In 1998, the total value transacted in e-commerce was ______.

Prophecies of the expanding global e-commerce are breathtaking. Andersen Consulting, for instance, predicts the growth that has already started to increase rapidly. The total value transacted in e-commerce was $ 68 900 million in 1998,but increased to $ 354 000 million by the year 2006! The General Electric Company already draws most of its revenues from e-commerce.
   Some in the metal industries say the new technologies will not seriously change the way they do business. They think that only standard and second class products will be traded through the web. Those with vision say the changes will be greater than generally expected, They predict a future where tailor-made industrial products will be sold and marketed on the web just like computers and electronic equipment are mid today.
   Part of the business might soon be covered by virtual "producers" that only organize the value chain. the logistics without any production capacity of their own, buying and selling metals and metal products with open prices. This new species of market animal may turn out to be a real "killer" for those who are slow to come up with their products and do not have a flexible system for meeting challenges rapidly. Only quality and service will keep their business alive and profitable. And this "quality" means physical product quality as well as process efficiency, from order to delivery, including a significant cut in tile lean times.
   In a few years many industrial products will be bought and sold on the Internet, either at auction-type sites or via one-on-one customer specific sites.