Development and Future Perspectives - 825 Words

Development and Future Perspectives (Essay Sample) Content: Title: E-COMMERCE: ITS DEVELOPMENT AND FUTURE PERSPECTIVES.Name:Course title:Instructor:Date: E-commerce or electronic commerce is a term used to refer to any form of commercial transaction or business which requires transfer of information across the internet. E-commerce draws from technologies such as supply chain management, inventory management system, mobile commerce, internet marketing and automated data collection systems. Currently, e-commerce is the most imperative aspects of internet to emerge (Plant 2000, 161). This is because it allows consumers to exchange their products electronically without time or distance obstacles. Much has changed since the last CSCA report on e-commerce business. One of these changes is the increasing rate of global expansion on business-to-business and business-to-consumers models of e-commerce. With the ever increasing globalization, online businesses are in course to please customers and generate profits. As a result, constant customization and innovation of the web will continue to diversify trade (Plant 2000, 69). E-commerce sector has evolved and will continue to develop. The following are four five trends that have shaped E-commerce in recent times. Increased Online Security-simpler payment processThe increased globalization has seen more customers switch to online payments mechanisms such as PayPal as well as credit and debit card transactions. As a matter of fact, e-commerce sites have emphasized on online security with the likely introduction of new safer payment methods and increased improvement on current ones. The move has translated to increased number of online shoppers and the number of financial transactions undertaken online. Many online retailers have also resorted to offering discount coupons to induce sales and a means of online payment.Localization Online traders do not shy away from creating indigenous e-commerce websites. This refers to a totally localized user experience. The move i s welcomed for online retailers because it caters for niche markets. The current generation is very curious and loves to explore. Therefore, the products marketed across as exotic and traditional easily attract customers and generates revenue (Schneider 2011, 161).Interactive products display that replace imagesWith so many products at their disposal, most customers become apprehensive. Images rarely convince customers to buy a product because customers cannot judge product with them. As a result, product demonstration videos have been used more frequently to address the need of apprehensive customers (Schneider 2011, 28). Online business and product demonstration videos have become popular with ever-improving internet speeds. Social media has also been integrated in the e-commerce debate. Retailers have turned to social media in a big way for better video sharing through Twitter, Facebook and other sites. Marketers have continued to regard social media as part of marketing mix so m uch that they have integrated it with other marketing strategies (Schneider 2011, 67). M-commerceE-commerce has realized the need for deeper mobile integration; for instance, the increased use of responsive web design that became dominant in the year 2012. Online businesses have continued to adapt to and make the most use of the available screen real estate of the device from which they are being accessed. Thanks to responsive web design, there is just one website that will adapt itself to be viewed in an ideal manner for any screen size. Online retailers have continued to create better and customized mobile applications. As a result, e-commerce has become more focused thanks to personalized mobile campaigns that targets specific customers (Schneider 2011, 13).  The future in technology is mobile, broadband, mobile, wireless and multimedia (3D, video, 4D). All these technological advancements are rapidly developing and are being integrated into e-commerce and onli...