Date of Award
Bachelor of Business Administration
In this paper I will observe how the development of new technologies (that have seen extreme changes) has led to a lot of changes in the way products are manufactured, services are offered, and money is transacted and the products delivered. Due to changes in consumer demands in the market, technology has been manipulated over the years, giving rise to multinational billion dollar organizations that keep adapting overtime to keep up with the rapidly changing consumer needs. In particular, with communication, the rise of the mobile phone network and the Internet have particularly revolutionized the way business is done entirely.
The Internet has seen a rise in products and services that were not deemed possible decades ago. Alternatively however, it has also seen the fall of products and services that have lost value and importance as the consumers were adapting to their new needs. Now-a-days, supply and demand of consumers change frequently. What we once needed years ago is irrelevant now due to technological advancements, and so on. Remaining important in the daily consumer market is absolutely essential to it's success in the future. Therefore, understanding ecommerce has its importance in making sure that a company is ready for future changes and can predict the future necessities to remain relevant. It is as important to understand how e-commerce has disrupted traditional business and how they are expected to do the same in the future.
I have also observed the tremendous advantages that are associated with e-commerce such as growth in business to serve a wide customer globally. Additionally, the disadvantages 5 that come with conducting business online, especially; the risks that are involved with transacting money online. The growth of anonymous currencies and what has led to their development and their effect on e-commerce. It is also important to understand the types of ecommerce that are currently available and the ones expected to be available in the future.
Smith, Kayla, "How ECommerce is on the Rise" (2019). Honor’s College Freeman Research Journal. 15.