Electronic commerce, known as e-commerce, refers to business transactions that are managed and operated online and on mobile devices. Whereas brick & mortar stores used to be the only way to offer your products and services, e-commerce has allowed businesses all over the world to set up virtual shops, increasing their consumer base on an international scale. Moreover, it has facilitated the operations for entrepreneurs who, through their computers and tablets, can run multi-million dollar businesses without ever leaving their house.
For consumers, ecommerce has completely transformed the shopping experience. There is perhaps no more powerful example of the influence of e-commerce than the retail giant Amazon. Tens of millions of customers count on the platform to fulfill their every need, from books to household items, electronics and even groceries. All these activities fuel the company’s billion dollar profits and with upcoming deliveries by drone, not even the sky is the limit for e-commerce.
In looking for opportunities, consider how technology and e-commerce will continue to shape our behaviors as customers and our actions as businesses and policy-makers. Technological advancements will require businesses to adapt quickly, and the public sector will face its own challenges as widespread access of the Internet, along with all the personal information it holds, will call for policy and regulation shifts.