E-Commerce and the New Economy Essay - 1437 Words

E-Commerce and the New Economy The web has transformed our global economy. It is a powerful tool that has changed the way we produce, market and distribute goods and services. Finances and culture have been altered. New styles of commerce have developed. For example, a business call placed in North America could be handled by a technical expert in Asia as business is conducted internationally as well as transnationally. The purpose of this essay is to examine the issues, challenges and opportunities related to commerce in the â€Å"new economy†. The internet became popular in 1995. It creates many opportunities in different kind of industries. Ecommerce is one of the successful examples of buying and selling on the web. It is like a†¦show more content†¦Online business is further developed, because sellers can keep track of what is important to sellers, and sellers can discuss concerns with buyers (Charles Steinfield). They can keep improving their services and quality of the products. This is both benefits to these two parties. However, there are some challenges that online business has to face. Although internet is now an indispensable tool in developed countries and wealthy family, yet many people who live in underdeveloped nations have no access to internet. This disparity limits the expansion of online business because online purchasing seems like a superior knickknack, only designed for rich people. Another challenge that affects firms directly is the web measurement problem and maintenance of their sites (Donna L Hoffman, Thomas P Novak and Patrali Chatterjee). It is hard to estimate how many people will visit the site, even after a survey has been done. The actual number of people who visit the website is still not determinable. As a result, it is a hard job for the firms to make the investment decisions. As it has been mentioned at the beginning of this essay, the set up cost for an online business is low; however, the maintenance cost is always high. Firms have to hire somebody to keep track on the web to make sure everything is running fine (Donna L Hoffman, Thomas P Novak and Patrali Chatterjee). If there areShow MoreRelatedImpact of E-Commerce to Malaysian Economy854 Words   |  4 PagesIMPACT OF E-COMMERCE ON THE MALAYSIAN ECONOMY E-commerce is the new buzz word. With the advent of the Internet, the development of e-commerce in both the developed and developing economies has developed at a rapid pace. Developing countries such as Malaysia are catching up fast as there are already 1.2 million Internet users. The private sector and the Government have taken initiatives to implement e-commerce. Physical and legal infrastructure for e-commerce in Malaysia have been put in placeRead MoreMarketing Challenges1099 Words   |  5 PagesChallenges in a New Economy There is a new trend in today’s economy that does not involve large chain suppliers, retailers or wholesalers. 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