Innovation of ... (e.g. e-commerce, web-based financial srvice, Research Paper

Innovation of ... (e.g. e-commerce, web-based financial srvice, paperless office, or ...) - Research Paper Example Special cases are presented on Business to Consumer markets to show its growing popularity from the consumers’ side. Website companies are cited which owing to web interface technology is increasing its revenues and customer base. In total, the paper analyses the innovation of electronic commerce technology from different angles to show its growing impact on the world economy. Advancements made in technological, social and organizational fields helped in expanding the horizon of electronic commerce to enter the realm of web-internet in the spring of 1993. Prior to this event electronic commerce depended on telecommunication technology as its medium of trade. Organizational and Social activities have become dependent on electronic commerce owing to its web-interface. In this connection, the ambit of electronic commerce now covers a broad range of activities in the fields of commerce, collaboration, communication, connection and computation. Electronic Commerce functioning along these varied fields have opened opportunities in innovation of the same. Opportunities identified along the business and social spheres include addressing larger markets, enlarging the scope of collaboration with business partners globally, transformation of business processes and working on the development to make electronic communication much faster. (Zwass, 2003) In this context Stratum Media, an electronic commerce technology developer in United Kingdom announced on the development of â€Å"Eros† technology, which an online vendor of Consumer Electronics and Home Appliances is using to promote its products. (Hollander, 1999) Further observation states that the internet web earns its success in becoming a global infrastructure for electronic commerce activities. The internet web acts as a link between the technology and innovation interface and business organizations. Internet web works towards being a global model for sharing of