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Emerging Modes of Business — Business Studies STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceBusiness StudiesEmerging Modes of Business3 Marks
Question
Write a short note on the history of e-commerce.
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Answer

The origin of e-commerce dates back to electronic media like telephone, fax, compact disc, cable and personal computer etc. These electronic media had several limitations like speed, accuracy, secrecy, geographical distance, authenticity etc. Business transactions were carried out using electronic devices. Let us look at the history chronologically.
  1. In 1984, EDI or Electronic data interchange was standardized through ASC X12. It guaranteed that companies will be able to complete transactions with each other reliably.
  2. In 1992, Compursive' offered online retail products to its customers.
  3. In 1994, Netscape arrived which provided a simple browser to surf the internet and launched a safe online transaction technology called Secure Socket Layer (SSL).
  4. In 1995 two of the biggest names in e-commerce were launched namely, amazon.com and e-bay.com.
  5. In 1998, Digital Subscribed Line was launched.
  6. In 1999, retail spending over the internet reached $820 billion dollar as per business.com.
  7. In 2000, the USA government extended moratorium on internet taxes till 2005.

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