E-Commerce and the New Economy Essay

The Internet over the past few years has seen a huge increase in online businesses and consumers. Electronic-commerce is expected to generate $36 billion in revenue during 1999, up 140% from last year alone.[1] With such a huge amount of money to be made on the Internet it is becoming very appealing for small businesses and start-up companies to try and make their niche in e-commerce. The Internet is drastically affecting the way companies and people conduct business now. E-commerce encourages growth in existing as well as new businesses because of lower overhead costs, the huge consumer base and the freedom of information flow. However the online revolution has created a large

The internet offers the potential to achieve a global market success for any business. Businesses that go online increase their opportunities to reach their target market and is cost effective when compared with other forms of marketing. It creates opportunities, benefits and challenges for a business but in the long run is worth it for the added publicity and hopefully profits. Going online has benefited many organisations including Tesco PLC. I will be using Tesco as my example of the benefits, opportunities and challenges for a business by using the internet. Tesco has operated on the Internet since 1994 and started an online shopping service named 'Tesco Direct' in 1997 which

However, there are also the advantages and disadvantages to every good thing. When it comes to e-business, the advantages may include being able to use applications and features such as email, which is great because it is a quick and cheap way of sending information, combined with the ability to attach files and send them onto another user. E-business is also quicker and easier means of communications; it may strengthen marketing capabilities and reach. Finally, it may also reduce the cost of doing business by lowering transaction costs and increasing efficient methods for payment, such as using online banking and reducing stationery and postage costs.

With the invention of World Wide Web, the corporate sector has evolved into new dimensions. The fast, quick, reliable, accurate and efficient internet systems of E-commerce have provided the world with new and unique business opportunities.

Advancement of technology and globalization has changed the way companies are undertaking their business operations in the current dynamic and competitive business environment. Internet access as led to usage of technology for myriad of reasons including communication, business and education (Chaffey, 2014). The business community has been changed completely by internet. Recently, internet has become an integral part of companies as a means of carrying out business. This has led to emergence of electronic business where organizations are using internet to conduct business externally or internally. E-business makes use of internet technology to entice, satisfy and keep consumers who purchase its services and products. E-business also uses internet technology to streamline its supply chain, procurement system and manufacturing in order to deliver efficiently the right services and products to the consumers. For an e-business to be a success, various internet-enabled applications such as portals, e-commerce websites, online marketplaces, customer relationship and supply chain management (Meier and Stormer, 2009).

The internet and World Wide Web are extremely well suited for conducting business electronically on a global basic, Web-based Electronic Commerce(EC) has introduced unprecedented opportunities for the marketing of products and services, accompanied by features, functionality and innovative methods to serve and support consumers. E-commerce has became a major catalyst of the economy and remains a vital growth engine for businesses today, It successful change the consumer behavior. Consumer purchases over the Internet continue to grow from year to year. The survey involving

A computers have become more mainstream, more and more operations are conducted online. From online bill pay to simple searches, as one would do with the yellow pages, to online shopping, the Internet has helped shape the way computers are used today. With the Dotcom boom of the mid-nineties and early 2000s, ecommerce and e-business really started to take off. The Internet has given way to some of the biggest economic booms in history. The invention of smartphones and tablets has allowed for consumers to have instant access to the Internet, right at one's fingertips. While e-business is becoming more mainstream, and has its advantages, e-business also has its disadvantages.

Online business using the internet has experienced significant growth over the last two decades. According to the Internet World Stats (2014) the number of worldwide internet users has grown from an estimated 16 million in 1995 to 2.9 billion in 2014. This world of interconnectivity has provided a way for people all around the globe to communicate with one another in a real time format. The internet has removed the distance between governments, industries, businesses and individuals. This interconnectivity has helped to establish the foundation for a globalized community.

The Internet is a powerful tool that can make your business more productive and profitable. The rapid growth of internet is bringing rapid grow of the online business opportunities. Internet gives a lot of new opportunities to expand their business activities and increase their profits. Most companies use the internet to manage their work. People can go to the business home pages to learn more information about the products. Online businesses like Amazon and eBay by going to their website people can purchase while they’re sitting at home.“Some hope the Internet will

Conducting business online using the internet has continued to experience significant growth over the last two decades. According to the Internet World Stats (2014) the number of worldwide internet users has grown from an estimated 16 million users in 1995 to 2.9 billion users in 2014. This world of interconnectivity has provided a way for people all around the world to communicate with one another in a real time format. The internet has removed the distance between governments, industries, businesses and individuals. This interconnectivity is helping to establish the foundation for a globalized community.

In 1991, the internet became available for commercial use, which introduced the possibility for what we now know as electronic commerce, or e-commerce. By 2000, “a great number of business companies in the United States and Western Europe represented their services in the World Wide Web” and it was at this time that the e-commerce that we utilize in today’s business world took shape (e-commerce Land, n.d.). “People began to define the term ecommerce as the process of purchasing of available goods and services over the Internet using secure connections and electronic payment services” (e-commerce Land, n.d.). Through continued growth of the internet, brick and mortar stores came to realize that electronic representation would be an

E-commerce is a product that has been available since the early 90’s. It is something that people are familiar with. A product that is now part and parcel of people’s lives.

Internets make life simple and innovate. People are doing business online and trades have become more easy and fast due to this. Internet provides new customs to promote business. Website becomes the essence of online business like to show their services and products. Internet gathers all competitors and consumers in one place. It brings new way to promote, adversities products and services in market (Barry Silverstein, 2002, p.3).

New and notorious companies are successful through online retailing and E-commerce, for instance Amazon online book store stores builder and Woolworths (E-enterprise). Companies use the fact that it is convenient for consumers’ use online shopping to their advantage to provide consumer satisfaction.

Business has thived on the internet, internet business are able to reach a wider market [2]"Through the internet, a business of any size can compete in the global marketplace. In fact, on the internet, the size of an organization's operation makes little difference because the internet is an open environment. " because anyone has access to the internet businesses can reach anyone also giving the customer a wider choice of products.