eCommerce

The Promise of ECommerce The concept of eCommerce is fast becoming advantageous for both vendors and consumers in today’s fast moving and electronically-connected world. For many of today’s businesses, eCommerce is becoming the only option as companies become more and more interested in expanding their operations online. For the Public Sector, the electronic delivery of Government services can bring great benefits; simplified administration, better service and reductions in costs – in a word, efficiency. The greatest and most important advantage of eCommerce is that its enables businesses or individuals to reach the global market. It caters to the demands of both the national, regional, and international markets, as business activities are no longer restricted by geographical boundaries. With the help of eCommerce even SMEs can access the global market for selling and purchasing products and services. Even time restrictions are nonexistent while conducting business online; eCommerce empowers one to execute transaction 24 hours a day, seven days a week. The rapid growth of eCommerce has pervaded almost every other aspects of business such as; supply chain management, transaction processing, internet marketing and inventory management. And, as eCommerce grows, so will its impact of the economies of the region by reducing inflation through the delivery of goods and services to consumer at a cheaper price and through increased productivity. We are already seeing the impact of eCommerce - according to a study conducted by VISA, eCommerce in Latin America & the Caribbean reached nearly US$22B in 2009 - a 39% increase over the previous year. Within the Caribbean emphasis is placed on the high cost of, and in some cases, the lack of, telecommunications and internet connectivity in the region; however other major problems to the expansion of eCommerce include security on the internet as well as the high cost for the necessary hardware and software. Additionally, it is not only necessary for the information infrastructure to be developed but this must be supported by the appropriate legislation. Existing laws and regulations that may hinder eCommerce must be reviewed and revised or eliminated to reflect the needs of the new electronic age. To learn more about the revised treaty on E commerce click here