with variations in price, quality, and quantity. The potential consumer can then select the best option after considering all the factors involved (Gangopadhyay, 2012).

In conclusion, electronic devices and systems perform a leading role in facilitating business transactions. Through the use of these platforms, both consumers and businesses save a lot of money. Because of their ability to work virtually, systems of e-commerce also overcome geographical limitations. Lastly, they avail abundant information for consumers and businesses. With these advantages, more consumers will continue to acquire electronic gadgets that can facilitate e-commerce while businesses invest in systems. This will make the future of e-commerce a success.

References

Bidgoli, H. (2011). Electronic commerce: Principles and practice. San Diego: Academic Press.

Cashin, J. (2010). E-commerce success: Building global business architecture. Charleston: Computer Technology Research.

Epstein, M. (2014). Implementing e-commerce strategies: A guide to corporate success after the Dot.com bust. Westport: Praeger.

Gangopadhyay, A. (2012). Managing business with electronic commerce: Issues and trends. Hershey: Idea Group Pubshers.

Raisinghani, M. (2012). Electronic commerce: Opportunity and challenges. Hershey: Idea Group Publishers.