Future of Electronic Commerce Technology Essay Example | Topics and Well Written Essays - 1000 words

Future of Electronic Commerce Technology - Essay Example It allows manufacturers to buy at a low cost worldwide, and it offers enterprises the chance to sell at a global market right from the start. The major change it has gone through since the past 5 years is the growing market opportunity it has provided to the developing countries. E-commerce has helped them enter the prosperous global market place, and so it has helped reduce the gap between rich and poor countries. In the upcoming era the B2B e-commerce would create new and better job opportunities and placements and would be expected to grow at double the rate it is growing today. B2C (Business to Consumer) e-commerce, despite of all the benefits of new technology along with a lot of media attention, is still in its early stages. The reason behind the slow growth of B2C e-commerce is those threats and vulnerabilities that lead to critical security measures in this respect and are creating new risks and hypes for consumers as well as retailers. There is a need to secure online services along with the factor of "availability" as most shoppers prefer to travel umpteen distances rather than to do discounted shopping online, just because of the threat of security issues like hacking, stealing or losing their credit card numbers. This means there is a desperate need to update the security measures of e-commerce and if the issue resolves to some extent, there would be a drastic change in the slow performance of B2C e-commerce in the next 5-10 years. In this respect the upcoming technology would focus more on the client side security than on ordinary security measures. The information would be more protected and secured between the customer's system and the server, which would be seen as an outcome in the form of enhanced retailing and wholesaling. The security issues would be resolved and the threat to hack would be minimized resulting in the benefits of new technology not limited to only e-commerce companies. Consumers would also be empowered with the ability to counter many of the current micro-marketing tools. If the success of online dynamic pricing rests on the asymmetry of information between consumers and retailers, new technology may hold the promise of "blowing" such asymmetries to "bits" (Philip & Thomas, 2000). The explosion of shopping comparison Web sites and the prevalence of "shopping bots" used by consumers to track competitive prices are just two examples of how technology can be used by consumers to combat the potentially exploitive practices of dynamic pricing. (Jason, 2000) The Internet has already revolutionized the world of Investment and finance. E-commerce has enabled online stock trading to be done online by just logging on to the website and making a few key strokes along with few clicks of mouse to identify the stock and number of shares involved in the transaction, one can buy and sell securities in seconds. Several trading platforms has been built in order to revolutionize the concept of stocks and trading, e-commerce has enabled a common man to engage in any type of online business which in the other case had not been possible. However the major issue to be considered behind the spectrum of online trading is