E-commerce also called electronic commerce is a name given to any business type or transaction involving the transfer of information over the internet. It involves many type of business ranging from retail sites, through auction or bet sites, to business exchanges trading in forex, goods and services. It?s of great importance to the internet. The advent of e-commerce has drastically improved business practices in many countries. Many business institutions has taking this tool to improve their profits, services, market value, delivery time, and costumer relation. However, the development of e-commerce has been gradual and progressive. Hawk intimates that before 1990; e-commerce was virtually nonexistent in many parts of the world1. Recently, most businesses have adopted ecommerce and many institutions is of the view that it is the future tool for development. This writing explores the development and perspectives of e-commerce in the future.
In the past eras, industrial development and socio-economic evolution has been caused by factors that determines global economy. For example, in nineteenth century, the railway industry was the main growth factor, in the 1970s, it was manufacturing, in the 1990s information and communication technology (ICT) took over. . Farrokhnia and Richards concludes that the advent of the internet in the early 1990s made communication easy consequently ushering in a new digital age. In the early days, the internet was particularly used for important communication by few large firms, thereby, introducing the use of e-commerce2. In the 2000s, rapid technological improvement increased the use of computers and the internet, and business institutions started using ICT to interact with customers. To improve profit margins, marketing strategies, service delivery, and competition, most business firms (including small and medium firms) adopt the use of e-commerce promoted by the availability of cheaper personal computers and electronics. It should https://www.essayseducation.com
be noted that as ICT improves, so is the necessity of adopting ecommerce.
The future of e-commerce is still yet unknown as various scholars are of different opinions. Hawk suggests that continuous improvement in ICT will cause the number of business enterprises adopting e-commerce to increase3. Whereas, Farrokhnia and Richards indicates that the adoption of e-commerce is at its peak and firms are only improving there e-commerce strategies in order to remain relevant and competitive. However, the general believe is that as long as ICT improves, use of e-commerce is bound to improve and increase. The consensual believe is that, in the future, virtually all business transactions will be done through the internet.
Lastly, after reviewing the development and future perspectives of e-commerce, it should be pointed out that the future of e-commerce will be majorly determined by improvements in ICT.