How Has the Book Electronic Commerce Accurately Depict the Sate of the Art at That Time

Cudjoe Dan

School of Economics and Management, Beijing Academy of Technology, Beijing, 100124, P.R. China

Correspondence to: Cudjoe Dan, Schoolhouse of Economic science and Management, Beijing University of Engineering, Beijing, 100124, P.R. China.

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Abstract

In recent times, electronic commerce has proceeds popularity around the world with many advanced technologies introduced in its functioning. Eastward-commerce has allowed firms to institute a market presence, or to enhance an existing market position past providing a cheaper and more efficient distribution chain for their products or services. This paper discusses the past and present happenings in e-commerce functioning. The definition of due east-commerce by some scholars too as the researcher'south own definition according to the nowadays situation of due east-commerce is discussed. In add-on, history, unique features, major types, benefits and barriers to the growth of e-commerce are analysed. The paper further examines the departure between due east-commerce and e-business organization.

Keywords: Present situation, Technologies, Unique features, Growth

Cite this paper: Cudjoe Dan, Electronic Commerce: Country-of-the-Fine art, American Journal of Intelligent Systems, Vol. 4 No. four, 2014, pp. 135-141. doi: x.5923/j.ajis.20140404.02.

1. Introduction

The rapid development of e-commerce presents challenges to firms as they try to craft e-commerce strategies. It is peculiarly difficult given the seemingly continual menses of new information applied science and software applications. Nevertheless companies forge ahead with their e-commerce strategies, in part fearing they will lose customers to competitors if they practise not have an eastward-commerce strategy. [fourteen]

Today, the use of the internet is widespread particularly now that it is public medium. Businesses set tremendous opportunities for cost saving, acquirement generation, marketing and market admission, and most importantly improving customer service through direct links that facilitates speedy enquiry and feedback. Consumers now take easier admission to the world market through the virtual economy on the internet, they can choose from wide diversity of products, and shop in their condolement of their homes among other things. Globalization and specifically liberalization of communication networks accept all facilitated this break-through that further presents massive boost for international trade. [21]

However, the growth of the net, spider web-based companies and online business concern transactions has raised concerns about diverse problems relating to due east-commerce. These concerns range from the type of data that can be retrieved online to the kinds of business transaction conducted. As a upshot, at that place is now much debate and discussion among stake holders on how to regulate the internet while preserving the interests of all.

China has paid some attention to the consumer'due south rights protection all forth and constituted relevant laws and regulations to protect consumer rights. However, most of these laws and regulations have only been fabricated for the protection on general correct protection in e-commerce. In sharp contrast to it, the adult countries and areas with avant-garde Information technology (IT) such as EU, USA, and Japan have established a fairly sophisticated system of legal protection of e-commerce consumer right. [22]

This means that the right to privacy is vital in e-commerce.

East-commerce has been hailed by many equally an opportunity for developing countries to proceeds a stronger foothold in the multilateral trading system. Eastward-commerce has the ability to play an instrumental role in helping developing economies benefit more from merchandise. Unlike the requirements necessary to run a business from physical building, e-commerce does non require storage infinite, insurance, or infrastructure investment on the part of the retailer. The simply pre-requisite is a well designed web storefront to reach customers. Additionally, east-commerce allows for higher profit margins equally the price running a business is markedly less. [8]

Electronic commerce may have a large economic upshot in the future. Internet commerce will change the face of business concern forever. The impact of e-commerce on developing countries could be even stronger than that on developed countries because the telescopic for reducing inefficiencies and increasing productivity is much larger in the developing countries. By cutting costs, increasing efficiency and reducing time and altitude, east-commerce could be an important tool for developing. [32] This paper will discuss the past and the current developments in e-commerce awarding in organizations and firms.

ii. Definition of East-commerce

Since its beingness on this planet, electronic commerce has received much attention by scholars, researchers and students. There take not been limitations to the definition of e-commerce past scholars, researchers and authors. This department of the paper volition focus on some definitions of eastward-commerce and the researcher's definition of e-commerce.

