The last decade has seen the rise of many new tech Essays

The last decade has seen the rise of many new technological developments, one of the most prominent of these developments has been the internet. The Internet has already managed to weave itself into our daily lives where we use it for the simple communication of e-mail or to retrieving large volumes of information. More recently the Internet has been incorporated into businesses which have ranged from 'online' grocers to travel agents and real estate agents. This electronic commerce has many advantages to the consumer such as increased price transparency, ease of use, and its capability to offer information to consumers about products. Electronic commerce also has many disadvantages such as the constant security threat to consumers from the theft of their credit card numbers and personal details by hackers and the inability of consumers to feel and examine the products. These advantages and disadvantages will probably result in several major changes in the way business is conducted i n the future. Electronic commerce offers many advantages to both consumers and firms. It is very convenient for consumers as there are no shop hours and orders can be placed any time of the day. Electronic commerce also allows companies to have much larger markets, once you are on the Internet you are everywhere. A customer in Japan can buy exactly what a customer in the UK buys from the same electronic store. The capability to purchase products at ease from all over the world would eventually result in the weakening of international boundaries and increased trade between countries. For example when the machinery for one of General Electric's light-bulb factories broke down, GE would invite bids from four domestic suppliers. With the help of the Internet General Electric extended its bidding abroad, and awarded the contract to a Hungarian firm saving 20%. The Internet will also increase price transparency dramatically and bring about price harmonization. With the capability to find and list thousands of firms selling the same or similar products in a matter of seconds it would be nearly impossible for firms to sell their products at higher price s.