Electronic Commerce
"No single force embodies our electronic transformation more than the evolving medium known as the Internet. Internet technology is having a profound effect on the global trade in services," according to a White House paper in
1997. Electronic commerce is estimated to have been in the range of $63 billion in 1999 and is expected to soar to $1,444 trillion by 2003 (For rester Research, 1999). Electronic commerce is a broad term describing business activities with as sociated technical data that are conducted electronically. It is an entire set of different, digitally enabled activities that are progressively replacing the more traditional brick-and-mortar commercial functions. While the wider phenomenon of "electronization of economic activities" encompasses the digitalization of all processes of economic wealth generation—including economic analysis, production, storage, information provisioning,
marketing, and so on—it is the area of sales and related processes facilitated by electronic media that have been popularly termed "electronic commerce." Consequently within the more general phenomenon of digitalization of modern life, we find its most important component electronic commerce.
New Ways of Doing Business
Corporate, not-for-profit, and governmental sys tems are incorporating many increasingly digitalized processes that are leading to astounding productivity gains in the world economy because these processes are becoming less expensive, less time consuming, and more useful ("Why the Productivity Revolution," 2000).
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