World Wide Web

Topic: FinanceBank
Sample donated:
Last updated: March 5, 2019

1.         With the advent of the World Wide Web continuing to build wider, faster, and more flexible bridges between financial markets that are miles away from one another, this study asserts the fact that because of the emergence and development of eCommerce, the global economy is changing at a pace that some financial markets can only hope to keep up with.

While the term “eCommerce” itself was already introduced way back in the 70s, it was not until the late 90s that the financial innovation began to reshape commerce throughout the world. Chu et.al. (2007) discussed that websites for eCommerce have gradually evolved from handling simple, small scale transactions, to massive, complicated systems that could offer both goods and services to consumers worldwide and have round the clock customer service that ensure satisfaction. With these developments, studies like Bohlin et.al. (2004) discussed how changes in business brought about by eCommerce have made currencies more dynamic, creating financial opportunities that are as of the present unmapped territory for tax institutions which would need to keep up with the changes or lose out significantly.

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The study also predicted that these same phenomena could lead current standard measures of wealth like GDPs and GNPs drift to obsolescence. These dynamic developments have also opened up new dangers to consumers such as payment scams and online identity theft (Jelassi & Leenen, 2003).2.         eCommerce is changing global economy towards a more dynamic, more flexible, and consequently more dangerous state. For example, online alternatives to bank wire and other forms of postal money transfer that created faster, cheaper, and more convenient ways to send and receive funds anywhere in the world have also opened the floodgates to a wide array threats involving computer security. This is a major influence that drives software developers to create more and more advanced systems to cater to eCommerce websites’ needs.

Because of this, the battle in online commerce has become one of trust. With half the companies in each business type working genuinely to provide reliable service while the other half continues shady practices in an effort to make a quick buck, the positive and negative virtues of eCommerce are put into question.3.         Quantifying and qualifying the changes brought about by eCommerce to the global economy could be achieved through a variety of methods. There is a wide source of data that could be gathered from different online and offline sources that include measurements on the growth of eCommerce over the last decade, demographics of producers and consumers in the electronic economy, various statistics on currency dynamics and taxation forecasts, and the nature and prevalence of crimes related to eCommerce that have been perpetrated online. Such secondary data could be gathered and analyzed through statistical means of comparison such as tests of significant difference, correlation and independence in order to come up with sound conclusions regarding the effects of the changes. Another useful  method would be the use of online and offline survey questionnaires that could measure public acceptance, use, and trust on eCommerce products and services.

When evaluated by tools such as weighted means for likert scales, such data could provide useful insight on how society in general view the changes brought about by eCommerce.4.         In terms of the analysis of secondary data, possible sources would be identified and scrutinized for reliability.

Those who would pass the criteria made by the study would be collected and stored until all appropriate data have been gathered. Afterwards, electronic statistical tools would be used to speed up the computational process. The results would be analyzed and appropriate conclusions would be drawn. In the case of the survey, an appropriate sample size would be determined followed by identification of key online and offline means of fielding the questionnaire. The survey would be fielded following an appropriate timetable and the data would be tabulated for analysis through weighted means using a 4-point likert scale. 

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