Evolution of E-Commerce
The foundation of e-commerce was laid by Electronic Data Interchange (EDI) and Electronic Fund Transfer (EFT) laid. EDI and EFT enabled the exchange of information and execution of electronic transactions. The large number of ATM machines, Credit Cards, Smart Cards and Tele-Banking facilities during 1980 further contributed in the evolution of Electronic Commerce. The rapid growth of internet during 1994 pushed forward e-commerce. The simultaneous birth of new companies, such as – Amazon and e-Bay in 1994 showed the way for the growth of e-commerce. Dell was another equally recognized brand online company. Amazon and Dell together form the largest online retailers successfully competing with large offline giants, such as – Hewlett Packard, Staples, etc. Again, between 1998 and 2000, a large number of companies in USA and Western Europe built up their primary e-commerce Websites.
The E-Commerce Failure
E-commerce industry experienced huge turbulence during the beginning of 2000. Venture capitalists started working out detailed risk assessments and applying due diligence before funding e-commerce applications. Despite the epic collapse as discussed, many of the world’s most established companies were again emboldened with the promise of e-commerce and the prospect of serving global customer-base electronically. Many web-based companies engaged in online retailing also have been replaced by traditional multichannel companies which used both online and offline business processes, and which were equipped with well-established brands, product-lines and customer-base with capacity to fulfill commitments.
During the period from 2000-2012, developing countries like India and China have witnessed tremendous growth in e-commerce. According to Statscrop, the website Google.co.in is ranked 12 in the world, and its Alexa rank in India is No. 1. The website has 8 million visitors daily.
Rise, fall and re-birth of e-commerce
1979: Online shopping was devised by Michael Aldrich.
1981: The World’s first recorded B2B got going by Thomson Holidays.
1982: E-commerce in the physical goods was the Boston Computer Exchange, a market place for used computer.
1984: The World’s first recorded B2C was Gateshed SIS / Tesco.
1990: Tim Berner-Lee wrote about the first web browser WWW, the World Wide Web
1992: J.H. Snider and Terra Ziporyn published “Future Shop: How New Technologies will change the Way We Shop and What We Buy.”
1994: Netscape released the Navigator browser in October, 1994 under the code name Mozilla. Pizza Hut started to offer pizza order online. The first online bank started up. Flower delivery and magazine subscription started online.
1995: Jeff Bezoas launched Amazon.com
1998: Electronic postal stamps can be purchased and downloaded for printing from the Web.
1999: Business.com was sold for US $7.5 million.
2000: The period of dot.com bust.
2002: e-Bay acquired PayPal,
2003: Amazon.com posted first annual profit.
2008: US e-commerce and online Retail sales projected to reach $204 billion, an increase of 17% over 2007.