| With the evolution of a
monetary system, commerce’s capabilities were drastically increased. With the advent
of the computer and the internet, a plethora of information has been unleashed upon the
global community. Electronic commerce has made the global village a reality. With the
advent of electronic commerce, through the phenomenal growth of the world wide web, the
actions of banks and credit card companies, the efficiency of a 24 hour, 7 day a week
system, and the role of Smart Cards, we have seen and are beginning to see its effects.
Electronic commerce will drastically alter not only our global economy, but also our
individual lives. Electronic commerce is a broad category, but generally refers to transactions done through some electronic medium, most often the computer, the internet, and the telephone. Over the web, no salespeople are needed, only good marketing. Credit cards can be instantly processed and verified by collaboration with merchants, banks, and credit agencies.
|
Many companies are looking to their own
futures in this rapidly expanding field of e-commerce. Already, several companies are
becoming very successful on the web. Dell (www.dell.com/store/), a computer manufacturer,
and its online store, already processes $1-million in online transactions every day.
Truly, e-commerce is for real – and many companies are scrambling to grab a piece of
the online market. With the rapidly growing world wide web, what does the future hold for commerce and life? With the increase in electronic commerce,
marketing will play a very important role – many marketing companies are beginning to
use the web to their advantage, such as DoubleClick (www.doubleclick.com). Unfortunately,
the reality of internet e-commerce is summed up nicely by Superbad
(www.superbad.com/welcome38.html) in their banner which satirizes
internet advertising: "Oops! Welcome to the web."
|
As stated previously,
electronic commerce is not limited solely to the internet – although the web is where
most companies are headed or at least involved in. For the time being, however, companies
are experimenting with "dumbed-down" versions of Smart
Cards in Canada and the United States. For example, Bell Canada recently revamped all its
payphones, allowing credit cards and new, pre-paid phone cards to be used. Companies
currently involved in Smart Card application development include Hewlett Packard, IBM,
Motorola, and American Express. In December, the British government formally legalized Smart Card "signatures" and became the first government to integrate this technology with their existing internet web site. Barring strong government intervention and heavy regulation, the technology of e-commerce seems limitless in its capabilities.
|