This technology is rapidly moving to the Internet to allow consumers to purchase goods and services online. The Internet has emerged as a marketing channel for business. One of the most compelling reasons for consumers to transact business on the Internet is its convenience. Electronic commerce allows for trade of goods and services 24 hours a day. The use of Internet technology enables enhanced productivity whereby consumers also reap the benefits of lower product prices brought about by a more cost-efficient distribution system.
Some businesses fail and some succeed.
It is important to distinguish what some of the relevant characteristics are of those businesses that have been profitable in cyberspace. This paper offers some suggestions on what it takes to start a business, how to compete, and, most importantly, how to receive payment. First, we look at the history of electronic commerce and current trends and discover why companies are turning to the Internet to start a business or to increase revenues in an existing business. There are many reasons. One is the number of potential consumers available.