Commercial activities have the long drawn past which goes back to the early days of human civilization. The exchange function has helped the market to emerge both factually and conceptually. It is the age of information which started its journey not very long ago but has acquired a well enough pace in quite a short period of the advent and growth of the internet over time. Internet though in its first days was mostly remained engaged with the technological scene, but over the years it has been in the reach of the layman and has become a necessity of the civilization to go on with its pace of development.
In the course of its development and entering the lives of the people from the different spheres of society from a typical wage earner to that of the capital owner class, it has shaped itself in a way that it has been an all-pervading entity to provide its users with almost every amenities needed virtually. It has encompassed so many attributes that it has now taken over the economic phenomena into its territory as well. The commonly used term for the business activities through the web is E-Commerce.
What Does It Conceptualise?
By E-commerce, it means the virtual transactions that are buying or selling online. It can take care of the either or all of the following in its working capability. Be it retail sales directly to the consumers via online shopping site, providing platforms for third-party business or consumer to consumer sales by creating an online marketplace, electronic data interchange within the company, even in launching new products or currency exchanges for financial purposes.
It also takes into its consideration the electronic funds transfer, supply chain management, electronic data interchange, automated data collection systems and so on commonly using the World Wide Web in both or at least in one part of the transacting ends or instead to say its life cycle.
The arranging of ARPANET’s cannabis sale in the 1971-72 was described as the seminal act of e-commerce. But the first demonstration of the online shopping system was started in 1979, and the first installing of the online business to business shopping system took place in 1981. The first ever online business to customer and the online home shopper was introduced in 1984. Now to mention the first ever e-commerce system got itself introduced in 1989. Through the course of time the e-commerce phenomena have developed itself and made itself more approachable and accessible to the common users; it has also made notable changes in its functioning, accessibility, and even in its appearances.
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Engaging the Applications
There are various applications and forms of e-commerce. To categorize the modern e-commerce phenomenon we can put it into the categories like the category of business based on the types of sold goods, and the second possible class could be the business having its basis like its participants. These classes which create the modern e-commerce scenario can be applied to the functionalities like, enterprise management, group buying, automated online assistance and shopping cart software and so on.