The term e-commerce, short for electronic commerce, refers to the purchase and sale of products and services online. By offering convenience, accessibility, and a global marketplace, it has revolutionized the way businesses operate and consumers shop.
From online retail stores and marketplaces to online banking, digital payments, and B2B (business-to-business) transactions, e-commerce encompasses a wide range of activities.
During this detailed explanation, we will discuss the history, types, benefits, challenges, and future prospects of e-commerce.
History of E-Commerce:
E-commerce dates back to the late 20th century when the Internet gained widespread popularity. A significant milestone in the development of e-commerce occurred in 1991, when the World Wide Web became publicly accessible.
Online marketplaces, electronic payment systems, and secure protocols for online transactions contributed to the rapid growth of e-commerce throughout the 1990s.
The emergence of e-commerce and its widespread adoption was paved by companies like Amazon, eBay, and Alibaba.