e) (Emmanuel, 1999, p. 2-8). Electronic commerce makes it possible for even small organizations to conduct business on a global level, and inventory levels for retailers are often minimized as orders for goods are placed only when the sale is made and funds received, a transaction which is also handled electronically.
In 1998, electronic commerce generated between $31 billion and $51 billion in sales (the differences result from different estimating techniques) (Anders, 1998, p. S2).
It is estimated that business-to-business sales accounted for 77 percent of e-commerce in 1998 while consumer sales accounted for only 23 percent (Anders, 1998, p. S2).
By 2002, electronic commerce (e-commerce) is expected to generate more than $400 billion in sales worldwide (Emmanuel, 1999, p. 2-8). Some estimates put the amount at more than $1 trillion by 2000 (Bourque, 1999, p. C10).
The amount of commerce conducted on-line is expected to increase substantially from 1998 to 2003 as illustrated in the following charts (2003 figures are estimates) (McCune, 1999, p. 53):
Companies providing Internet service to schools in London are conducting market research among students ranging in age from six years to 17 years to determine spending habits and consumer preferences (Geary, 1
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