E-commerce consists of buying or selling of goods and services over the internet.
It dates far back to the 1960s whereby the companies started to use primitive computer networks called Electronic Data Interchange (EDI). By the late 1960s ARPAnet was developed by the military which followed by researchers developed the Terminal Interface Processor (TIP) for dialing into the ARPAnet from an individual computer terminal in 1971. Eventually ARPAnet was switched to Transmission Control Protocol and Internet Protocol (TCP/IP) which then powers the modern internet.
In 1990, Tim Berners-Lee at the European Organization for Nuclear Research (CERN) created the first web browser named “WorldWideWeb”. Ban on commercial businesses operating over internet was then lifted by the National Science Foundation which paved the way for web-based e-commerce in 1991. Furthermore, Netscape 1.0’s release in 1994 had included an important security protocol which encrypted personal information on both sides of an online transaction as they passed through the internet named Secure Socket Layer (SSL).
The first third-party services for processing online credit card sales began to appear in 1994, whereby the most popular ones include First Virtual and CyberCash. In 1995 two of the most famous e-commerce websites-Amazon.com and eBay.com (the founding fathers of E-commerce) were developed.
Digital Subscriber Line(DSL) which provides fast and always-on Internet service to subscribers across California prompts people to spend more time and money online in 1998 further boost the e-commerce industry.
In 2007, Dell was ranked by Fortune magazine as the 34th-largest company in the Fortune 500 list and 8th on its annual Top 20 list of the most successful and admired companies in the USA in recognition of the company’s business model.
E-commerce sales continued to grow in the next few years and, by the end of 2007, ecommerce sales accounted for 3.4 percent of total sales. In 2008, US E-commerce and Online Retail sales projected to reach $204 billion, with an increase of 17 percent over 2007.
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