E-commerce and its impact on traditional commerce, the term e-commerce refers to a sector of the economy in which Electronic commerce and its impact on trade commercial and financial transactions are carried out using the Internet in addition to the direct sale of goods. E-commerce also includes providing services, working with information, marketing, and other human activities so we will talk in this article about e-commerce And its impact on traditional trade
Electronic commerce and its impact on trade
Seller and buyer interact with each other indirectly:
The seller detects the goods over the Internet, and through it receives and processes orders;
The buyer, through the seller’s site, gets acquainted with the assortment, selects and orders a product/service;
The payment in many cases also occurs remotely at the same time, the bank is also connected to the scheme as an intermediary.
At the same time, access to the Internet does not negate stages such as creating a well-known brand, forming a unique selling proposition.
The history of e-commerce
The history of e-commerce goes back to the early nineties. The phenomenon of e-commerce began in 1991 when the Internet world became more famous.
It took a while but was open for commercial use sooner than expected since then many companies have taken up residence across the World Wide Web.
Once common men became familiar with the Internet by 1994, e-commerce became popular.
The development of security protocols such as DSL and HTTPS took about four years to effectively develop in order to allow a fast and continuous connection to the Internet.
During the year 2000, many companies from the USA and Western Europe entered the Internet to sell their products and services.
This was the time when the meaning of “e-commerce” changed and this is how many retailers saw the benefits of e-commerce and began to improve their websites in order to expand their business online.
By the end of 2001, the Business-to-Business (B2B) model had become the most effective area of e-commerce, generating nearly $ 700 billion in profits.
Since then, e-commerce has experienced unprecedented growth as online sales have continued to soar.
Today, e-commerce, for people, is the process of purchasing goods and services over the Internet using an electronic payment service through protected communications.
The best-selling products appear from categories such as music, books, computers, office supplies, and consumer electronics.
The importance of electronic commerce
E-commerce offers a number of benefits over “brick and mortar” stores.
It allows customers to easily find the product (s) they want through a large database.
They can search for the product beforehand, compare prices, learn more customer reviews, and then purchase it once their concerns are corrected by an online customer support representative.
On the other hand, online retailers have many advantages of e-commerce.
Internet or more specifically, search engines allow online companies to access global markets.
They can be found by potential clients without spending hundreds of dollars on expensive advertising campaigns.
The internet has allowed them to track customer preferences and then execute perfectly designed marketing campaigns.