Online money transaction via Electronic commerce

Online money transaction via Electronic commerce

With widespread Internet usage, the amount of trade conducted electronically has grown extraordinarily. Spurring and drawing on innovations in electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems are aspects of the conduction of commerce. The World Wide Web is being typically used by modern electronic commerce at least at some point in the transaction's lifecycle, although it can encompass a wider range of technologies such as e-mail as well.

For virtual items such as access to premium content on a website, a large percentage of electronic commerce is conducted entirely electronically, but the transportation of physical items in some way is involved in most electronic commerce. Online retailers are sometimes known as e-tailers and online retail is sometimes known as e-tail. Almost all big retailers have electronic commerce presence on the World Wide Web.

The sales aspect of e-business is generally considered electronic commerce. To facilitate the financing and payment aspects of the business transactions, it also consists of the exchange of data.

Early development

Over the last 30 years, the meaning of electronic commerce has changed. Originally, the facilitation of commercial transactions electronically, using technology such as Electronic Data Interchange (EDI) and Electronic Funds Transfer (EFT) was the whole meaning of electronic commerce, these were both introduced in the late 1970s, allowing businesses to send commercial documents like purchase orders or invoices electronically. In the 1980s, other forms of electronic commerce appeared i.e. the growth and acceptance of credit cards, automated teller machines (ATM) and telephone banking. The airline reservation system typified by Sabre in the USA and Travicom in the UK was another form of e-commerce.

An important component of electronic commerce is online shopping, which was invented by Michael Aldrich in the UK in 1979. In 1981 Thomson Holidays was the world's first recorded B2B, In 1984 Gateshead SIS/Tesco was the first recorded B2C, During the 1980s, Mrs. Jane Snowball of Gateshead, England was the world's first recorded online, Auto manufacturers such as Ford, Peugeot-Talbot, General Motors and Nissan also allowed online shopping extensively in the UK for shoppers. Aldrich systems were used by all these organizations and others.

From the 1990s onwards, enterprise resource planning systems (ERP), data mining and data warehousing were added to electronic commerce.

In 1990 the World Wide Web was invented by Tim Berners-Lee and transformed from an academic telecommunication network into a worldwide everyman communication system. Commercial enterprise on the Internet was prohibited until 1991. Although Internet didn't turn popular worldwide until 1994 when the first internet online shopping started, security protocols and DSL took about five years to be introduced allowing continual connection to the Internet. By the end of 2000, many services were offered by European and American business companies through the World Wide Web. With the ability of purchasing various goods through the Internet using secure protocols and electronic payment services were associated with a word "ecommerce".

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