The Internet Revolution

1717 Words Oct 1st, 1999 7 Pages
The Internet Revolution Now, with the click of a button, consumers are buying just about anything imaginable, and all from the convenience of the internet. People no longer have to leave their homes, work or where ever there is internet access to make important purchases. Technology has advanced so that companies are conducting business around the world with out ever meeting. No longer do consumers or businessmen have to shake to complete a deal or a sale, but merely click down on the mouse and the numbers change. Some internet companies have never seen their customers and yet some traditional retailers have not yet acknowledged the internet. However, “convergence is the new religion (“The Real…” …show more content…
They also allow the investor to take all responsibility and buy, sell or trade as much as they want for a minimal fee. “In the first two months of 1999 alone, the number of trades executed over the internet has increased by 25% to 425,000 per day (Wilson 36).” Internet trading is growing steadily and the same can be said for on-line banking. “From 1993 to 1998, the typical U.S. banks assets grew at 8%. Over the same period, Telebank, the nations largest on-line bank, grew at 53% per year (Wilson 35).” This is a great sign for the public. With so much competition with online trading and banking, companies are constantly offering cheaper trading rates and boosting interest rates to gain the attention of potential customers. Banks are also saving money through the web too with the cost of an in perosn transaction costing $1.07 and an on-line transaction costing only $.01, as reported in “Can Online Banking Replace Conventional Banks? (32).” With the holidays soon approaching, companies are rushing to update their internet sites for the shopping season. Department stores such as J.C. Penny, Nordstrom, Sears and K-Mart are all upgrading for the rush (“The Real…”53). Tiffany, having sworn never to sell their diamonds and pearls over something as common as the web, are doing just that
Open Document