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Many such estimates have often been accompanied by very rosy projections of up to ten-fold growth over the next few years.

To define e-commerce it is essential to identify the transactions on the one hand and the electronic networks being used on the other.One thing is clear: in terms of transactions e-commerce is large equivalent to the total value of industries such as pharmaceuticals and computer hardware and growing.Current estimates put the value of e-commerce at around US0 billion worldwide in 2000.In many ways the new economy is the old economy transformed by the application of information and communications technologies.Some of the boldest claims about e-commerce will not materialise.

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