Electronic commerce
If today’s Millennial generation were to answer the question as to how they complete their
major financial transactions, an overwhelming majority would state online. If asked why, the simple
answer would be the ease of finding what they want, when they want, and the simplicity of the
transaction process.
Electronic commerce (e-commerce), has evolved over the past ten years to allow consumers to
exchange goods and services electronically in an instant. Whether purchasing retail goods, music,
transportation, or lodging, E-commerce has the millennials attention. “With a $1.3 trillion global wallet,
they are spending their funds in far different ways that generations before” (Chehrazi, 2017). Companies
like Amazon, eBay, and Google Shopping are large performers in the E-commerce world, and predictions
are that online sales will reach $440,400,000,000 in 2017 alone (statisticbrain.com).
But it’s not just consumers making these transactions. The textbook states that e– commerce
allows “businesses of all sizes to market and sell at a low cost worldwide, allowing them to enter the
global market” (Stair & Reynolds, 2015). Business to Business (B2B) transactions allow them to be
customers or suppliers to hundreds if not thousands of other businesses. Again, speed and convenience
are major factors in purchases, allowing companies to be able to provide goods and services on demand.
Trends show that as we move into the future, e-commerce will continue to grow. Websites will
know customers and what they shop for, even before they surf. Sites will become so enhanced to the
wants of the buyer that every time a person shops online, it will feel like they are with a personal
shopper, ready just for them. Consequently, online transactions, which already signify a substantial
portion of the US and world economy, will continue to grow in number.
REFERENCES:
Chehrazi, S. (2017, March 10). 5 Ways Millennials Have Changed the Way We Buy. Retrieved March 10,