Let us get to the basics of what E-commerce is. Like back in the school days, we used to learn the definition of what topic we are to study further in the chapter, just like that, let us begin with what E-Commerce really is.
According to Wikipedia, E-commerce is the activity of buying or selling products on online services or over the Internet.
It is short for Electronic Commerce. And as the name suggests, it is not only limited to buying and selling but also includes the transfer of money without any matter of sale occurring in question. Whenever we are talking about e-commerce, we usually mean to refer to the sale of physical products that we look upon on the internet. But it also means the regular transferring of money from one person to another.
World Wide Web is used in these transactions at least at one of the many steps included and usually is accommodated by the availability of e-mail.
E-commerce is something that almost everyone is a part of. Whenever we buy or sell something using the means available online, we become part of this E-commerce world. For instance, if we are buying tickets online for a movie we intend to watch, we are taking part in online transactions and thus becoming one of the many people in the E-commerce world. It is something that many people are used to being a part of daily. Simply from buying a dress online to using online methods of paying in a boutique, e-commerce has made its way and created a mark in almost every modern human’s life. It is an important ingredient to have if one expects to survive and thrive in the current fast-evolving world.
The word has different way of being spelled but the meaning remains the same. Following are some of the examples of how E-commerce is spelled.
- E commerce
- e commerce
Michael Aldrich, an English entrepreneur, inventor, and innovator, in the year 1979, invented online shopping to make online transactions possible between the seller and the customer. He did invent online shopping but it only became possible and started its journey towards success when the internet was made available to the general public, in the year 1991.
Commerce is something that humans were born with. It has found it was to evolution just as we, humans have. In the very beginning, humans were accustomed to bargain system, where one substance of importance was exchanged for another object. This was many a times seen unfit for transactions and usually led one of the group participating in the transaction to having to endure some levels of losses. So then came the concept of using coins in regular transactions and soon the barter system went away from all the mature and legal transactions. Just as commerce made its way from barter system to the current system of monetary transactions, normal face to face transactions are now evolving towards e-commerce.
Amazon.com, created by Jeff Bezos, is one of the first e-commerce sites in the US that started online selling. And since then, the numbers of such sites have only increased at a large rate.
The first online transaction is said to have taken place in the second week of August, back in the year 1994. It was the sale of a Sting CD between two friends. Although it is also said that the first ever online transaction is said to have been of Marijuana which was sold and bought by Stanford and MIT over the internet back in the 1970s. Whatever is the true story, since being first introduced, the e-commerce world has only traveled its way upwards.