Key Milestones in the History of Ecommerce
By Jimmy Cox
The history of e-commerce is nothing else but captivating. It is true that e-commerce has come a long way and is unthinkable without the internet and the search engines. No wonder history of e-commerce has gone through an interesting metamorphosis, from an unheard of entity in the ”70s” to the booming multibillion-dollar enterprise it is today.
It has come well in handy especially in assisting today’’s tech savvy businessman/woman who wants to work from the comfort of home. The term ”e-commerce” is coined from Electronic Data Transfer (EDT) and Electronic Funds Transfer (EFT), the then only forms of electronic transactions in the 1970s.
In 1982 and throughout the 1980s, several online market places were started. Websites were designed and hosted and there was an increased proliferation of credit cards, ATMs, and telephone banking services.
All these marked a major milestone in the evolution of the history of e commerce. Used computer parts were advertised and sold through e commerce from places as far as the Boston computer exchange market, to other parts of the world.
Come the mid-nineties and this marked a key point in the history of e-commerce as the technology exploded. This period saw the designing and hosting of the first static web page. This was a website that linked individuals, organizations, and even governments to the global online market that the economic world had started to evolve into.
This was the turning point of the history of e commerce where, in hindsight, electronic transactions went past the point of no return since then. E-commerce was giving other manual and cumbersome marketing initiatives a wide berth and they had no choice other than to bow out. With the turning of the millennium in early 200, simplistic e-commerce websites were designed by the then major computer software manufacturers.
This, by far, eased the sale of their software, music and videos could be uploaded and downloaded by anyone who met the subscription criteria. The financial industry analysts called it the economical boom of all time. Internet use exploded and the world was turned into one global e-market.
Services and products sales grew by the hour. People in developed countries quit going to work daily and started working from home. Since e-commerce minted money by the hour, affluent households increased and thus increased the demand for expensive products and services to cater for the whims of the affluent.
Within duration of one year (2000-2001) sales from e-commerce soared with the developed countries in the lead, from a paltry figure of tens of billions to over seven hundred billion US dollars worth of total sales from e commerce recorded.
The net worth of the affluent households rose, jobs were created, and the whole global economy improved. Almost ten years later (2000-2009), e-commerce is today virtually indispensable. Services and products have to be promoted through e commerce.
The health of the world economic giants and the economical pathfinders heavily rests on e commerce. Companies continue to post profit returns that are beyond any CEO’’s wildest dreams. E-commerce sales have continued to grow and today, they account for close to 5% of total sales, globally and this figure seems to be rising almost by the hour.
Thanks to the history of e-commerce, it is now the stress-free electronic transaction choice of all time and the global economy heavily depends on e commerce that is only a click of a button away and so user and consumer friendly.
About The Author
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