Essay Electronic Commerce (E-Commerce) and the Global Economy

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Electronic Commerce (E-Commerce) and the Global Economy


Introduction

The world we live in today, revolves around technology, new innovations and constant change. The global economy incorporates these changes into its daily applications forming a technological driven world where businesses thrive on information and competitive markets. Computers and communication networks have planted a seed in this information age where enterprises flourish forming revolutionized market economies. One of the most profound changes emerging in the world of business today is the introduction and use of Electronic Commerce or EC. The impact of EC on customer services as well on businesses is dramatic enough to affect any and every organization.
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Founded in September 1995, eBay is the World's largest Online Marketplace for the sale of goods and services by a diverse community of individuals and businesses. It is a global trading platform where people can trade almost anything, from buttons to big ticket appliances. Some other uses of Business to consumer EC applications include:

Electronic banking

also known as cyber banking. It allows its clients to pay their bills, view their accounts and any other financial information without having to physically go to a bank. One can access their account by submitting a password at their own convenience. For instance, SNFB- Security First Network Bank was the first virtual bank offering secure bank transactions on the Web. Bank customers can transfer money between accounts, review past statements and credit card transactions, pay bills, check balances of all accounts etc. Their operations were so successful that in 1998 they accepted a buyout offer for its online banking operations from Royal Bank of Canada that continues to operate successfully today. (IT 403)

Online stock trading

An Online trade usually costs between $5-$30 as compared to an average fee of $100 from a broker. The advantages of online stock trading include quick access, orders can be placed from anywhere, any time, and…

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