Role of E-Commerce in Economic Development

ABSTRACT

There would be no significant progress in either information technology or communication without the advent of electronic commerce. This is most evident in financial matters. Many markets have grown increasingly multinational and competitive as a result of globalisation. E-commerce can help local economies even if the covid-19 epidemic forces industries in severely affected places to insource towards local manufacturing due to the disruption of global trade. In addition, developments in the internet, IT, and logistics/delivery have made it possible for practically every organisation to buy/sell/liaise globally. In turn, this has sparked a surge of unanticipated enthusiasm for online shopping among people everywhere. Despite the fact that e-commerce has cornered the market, there are both advantages and disadvantages to conducting business and providing services online. Information and knowledge are currently the primary means of production in the global economy. Specifically, innovation and technical advancement contribute significantly to the sustainability of economic growth in this setting. In today’s data-driven economy, businesses can only thrive with the help of e-commerce, which facilitates entry into previously inaccessible markets, rapid business expansion, adaptability in commercial policymaking, cost savings in production, marketing, and distribution, and streamlined operations, among other benefits. Both the breadth and depth of the effects of electronic commerce on businesses and society will be quite significant. The purpose of this research is to identify strategies for enhancing the efficiency of online commercial transactions and to explore the ways in which these transactions could stimulate economic growth and boost businesses’ competitiveness.

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