The e-Development of the Caribbean Series: Part One - A brief look at e-Commerce

The e-Development of the Caribbean Series: Part One - A brief look at e-Commerce

E-commerce can be loosely defined as the buying and selling of goods and services on the Internet. This e-service comes in various forms: Business to Business (B2B), Business-to-Consumer (B2C), Consumer-to-Business (C2B) and Consumer-to-Consumer (C2C). Since its introduction some four decades ago, this industry has enjoyed an explosive growth, resulting in significant economic development and returns to nations that have tapped into its market. In fact, it is reported that e-commerce sales topped US$1 Trillion on 2012, with the main earners being Asia-Pacific, North America and Western Europe [¹]. Other advantages of e-commerce include: overcoming geographical limitations, lowering costs, elimination of travel time and cost, creating markets for niche products, and improvement in customer service [²].

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