History of e-commerce

use of E-commerce, History of e-commerce, Electronic Fund transfer (EFT), field of networking,

History of e-commerce

The use of E-commerce started around two decades ago with the invention of tecnology such as Electronic Fund transfer (EFT). Initially its use was cinfined to big corporations, financial institutions and a few business entrepreeneurs. With the introduction of Electronic Data Interchange (EDI), its use extended to producers, retail traders and other services. Its use kept on spreading in many different areas such as stock trading, travel reservations etc.

The term 'E-commerce' has come out of the term 'e-mail' which means doing online business with the help of computer, e-mail, fax, and telephone lines. In 1972, IBM used the term 'e-commerce and with the invention of computers in 1973 the first sucessful transaction was carried out between USA and European Union.

With the commercialisation of internet at the outset of 1990 decade, a new term e-commerce was tossed and thereafter the use of this term enchaced enormously. One of the reasons for increasing its enormous use is the development in the field of networking, protocol and software. The other reasons are the rising pressure of trade and competition. During 1995 and 1999, many new experiences and inventions came up ranging from advertising to auctioning in the world of e-commerce. By the year 2000, the e-commerce reached out to millions of users through World Wide Web. now e-commerce is going hand in hand with business motive. It incorporates profits motive and it has impact of national and international regulations.

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