According to Roger Clarke, electronic commerce is divers as the conduct of commerce in goods and services, with the help of telecommunications and telecommunication based tools. [26]

Dr. Jerry Allison also defines e-commerce as the electronic contracting for the substitution of value through the use of calculating and communication technology. [15]

Electronic commerce is (Eastward-commerce) is sharing concern data, maintaining concern relationships, and conducting business transactions by means of telecommunications networks. [29]

E-Commerce has also been divers as doing business over the internet, selling goods and services which are delivered offline besides every bit products which tin can exist "digitized" and delivered online, such as reckoner software. [4]

Dr. Anil Khurana defines e-commerce as using the power of figurer, the net and shared software to send and receive production specifications and drawings; bids, purchase orders and invoices; and any other type of information that needs to be communicated to customers, suppliers, employees or the public. [i]

From the to a higher place definitions, I would like to define e-commerce according to its present situation as: business, technology, society, and skills of buying and selling of products and services with the aid of net and estimator or handheld devices which involves the procedure of ordering products or services to the fourth dimension of delivery to the consumer or client.

three. Brief History of Eastward-commerce

Electronic commerce was introduced over forty years ago and to this day continues to grow with new technologies, innovations, and thousands of business entering the online marketplace each yr. The convenience, rubber, and user experience of e-commerce has improved exponentially since its inception in the 1970's. [23]

Electric commerce history dates dorsum to the invention of the old notion of "sell and buy", electricity cables, computers, modems and the cyberspace; although people don't realize that e-commerce was originally conceived to facilitate business transaction- not personal transactions. By using technology called Electronic Data Interchange (EDI), developed in the 1970'southward, it allowed business to electronically exchange things like purchase orders and invoices. The 1970s also brought the Electronic Fund Transfer (EFT) that immune payments to exist processed online. The EFT and EDI were the enabling technologies that laid the ground work for e-commerce and accept been around for over forty years. Bodily online purchasing didn't come into place until 1979. It was invented in Uk by Michael Aldrich. Jane Snowball, from Gateshead, England had the honor of being the first person to make purchase online. In May 1984, 72 years sometime Jane Snowball used groundbreaking new Gatehead quango shopping and data service (Sis) to purchase her weekly groceries from Tesco. SIS immune residents to order shopping by using their television set and remote control. This is widely believed to have paved the way for the $500 billion business organization nosotros know today as net shopping. [16]

The e-commerce industry continued to improve and enjoyed a bound of success in 1994. Big brands like pizza hut recorded its get-go sale via the internet. It was too in the same year that the first online banking concern opened. [30] From the 1990s onwards, electronic commerce has additionally included enterprise resource planning system (ERP), data mining and data wear housing. The term electronic commerce was coined in the early 1990s when net became commercialized and users began flocking to participate in the World wide web. Electronic commerce application was and then rapidly expanded. The primeval example of many-to-many e-commerce in physical goods was the Boston calculator exchange, a market place for used computers launched in 1982. The start online consulting was likely the American Information Exchange (AIE), another pre-net online system introduced in 1991. [twenty] Evolution of e-commerce; since 1995, many innovative applications, ranging from straight online sales to eastward-learning experience had been developed. Well-nigh every organization in the world has a website. In 1999 the emphasis of east-commerce shifted from B2C to B2B. In 2001, from B2B to B2E, eastward-government, east-learning, and Thou-commerce. In 2005, social networks started to ascension and so did I-commerce and wireless awarding.

4. Unique Features of E-commerce

From back to current, east-commerce technology has changed lots for business profile and vital products, pricing, retail client details on more than than 1.200 awarding developments and service providers in 23 different due east-commerce market segments. These changes brand it amend. [3] In the e-commerce engineering science development, hundreds of e-commerce vendors and solutions are running and continually developing the best features to brand it useful and perfect for their clients. What is most important is to find the right i for your business. Still, it is vital to know what the unique features of e-commerce are. The following are the unique features of eastward-commerce technology:

iv.1. Ubiquity

E-commerce is ubiquitous, this means that internet/spider web technology is available everywhere beingness work, home, school etc at anytime. The market is able to extend its traditional hours. Online stores never close.

