Electronic Commerce (E-Commerce) and the Global Economy

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Electronic Commerce (E-Commerce) and the Global Economy

Introduction

The world we live in today, revolves around technology, new innovations and constant change. The global economy incorporates these changes into its daily applications forming a technological driven world where businesses thrive on information and competitive markets. Computers and communication networks have planted a seed in this information age where enterprises flourish forming revolutionized market economies. One of the most profound changes emerging in the world of business today is the introduction and use of Electronic Commerce or EC. The impact of EC on customer services as well on businesses is dramatic enough to affect any and every organization. Electronic commerce is the buying and selling of products and services and information via a computer network.. It provides opportunities for companies to expand their business worldwide at a small cost.

Business to Consumer

EC includes business interaction with consumers where companies sell directly to consumers over the Internet. In terms of retail, Business- to – Consumer applications have increased revenues, and eliminated costly intermediaries like distributors, warehousing, etc. In addition, with the development of EC, the use of catalog or television shopping channels are becoming less popular. The former, limits an individual to what is seen on the screen or paper rather than the latter – EC that allows a wide variety of products. Shopping online also offers 24-hour service, the luxury of shopping for an item at your own convenience and detailed information of products and their prices, even when they go on sale! With the use of EC, distribution channels are eliminated maki...

... middle of paper ...

...It benefits consumers immensely by providing convenience and variety. Computers and communication networks have paved the way for a technological driven economy in the last 20 years. Organizations are able to create efficient services and products, resulting in competitive markets, leading to specialization of products and concluding in higher profits and enhanced service. Moreover, the growth of E-commerce obliterates the ‘production focused economy’ of the industrial age and extends the information age to new heights through business services offered using the internet. http://hotwired.lycos.com/special/ene/

Works Cited

Efraim Turban, R.Kelly Rainer, Richard E. Potter. Introduction to Information Technology. Toronto: John Wiley and Sons Inc. (2001)

Joh Browning and Spencer Reiss. Encyclopedia of the New Economy. (http://hotwired.wired.com/special/ene/)

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