Over the years, the trend of shopping has changed drastically, with businesses needing to consider erp. Today, we can think of buying anything anytime from anywhere in the world. This has been possible because of ecommerce development. Ecommerce for commercial use was started in 1991, when internet opened for business use and most of the small companies and industries created their own websites to sell computers, modems and other products Electronically.
What is Ecommerce?
The term ecommerce when initiated meant electrocute the financial transactions electronically with the help on the technologies which is known as Electronic Data interchange and Electronic Funds Transfer which made transfer of the funds and commercial documents easily through internet.
Growth of Ecommerce
The development of ecommerce for general public became popular in 1994. However, it took approximately 4 years to develop security protocols like HTTP and DSL which distorted the ecommerce industry. There was a decline in the industry due to dot com collapse in 2000. However, some companies saw an advantage of online business and made it what we know today as an E-commerce industry. By 2001, the industry has grown so much that total transactions that were recorded were around $700 Billion.
E-commerce industry has not only changed the way people shop. However, it has also provided a platform to the vendors to sell their product globally and easily without much nuisance. Manufacturers, dealers and retailers have come to the same platform to sell their products easily, because of which websites like E-bay and Amazon has millions of products to sell with great discounts.
In conclusion we can say ecommerce industry has shown a tremendous growth over the years for customers and sellers as a platform where we can buy anything anytime at less price.