It lowers price of transaction for consumers or buyers. At a broader level, the ubiquity of e-commerce lowers the cognitive energy required to transact in a market place space. Cognitive energy refers to the mental effort required to complete a chore. Humans generally seek to reduce cerebral free energy.

4.2. Global Reach

E-commerce extends local market to global market place. The net and web sites allow international visitors all over the globe to admission company websites, buy products and make business interactions. E-commerce engineering permits commercial transactions to cross cultural and national boundaries for more convenient and price effective than in traditional commerce. [17] Examples are; Alibaba.com, a Chinese base spider web platform has millions of customers and suppliers effectually the world, Facebook in less than 12 years take over 35million users.

4.3. Universal Standards

This means that e-commerce operates on standard platform with agreed methods and arrangement. [11] The technical standards of the internet, and therefore of conducting e-commerce, are shared by all nations effectually the globe. The universal standards reduce search cost for the consumer. Also it becomes very elementary, faster, with more accurate price discovery. Information technology reduces the cost merchants must pay to bring their appurtenances to the market.

four.iv. Richness

The best manner to showcase your product and give your customers fair idea well-nigh the product is through advertise and branding. This helps the consumer to know about what product to buy. E-commerce tin can deliver such kind of advertisement in the course of audio, video, animation and so on which are far advanced than the utilize of billboards or signs. [9]

4.5. Interactivity

Interactivity allows online merchant to appoint a consumer in ways similar to a face-to-face experience, but on a much more massive global scale. It saves fourth dimension to customers in the moment of making buy. The visitor doesn't need a physical branch to sell their production. [31] Instance; Taobao.com is a web platform in china that allows consumers to chat with merchant online earlier purchasing the product, Merchant collaborate with consumers through e-mails, alive chat or newsletters.

4.half dozen. Information Density

The net vastly increases information density. Information technology is the total amount and quality of information available to all market participants, consumers and merchants. E-commerce technologies reduce information collection, storage, communication and processing toll. At the same time, these technologies increase profoundly the accurateness and timeliness of information, making information more useful and important than ever. Equally a result, data becomes plentiful, cheaper and of higher quality. [27] Example; Amazon.com shop has diverseness of products with prices.

4.7. Personalization / Customization

E-commerce technologies permit personalization: merchant can target their marketing messages to specific individuals past adjusting the bulletin to person'southward proper name, interests, and past purchases. The applied science also permits customization: changing the delivered production or services based on a user'southward preferences or prior behavior. Given the interactive nature of due east-commerce engineering science, much information about the consumer can exist gathered in the market identify at the moment of purchase. [18] Examples: customization of laptop on Dell.com.

4.8. Social Technology

The internet and e-commerce technologies have evolved to be much more than social by allowing users to create and share content in the form of videos, text, music or pictures with a worldwide community. Examples of social technology are: Facebook, MySpace, YouTube, Twitter, LinkedIn, etc.

v. Major Types of Eastward-commerce

With pregnant and tremendous increase in due east-commerce technology, e-commerce revolutionized the way people do business. E-commerce allows business organization transactions to flow easily between countries. There are several types of east-commerce activities that transactions fall nether. The purpose of this part is to discuss the major types of east-commerce. The post-obit are the major types of e-commerce:

5.1. Consumer-to-Consumer (C2C)

C2C transactions more often than not involve products sold through a classified or auction system. Products sold are oftentimes used or 2d hand. Retailers see information technology as very important, given the growing utilise of social media channels by consumers to share their option about specific stock, which often drives increased traffic to stores. [five]

F igure i. C2C business organization model (source: www.tutorialspoint.com)

The goal of C2C is to enable buyers and sellers to notice each other easily. They benefit in two crucial commerce areas. Firstly, they benefit from competition for production and second they can easily detect products that are otherwise difficult to locate. [28]

v.2. Business-to-Business (B2B)

Business-to-business e-commerce includes a broad range of intercompany transactions, including wholesale trades besides every bit company purchases of services, resources, applied science, manufactured parts and components, and capital equipments. It also includes some types of financial transactions betwixt companies, such equally insurance, commercial credits, bonds, securities and other financial assets.

