E-Commerce and Some of the Historical Background of E-Commerce –
Any commercial exchanges occurring over the internet comes under e-commerce or electronic commerce. The prominence of these exchanges can be estimated from the way that more than 93.5% of worldwide internet users have purchased an item or service online no less than once. The current pandemic plays played the part of impetus in strengthening the market position of the e-commerce businesses. Let us start our journey of understanding the detailed working of e-commerce with a brief glance at its experience. Moreover, some of the essential components of the e-commerce system has been inspiring Mr. Anshoo Sethi of Chicago and other popular businessmen.
Brief Glance at the Historical Background of E-Commerce –
In the year 1887, IBM or International Business Machines was set up this year that became a harbinger of the electronic business in the next few decades. US analyst Herman Hollerith set it up. From the year 1950-1960, it was a decade of IBM as it introduced OLTP or Online Exchange Processing to manage monetary exchanges in real-time utilizing advanced computerized systems. IBM created the Saber or Semi-Programmed Business Research Environment for American Airlines that revolutionized airline reservations. Most of the works of IBM is very inspiring and has enthused Mr. Anshoo Sethi in Chicago. Towards the end of the next decade, i.e., in 1969, its exchange processing software was converted to CICS or Customer Data Control System, which later became one of its exceptionally successful items.
Inventions of Dr. John & Michael in the Area of E-Commerce –
Dr. John R Goltz created the CompuServe technology, and Jeffery Wilkins in 1969 served starting emails and internet connectivity by the 1980s. And, both of them are an inspiring figure for Mr. Anshoo Sethi. In the year 1970, ATM or Programmed Teller Machine was invented by Docutel that relied on bank computers for online exchanges. It opened the gates of profoundly sophisticated exchange processing structures. Then, in 1979 the English inventor Michael Aldrich introduced the primary type of electronic shopping by connecting a modified television to an exchange processing computer utilizing a telephone line. After that in 1980, Shopping from home utilizing computers and telephone lines started with the monsters like America Online (AOL), Wonder, and CompuServe.
Inception of Amazon.com –
Then, in the year 1982, Boston Computer Exchange was launched, the world’s most memorable e-commerce organization. After that in 1989 The explosive development of e-commerce started with the invention of the Internet by Time Berners-Lee. In 1992, an online bookstore named Book Stacks Unlimited was introduced by Charles M Stack that further changed to the books.com space. Later in 1994, Amazon.com was founded by Jeff Bezos. And, Jeff has inspired many business tycoons like Mr. Anshoo Sethi in Chicago and others world-wide. In the same year, the Netscape Pilot web browser was created by Marc Andreessen that introduced the Secure Sockets Layer (SSL). SSL introduced worked in encryption for conveying credit card exchanges securely. It gave birth to the dot.com phenomenon.
PayPal Introduced & Alibaba –
In 1998, PayPal was launched as the main e-commerce payment system that later merged with Elon Musk’s online financial organization in 2000. Then, in the year 1999, an online marketplace named Alibaba Online was launched with more than 25 million USD subsidizing. And, in the year 2000-2001, More than 750 businesses went on the wall as the dot.com bubble burst. As of now, Amazon. Om’s share came less than 10% of its unique value. During the same time, Google AdWords was launched as an online advertising instrument for different businesses. Plus, in 2008, E-commerce had established a 3.4% of the all-out worldwide sales with leading companies like Facebook, Apple, Instagram, Jet.com, BigCommerce, Stripe, Etsy, and Google Wallet entering e-commerce operations. In 2017, Technical goliath Google started to push its journey for expert mobile experience as numerous internet users were utilizing mobile devices as it were. Lastly, in 2020, the e-commerce started to blast as the US Census Bureau reported that the US e-commerce retail sales of the second from last quarter of the year 2020 are 209.5 billion USD.