What is the nature of advertising on the world wide web? Is it the same as it has been throughout the industrial revolution -- using the print medium, then radio, and then television? Or has it changed in a way that is fundamentally different? This paper traces the evolution of global electronic commerce, and advertising approaches that are sprouting at a fast pace. Based on actual examples and some published articles, this paper concludes that internet is truly becoming a catalyst for a paradigm shift in the way advertising of products and services is being done and will be done in the future.