In this chapter, you learned that electronic commerce is the application of new technologies particularly Internet and Web technologies, to help individuals, and other organizations conduct business more effectively. Electronic commerce is being adopted in waves of change. The first wave of electronic commerce ended in 2000. The second wave, with new approaches to integrating Internet technologies into business processes, is under way. In the second wave, businesses are focusing less on overall business models and more on improving specific business processes. A third wave of electronic commerce is just now beginning that will capitalize on the availability of mobile devices such as smart phones and tablet computers. These devices, along with increasing use of social media Web sites, will extend the reach of the Internet to new customers and locations, opening new avenues of electronic commerce for companies around the world