F igure 2. B2B e-commerce business model (source:www.google.com)

5.iii. Business organization-to-Customer (B2C)

B2C stands for "business-to-customer" and applies to any concern or organization that sells its product or services to consumers over the net for its own utilize. When most people retrieve of B2C eastward-commerce, they recall of Amazon, the online bookseller that launched its site in 1995 and quickly took on the nation'southward major retailers.

In improver to online retailers, B2C has grown to include services such as online banking, travel services, online auction, health data and existent estate sites.

F igure 3. B2C business model (source: world wide web.tutorialspoint.com)

five.four. Mobile Commerce (M-Commerce)

The name "M-Commerce" arises from the mobile nature of the wireless surround that supports mobile electronic business transactions. Devices, including digital cellular phones, Personal Digital Administration (PDAS), pagers, notebooks, and even automobiles tin can already access the Internet wirelessly and utilize its various capabilities, such as email and webs browsing. [6] One time connected, mobile consumer's tin conduct transactions, including stock trades, in-shop price comparison, banking, air ticket reservation and many more.

Banking company of America predicts $67 billion in buy volition be made from mobile devices by European and American shoppers in 2015. Forrester Enquiry Inc. has also projected annual (2012–2016) growth in billion dollars for Thou-Commerce; the figure below throws more light on it.

F igure four. Annual growth of Thousand-commerce (source: Forrester Inquiry Inc.)

v.5. Peer-to-Peer (P2P)

P2P is a type of transient internet that allows a group of computer users with same networking programme to connect with each other and straight access files from one another'due south difficult drives. Napster and Gnutella are examples of P2P software. [12]

The user downloads and execute peer-to-peer networking plan. After launching the program, the user enters the IP accost of another figurer belonging to the network. One time the computer finds another network member on-line, it will connect to that user's connection. Users can cull how many member connections to seek at 1 time and make up one's mind which files they wish to share.

F igure 5 . P2P business model (source: www.google.com)

vi. Departure between Due east-commerce and East-business

There is debate among consultants and academicians about the difference between e-commerce and due east-business.

The term e-commerce and e-business concern are now often seen and use interchangeably. However, though related they take dissimilar meanings.

F igure half dozen . Eastward-commerce penetration (source: www.google.com)

E-commerce implies business concern transactions over the internet where the parties involve are either selling or buying. The transaction conducted in e-commerce basically involves the transfer or handing over buying and rights to products or services. East-commerce principally involves money exchanges in transactions. [vii] Due east-commerce is by and large considered as sales aspect of east-business organization. Over the years, east-commerce penetration has been high across the length and breadth of the globe. The figure beneath shows e-commerce commerce penetration in per centum for the twelvemonth 2008, 2012 and 2016.

F igure 7 . E-concern model (source: world wide web.ausweb.scu.edu.au)

E-concern on the other hand, includes e-commerce merely also covers internal processes such as production, inventory management, product development, risk direction, finance, noesis direction, and human resources. E-business concern strategy is more than complex, more focused on internal processes and aimed at price savings and improvement in efficiency, productivity and cost savings. [2] Mathematically, we can describe e-commerce as a subset of e-business. E-business is broader and it is not express to only budgetary transactions. Below is a figure demonstrating e-business model.

The effigy beneath shows the trend in e-business technology

F igure viii . Trends in due east-business (source: www.softlution.com)

7. Benefits of East-Commerce

Electronic commerce enables reduced inventories and overheads by facilitating 'pull'-type supply chain management- this is based on collecting the client order and and so delivering through JIT (simply-in-time) manufacturing. This is specially beneficial for companies in the high technology sector, where stocks of components held could quickly become obsolete inside months. For instance, companies like Apple tree (mobile phones) and Dell (computers) get together customers' orders for a product, transmits them electronically to the manufacturing plant where they are manufactured co-ordinate to customer'southward specifications and sent them to the customer inside a few days. [13]

P rice comparison; customers tin can 'shop' around the world and carry comparisons either direct by visiting different sites, or by visiting a unmarried site where prices are aggregated from a number of providers and compared.

