What is E-Commerce?

Essay by ValsinatCollege, UndergraduateA+, November 2003

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What is E-Commerce?

E-commerce is the practice of buying and selling products and services over the Internet, utilizing technologies such as the Web, electronic data interchange, email, electronic fund transfers, and smart cards. Global electronic commerce has exploded in recent years. According to O'Reilly & Associates, worldwide business access to the Web is expected to grow to 8 million by the year 2001. This growth, coupled with rapid changes in information technology and communication, is having a profound impact on business and the workplace. Increasingly, the use of e-commerce is becoming a condition of trade for the manufacturing and retail industries and is imperative for all industries striving to maintain a competitive edge.

What is the impact of E-Commerce on the workplace?

The impacts of e-commerce on the workplace are numerous; The Internet provides access to an electronic global marketplace with millions of customers, operating on a 24/7/365 basis. The increasing availability of sophisticated Web tools allows companies to eliminate, re-engineer, and automate business practices, thereby providing a more cost effective, time-efficient manner of conducting business.

In addition to these positive changes, some challenges arise. As the information technology profession continues to expand, personnel in the industry are increasingly in high demand, causing a work shortage crisis for many employers. In addition, "cyber law" is still a relatively new discipline, with the legal ramifications of e-commerce still be explored.

Electronic signatures legislation.

E-commerce entered a new era when President Clinton signed the Electronic Signatures in Global and National Commerce Act into law June 30. Considered the most significant e-commerce legislation Congress passed this year, the measure presents both challenges and opportunities for credit unions.

The law legitimizes the place of the Internet and other forms of electronic transactions in the future of credit unions and other financial institutions. Most of...