Electronic commerce

Electronic commerce more well known as e-commerce consists of the buying or selling of products via electronic means such as the internet or other electronic services. This type of trade has been growing rapidly because of the expansion of the Internet. Types of commerce include online retail, electronic markets, and online auctions.

The need for electronic commerce emerged from the need to use computers more efficiently in banks and corporations. With the increasing competition there was a need amongst organizations to increase customer satisfaction and information exchange. Electronic commerce started with the introduction of electronic funds transfer (EFT) by banks. Over time many variants of EFTs within banks were introduced like debit cards, credit cards, and direct deposits.^[1]

References

1. Kalakota, Ravi; Whinston, Andrew B. (1997). Electronic Commerce: A Manager's Guide. Addison-Wesley Professional. p. 5. ISBN 978-0-201-88067-0. Retrieved June 19, 2012.