In eastward-commerce there is the possibility of the pocket-size companies to compete with the large companies. Due to modest expenses incurred by a virtual shop, small companies are confronting with one less barrier in penetrating the markets already dominated by the large companies. More this due to her flexibility and perception towards new the pocket-size company has a major advantage in comparison with a large one dominated by hierarchy and conservationism. [24]

East-commerce makes it possible to conduct a round clock business which most people refer to every bit 24/7 business transactions. With the 24/seven buying and selling on internet, e-commerce has abolished the fourth dimension restrictions on business organisation transactions. This is very beneficial every bit information technology helps in sales increase as well as profit.

8. Some Barriers to the Growth of E-commerce

Technical barrier; many technical problems still prevail and are clearly seen as major barrier to the growth of global e-commerce. On the whole, the well-nigh pregnant barriers to the use and proliferation of e-commerce are perceived to be of technical nature. Not but did technical problems come upward throughout our open up discussions with the interviewees; they were also cited frequently among the top iii key problems; infrastructure issues, organizational-level bug related to the integration of new e-commerce solutions to existing legacy systems, standard bug, issues related to the capabilities of the net, and security concerns. [ten]

C orruption renders eastward-commerce difficult; corruption is a huge problem for international trade in full general, often in relation to customs procedures, and relates to anything from bribery to disappearance of items. Both small and large businesses highlight this problem. An increasing number of businesses deemed e-commerce to be particularly sensitive to corruption, as information technology is oftentimes many small consignment that are shipped, which are "easier to misplace" and e-traders often do not take a staff on site to exist able to follow up whatsoever problems. Ane business concern explained that information technology had decided to exit the Chinese market and some other that it had decided not to start selling to Russia, due to abuse. In addition, Turkey, Ukraine and other Eastern European countries were mentioned equally problematic with regards to e-commerce corruption. [19]

C ognitive bulwark; cognitive factors are related to mental maps of individuals and organizational determination makers. Most analysts argue that cognitive barrier is more serious than other forms of barrier in developing countries. Effects such as inadequate sensation, knowledge skills, and confidence serve equally cerebral feedbacks. In almost developing countries, organizations, businesses, technological resources, a lack of sensation and agreement of potential opportunities, gamble disfavor and inertia frequently lead to a negative cess of e-commerce. Another consideration with cerebral barrier is related to general and computer illiteracy and lack of English language language skills. Note that near software, human-computer interfaces and contents on the web are in English. Estimates suggest that one-half of the population in developing countries cannot speak an official language (English) of their countries especially the one-time generations. [25]

9. Future Enquiry

Further enquiry needs to be conducted on some of the major types of e-commerce (C2C, B2B, and B2C). It would be interesting to conduct research on the statistics of these types of e-commerce to know how they contribute to the growth of various firms around the world presently.

10. Conclusions

Eastward-commerce technology has helped firms in many different ways. Not only has it helped businesses and firms to sell their products and services globally and hands but has also helped customers to shop at comfort anytime everywhere.

Since it beingness to engagement, there have been no limitation in finding advance technologies to suit the present situation of e-commerce by experts and businesses. This means that the east-commerce we see today would not be same in the next five years. E-commerce will see tremendous growth and advance in engineering every bit it continues to gain root in businesses in both developed and developing countries.

As the say goes "growth comes with many benefits as well as challenges" therefore, we must put ourselves in a amend position to be able to handle the challenges that accompany the growth of e-commerce applied science.

ACKNOWLEDGEMENTS

I would like to acknowledge Prof. Jingwen Li, dean of Schoolhouse of Economic science and Management at Beijing Academy of Technology for his supervision. My sincere appreciation goes to Prof. Feng, MIS lecturer at BJUT. Finally, I would similar to thank all my friends and classmates at BJUT for their support.

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