Now that the dot-com bubble has burst and the Internet gold rush has subsided, we can begin to talk more sensibly about e-commerce, its promises and its pitfalls. E-commerce may have initially meant the demise of brick-and-mortar stores to prognosticators, opportunity to entrepreneurs, and challenge to retailers, but in retrospect it is clear that stores are still standing, some people made money while many lost money, and retailers executed some largely technological changes in their business practices. E-commerceâs initial bold claims were belied, but beyond the early optimism that the technology would change everything immediately, there is now a calm and growing realization that ecommerce exerts a quiet influence that will take decades to realize fully. The novelty of mainstream e-commerce overshadowed the fact that e-commerce has been around for quite some time, perhaps beginning with the first business transaction conducted over the telegraph, moving on to the telephone, and finally to the computer. Banks and other financial institutions had been engaging in e-commerce in the form of electronic money transfers long before consumers and retailers got involved in the enterprise. The Internet brought e-commerce from the sole dominion of financial institutions to the world at large. As
Psychology & Marketing – Wiley
Published: Feb 1, 2005
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