E-commerce: A Global Business
Technological innovations have been mankind’s greatest accomplishments that solve the world’s problems. Although, these innovations bring significant magnitudes to connect individuals around the world, it can be certain that these innovations can contain limits that may not be beneficial to others. Therefore, a technological innovation that can relate to this notion is “E-Commerce.” With respect to Network Solutions, “e-commerce is a term for any type of business, or commercial transaction that involves the transfer of information across the Internet.” E-commerce is well known for individuals that are accustomed to using global online businesses like Amazon and Ebay. In terms of how popular this innovation is used in a global scale, WeAreSocial conducted a global digital report that states, “more than one in five of the world’s population shopped online in the past 30 days.”
Essentially, the reason why individuals favor this technological breakthrough is because there are many benefits of shopping online as opposed to buying commodities in physical stores. According to Investopedia, “Ecommerce may offer consumers a selection of goods that they otherwise could not access.” Therefore, ecommerce is a positive innovation towards a global society because individuals around the world that are not accessible to physical stores, will be able to purchase goods. Although e-commerce is a beneficial attribute to the world, there are some negative consequences. According to The Balance, “the use of e-commerce will lead Consumers run the risk of identity fraud and other hazards as their personal details are captured by ecommerce businesses…risk of phishing attacks and other forms of security fraud.” Consequently, if individuals were to purchase online, he or she will not be get know the seller, whether they are certified sellers or frauds that might harm your personal information. Overall, e-commerce is a monumental innovation that will change a global society’ perspective of buying products from physical stores. Essentially, retail stores like Best Buy and Target have assimilated the online culture that top ecommerce sites like Amazon follow. Therefore, physical stores will start to realize how online business can allow companies to gain new consumers from various parts of the world.
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Khurana, A. (n.d.). Is Ecommerce Right for Your Business? 36 Pros and Cons. Retrieved July 19, 2017, from https://www.thebalance.com/ecommerce-pros-and-cons-1141609
What is E-commerce? (2017). Retrieved July 19, 2017, from http://www.networksolutions.com/education/what-is-ecommerce/