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E-Commerce Huge Impact on Existing Economic Industries

E-commerce has major economic effects and they are supposed to increase in the future. Many people predict that it will change the face of businesses forever, and it has already affected global economic industries in different ways. For example, e-commerce affected the informational technology, different economic sectors, enhanced the productivity growth, and so on. That’s why its huge impact should be discussed in detail.

What is ecommerce all about? Basically, this concept is quite broad so that it doesn’t have any clear-cut definition. One of the most popular ways to define e-commerce is the way of doing specific business transactions over the Internet. It’s based on the electronic transmission and processing of data, such as sounds, videos, etc. E-commerce is also the use of technology to conduct different financial transaction online, and it can happen between and within a few major parties, such as governments, businesses, and individuals.

How will it affect existing economic industries? It’s undeniable that e-commerce will facilitate certain changes within nation states. Modern national states are the most prevalent units of governance in the world. Nowadays, there are many states with different regulatory and legal systems, so they can be defined as the coherent territories circumscribed by specific borders with national governments and legitimate jurisdiction.

The development of e-commerce confronts nation states because its relevance to enterprises and citizens will be changed in the near future. Until recently, such important tools that helped nation states to achieve economic results were at their disposal, including raising taxes, punishing economic criminals, levying tariffs on imports, protecting consumer rights, setting commercial standards, and others. However, the development of global communication networks reduced the monopoly of nation states to control financial flows and relevant economic information.

Nowadays, private individuals, groups, and enterprises keep increasing their ability to package, source, and transmit data, so many goods can be conveyed and transferred almost instantly through the digitalization of services and currencies. E-commerce changed how goods are sold because modern consumers don’t have to go to traditional shops to buy the items they need.

E-commerce has major economic effects and they are supposed to increase in the future. Many people predict that it will change the face of businesses forever, and it has already affected global economic industries in different ways. For example, e-commerce affected the informational technology, different economic sectors, enhanced the productivity growth, and so on.

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Assignment ID
100002504
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CREATED ON
October 20, 2016
COMPLETED ON
October 21, 2016
Price
$12
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Essay Example Comments
jmumberger43
December 4, 2016
jmumberger43
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johnnyjarias84
December 2, 2016
johnnyjarias84
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Nuela20
December 2, 2016
Nuela20
awesome!