Abstract In this chapter, we provide an introduction to electronic commerce and electronic business. A critical theme is that despite the failure of so many dot‐coms, e‐commerce is becoming more pervasive. We also argue that impacts on businesses and markets are complex and often counterintuitive. First, we present an overview of the current status of e‐commerce and provide a definition that focuses on the commercial exchange of goods, services, and information between buyers and sellers, rather than on internal firm transactions. Next, we trace the development of e‐commerce from several predecessors to the Internet that served as prior platforms for electronic commerce. Then, we introduce the notion of a business model, including business‐to‐consumer and business‐to‐business models. We note critical flaws in many early models, such as the lack of attention to profits. We extend the business model discussion by overviewing innovative e‐commerce marketing strategies, many of which highlight new ways of interacting with customers. We explore the use of the Internet to support consumer‐initiated transactions, such as those common on services like eBay and Priceline. One important enabler for e‐commerce, electronic payment, is covered next. Then, we introduce several emerging technologies that are likely to extend e‐commerce into new arenas. We present an overview of important barriers that have slowed the adoption of e‐commerce. In the final section we examine the often counterintuitive results of research on e‐commerce impacts on competition and markets. Key themes and conclusions are provided in the final section.
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