History and evolution of e-commerce

E-commerce
E-commerce is all about buying and selling goods and services online by businesses and consumers, but it is also used to transfer and share information within organizations through Intranets to improve decision-making and abolish duplication of effort. It included three categories:
B2B - Business to Business (Intel)
B2C – Business to Consumer ( Priceline )
C2C – Consumer to Consumer ( E-bay )

History of E-commerce
E-commerce was founded late in the 1970’s. It existed when all the data transfer related to commerce done electronically. E-commerce represents a revolution for the online industry. E-commerce has revolutionized further and has been converted into eBusiness with the optimum usage of resources such as the Internet. E-business is now defined as the fastest growing industry in this modern era of computers and finance.

Evolution of E-commerce

• The Electronic Data Interchange (EDI) was developed in 1960’s for the companies to exchange business information and do electronic transactions. In 1984, EDI was standardized through ASC X12 to guarantee that the companies to carry out their dealings related to international trade, import or export and global sourcing in a much more reliable manner.
• Mosaic web-browser, which was the first ‘point and click’ browser, was made available in 1992. The browser was adapted into a downloadable browser, Netscape to enable easier assess to electronic commerce. The Netscape also provides the users a simple browser to surf the Internet and a safe online transaction technology called Secure Sockets Layer. So, the first record of a company letting people to buy things from the computer is presented in 1992.
• In 1995, the two biggest names in e-commerce are launched, Amazon.com and eBay.com. These two companies have certainly contributed in their own ways to international trade, import or export and global sourcing.
• In 1998, the people can access the Internet with a persistent connection due to the development of DSL. This prompts people to spend more time, and money, online.
• The merger between AOL and Time Warner was a major push for electronic commerce to bring together a major online company with a traditional company. The development of electronic commerce is required for further security improvement as some major players of e-commerce were being hacked.
• Today the largest electronic commerce is Business-to-Business (B2B) which means businesses sell their goods to other businesses. In 2001, this form of e-commerce had around $700 billion in transaction.