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E-commerce Overview and Development

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Definition and History: E-commerce refers to online buying and selling of products and services
Term coined by Robert Jacobson in 1984 California Electronic Commerce Act
First comprehensive electronic commerce service launched by CompuServe in 1984
Key Components: Includes online retailing, electronic markets, and online auctions
Uses technologies like mobile commerce, electronic funds transfer, and supply chain management
Supports both B2B and B2C transactions
Global Trends: E-commerce sales reached $1 trillion in 2012
Mobile devices now account for 25% of market by 2017
Cross-border e-commerce growing rapidly with increasing international transactions
Regional Developments: China leads global e-commerce with $899 billion in sales in 2016
UK has highest per capita e-commerce spending globally
GCC countries show rapid growth with increasing smartphone penetration
Impact and Challenges: Creates new job opportunities but also causes job losses
Provides convenience but lacks face-to-face interaction
Generates significant environmental impact through packaging
Faces security concerns and customer loyalty issues
COVID-19 Impact: Global retail website traffic reached 14.3 billion visits in March 2020
Online sales increased by 25% during lockdown
Many shoppers plan to continue in-person shopping after pandemic