Exploring the Utilization of Internet Technology for Creating a New Industrial Order

The pace of change in our 21st-century world, where digital technology is transforming services and businesses, has been breakneck, transforming the global economy from its traditional model to digital. The continued growth and relevance of the digital economy have been aided by the growing interconnectedness of people, organizations and machines resulting from the Internet, mobile technology and the Internet of things (IoT). The Internet has transformed the mode of communication within and outside the organization, means of trading and sourcing for patronage, quality of goods and services, size and management of competition and production efficiency. The Internet has enabled e-commerce, allowing small and big companies to sell to consumers worldwide. A significant area of disruption that the digital economy has imposed is in the realm of our perception of reality with the undermining of our conventional notions of business structure, firms interaction and means of delivery of goods, services and information to consumers. Companies are now successfully re-imagining their industries' traditional boundaries and value propositions. For instance, Uber owns no vehicles, yet it is the world's largest taxi company; Facebook creates no content yet is the world's most popular media owner; Alibaba keeps no inventory yet is the most valuable retailer, and Airbnb owns no real estate yet is the world largest accommodation provider. This paper explores how internet technology's use for business creates a new industrial order, discusses the digital economy, and provides an understanding of the characteristics of electronic commerce (e-commerce). The particular focus shall be on B2B e-commerce accounting for 94 per cent of global e-commerce, collaborative commerce, e-marketplaces and e-supply chain