INTERNET - Introduction The days when companies ask"Should...

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Introduction The days when companies ask, "Should we do business on the Internet?" are over. Nowadays, the question is more likely to be, "How fast can we be on the Net?" Propelled by the explosive growth of the World Wide Web-- which has made network communications inexpensive and virtually ubiquitous -- and the rapid development of industrial-strength software applications designed for real-life transactions, E-commerce has moved from being the technology of the future to being today's strategic imperative. According to Randall C. Whiting, President and CEO of CommerceNet, a consortium of more than 500 companies and organizations whose mission is to accelerate Internet-based E- commerce, the Internet-- and the technologies it has spawned—has made E-commerce one of the most effective and reliable methods for conducting business. E-commerce will represent $66 billion in U.S. related Internet revenues by year 2000, and the overall Internet economy will approach $200 billion in the year 2000, up from $15 billion today. E-commerce companies will shift from traditional Electronic Data Interchange (EDI) to more open, standards-based, easier-to-implement Internet commerce solutions. Further, cost advantage of connecting to the Internet versus the high cost of end-to-end proprietary EDI solutions will spawn widespread adoption in certain industries. The Commerce program predicts that E- commerce will create nothing short of a business process revolution. The report says: Our work with clients and our observation of the market suggest that new capabilities for communication and knowledge transfer, including e-mail, electronic data interchange, and even interactive, multimedia kiosks as well as the Internet, are not simply changing the way organizations transport information and services. They will, in fact, transform the way organizations create markets, deliver products and serve customers. For many,
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these changes represent not only a source of opportunity, but also a potential threat. While it is too early to predict the ultimate impact of E-commerce, we view it as a source of real business opportunity for organizations today. In fact, the greatest threat may be the risk of not acting on this opportunity. The bottom line is if you're not planning to generate a larger part of your revenue from electronic markets, you are going to be left with a much smaller market to compete within. Summary This paper is about the proliferation of electronic commerce (E-Commerce) and how it is affecting the business world. E-Commerce is defined as conducting business electronically, whether it is over the Internet or through established networks set up between businesses or between consumers and businesses. First, the paper addresses the features of E-Commerce that have contributed to widespread use of
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INTERNET - Introduction The days when companies ask"Should...

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