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Future and growth of E-Commerce
E-commerce has been evolving at an unbelievable pace. Only about a decade ago we have heard the term of ‘e-commerce’ and now it had become so attach to every business enterprise and even individuals at home are catching fast with this idea. E-commerce is a wide scope and it offers many divisions such as e-banking, electronic data interchange (EDI) and online shopping. It is the business-to business (BB) that we’re mainly focused on. All available fact shows that e-business is developing rapidly with turnover reported to have doubled between 18 and 1.
Most companies view e-commerce or more specifically, BB as a tool to reach customers whether domestically or regionally. It involves selling, marketing or advertising products or services electronically. It’s seen as an opportunity to earn profit. As for customers or individuals, we seen more of convenience offered and also a more cost-efficient means of shopping. Overall, every parties acknowledge the need to keep in pace with this technology advancement and understand that it offers unprecedented opportunities.
Let us first look at the revolution of e-commerce as depicted from the graph below
We certainly noticed the amazing revolution of e-commerce and the amount of monies associated with this technology. There are increasing number of companies and individuals becoming involved in this new trend. With the opportunities and information it offers, the trend is certainly to continue to zoom upwards. It is undeniable that e-commerce has become very important and established in our society; in a global scale. The growth of E-Commerce in a global scale can be seen in the chart below. An annual growth of % globally is definitely implies the significance of E-Commerce in our daily activities.
The growth of E-commerce is very closely linked to the Internet and information society. This can be seen when Microsoft kicked off the e-commerce extravaganza when it releases Windows 000 in February 000. This is followed shortly by Intel with its release of 64-bit Itanium chip.
The future of e-commerce depends on the attitude of the people involved in this process and the pace in which technologies and related areas developed. E-commerce observers and futurists have come up with possible visions of e-commerce development. The visions are discussed are
1) The Netopia concept
This concept is arises from the idea of Utopia and the network. Advocates of this concept propose that global network problem will be resolved through the Net’s embrace. E-commerce will be the true mass medium, offering the best in client services. In 00, Apple Computer will release the first ‘wearable’ computer and in 005, Sony will come out with a technology that integrates a telephone, television set and a computer in one revolutionary device, this technology will be called ‘Sony ONE’. Furthermore, according to new research and technology reviewers, the Japanese companies will offer virtual reality systems for home use, approximately for the same price that we pay for a home cinema system today by the year 017.
) The manipulated mob
There will be several manipulators e-commerce and being big names globally. For instance, Microsoft Holdings will be the largest holding companies in the world, manipulating the e-commerce and offering integrated e-commerce services. This offers a new kind of prospective and views on the direction of e-commerce. After the defeat of Netscape, Bill Gates will turn to the digital world of concentrator portals.
In recent years, we saw the mushrooming of dot.com companies. The web has become crowded with competitors trying to market and advertise their products. Many people are eager to become part of the e-commerce ring and hope to cash in from it .Despite the rapid development of e-commerce, there are hindrances to its growth and there are discussions on the e-commerce’s shortcomings. Several obstacles for E-commerce growth are assessed in general and highlighted below
1. Slowdown in economies and fall in equity prices.
- There are downgraded expectations of the e-commerce because of the slowdown in economies and fall in equity prices. Many dot.com companies fail to survive this slowdown. Students graduated from Information technology schools claim that it is a harsh job market outside especially for those with IT or e-commerce qualifications. Front �end sector of e-commerce such as internet retailing, web-design and marketing got attention when online mania heats up. It is undeniable that the yields from those times are lucrative. However, economy began to sputter and with the Iraq war, consumer spending has cut down and so is online business.
. Customer confidence is lacking
- Internet fraud grows and privacy problems occur. Using a credit card on the Internet is perceived to be insecure because of the fear of information leakage.
- Customer fears that the product or services bought are not alike those that they wanted. Product might differ from their expectation.
. Customer behavior.
- Most customers still prefers hand on information. For example they prefer to be in direct contact with the transaction. For instance, in purchasing a mobile phone, the customer may feel more comfortable and satisfied to try the phone at the point of purchase and knowing in detail the procedure and salesperson involved.
4. Failure stories discourage new business ventures.
- The news that increasing number of online business fails deters potential business ventures. The failure is mostly due to the high cost of business online especially the band channel and license cost.
The future prospects of E-Commerce may be held back because of these hindrances. Nevertheless, E-Commerce will still continue to be the key driver of growth and efficiency for business. This future prospect is supported by certain initiatives taken to underpin and strengthen E-Commerce as the backbone of all the various media. Such examples of initiatives taken are indicated below
1. Increasing high speed connection.
- High speed cable modems and DSL (Digital Subscriber Line) service, has been as instrumental as the PC in delivering to homes and businesses the larger hunks of data that Internet web-sites offer. Before long, streaming content will likely become a standard part of your Web experience, this will definitely attract more users or Internet surfers to online. In a survey by Forrester Research, 0% of Website owners say they offer broadband content; and a high percentage of 74% plan to do so within two years.
. Introduction of XML
- XML is a Web page coding language, similar in a sense to HTML, but much more robust and functional in supporting client-server transactions. XML has been seen by many as especially applicable for e-commerce, because it can allow online merchants to set up dynamic and flexible online stores without the need for complex database programming. Major players in the market such as Netscape and Microsoft have agreed on standard-based implementation of XML to support most upcoming versions of Internet Browser.
. Peer-to peer file sharing
- The cost of implementing high speed modem and DSL may be costly and unjustified financially for certain firms especially new and small firms. Napster has introduced a new technology called the peer-to peer file sharing for those low band-with sites. The basic idea behind Napster was to harness the power of the sea of connected computers on the Web, each with its pond of disk space. This means the sharing of a single file or servers by few client computers (or nodes).
4. Location-based marketing
- Currently E-Commerce is synonymous with PC and browser-based interaction. However, in the near future Web-enabled mobile phones and other handheld devices will become a common, if not dominant mode of accessing e-commerce applications. Commerce applications will by then evolve to track the location of mobile consumers using GPRS service. The location information will then be used to guide the consumers to nearby stores. If the consumer requests a service, say a taxi, drivers in the vicinity can be alerted.
5. New and sophisticated software to better support the dynamic E-Commerce application and environment.
There are still scopes for the progress of E-Commerce in the future. In fact, with all the new technologies being introduced to enhance business transaction, the future of E-Commerce is definitely promising.
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