Ecommerce, or electronic commerce, refers to transactions conducted via the internet. Every time individuals and companies are buying or selling products and services online they’re engaging in ecommerce. The term ecommerce also encompasses other activities including online auctions, internet banking, payment gateways, and online ticketing.
Now, a little bit of history first.
How ecommerce came to be
The first ecommerce transaction was made in 1994. A guy named Phil Brandenberger used his Mastercard to buy Sting’s Ten Summoners’ Tales via the internet for $12.48. This particular transaction made history and signaled to the world that the “internet is open” for ecommerce transactions. Why? Because it was the first time that encryption technology was used to enable an internet purchase.
Needless to say, ecommerce has grown by leaps and bounds ever since. The rise of ecommerce giants like Amazon and Alibaba in the mid -1990s changed the face of the retail industry. They largely capitalized on the global internet penetration and digitalization of the financial system which contributed to the decline in sales for many brick-and-mortar businesses.
The growth of ecommerce has also shifted the retail workforce. The U.S Bureau of Labour Statistics (BLS) has revealed that from 1997 to 2016, employment in the ecommerce sector increased by 80%. BLS is also predicting that the number of ecommerce jobs will keep on growing and reach 450,000 in the US by 2026.
Taking this into account, it’s clear that the highly competitive nature of ecommerce will keep on changing the retail industry and influence customers’ behaviour. Starting an online business nowadays seems like an attractive idea for many savvy entrepreneurs, but before anyone dives into this dynamic business sector, they first need to learn the ropes of the ecommerce industry.
And that’s exactly what this guide is for.
In this resource, we’ll take a deep look at the ecommerce industry — how it came about, what types of merchants exist, and what platforms allow online selling. We’ll also shed light on notable ecommerce success stories and flops to give you a better idea of what it takes to succeed in this industry.
Whether you’re someone who wants to start an ecommerce site or you’re already running an online store and just want to learn more about the industry, you’ll find plenty of nuggets in our guide.
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The most important ecommerce statistics
If you’re interested in doing business online, it’s important to stay up to date with the latest ecommerce stats, as we all know that the best way to understand any commercial sector is through hard facts and data.
We’ll start with 99Firms’ Ecommerce Statistics for 2020, which prove that ecommerce is growing at a steady rate all over the globe. What’s more, experts predict that retail ecommerce sales will reach $4.13 trillion in 2020.
- It is expected that by 2040, 95% of all purchases will be via ecommerce.
- The world’s…