As technology in our lives has reached its new peak, therefore, most people are spending time doing a lot of things online through the internet.
Similarly, more than 5.19 billion people use mobile phones, 3.80 billion use social media, 4.66 billion use the Internet, and about 59 percent of the global population.
E-Commerce has grown in many ways since its start, and changed our entire lifestyle, helped countless businesses grow with improvements in new technologies, and added security with payment gateways, and extensive consumer and business adoption, and now the world is on the way to be digitized.
How we define E-Commerce?
Electronic Commerce is the buying and selling of different types of goods and services online. So it includes a wide variety of data and systems for online buyers and sellers, like mobile shopping and online payment encryption (Encryption is a process that converts a message so that it can be only be read by certain people).
CompuServe has founded by Dr. John R. Goltz and Jeffrey Wilkins in 1969
Michael Aldrich launched electronic shopping in 1979
Alexander Randall 5th and Cameron Hall launch Boston Computer Exchange In 1982. (The world’s first e-commerce company).
Charles M. Stack launch Book Stacks Unlimited In 1992. (The World’s first online bookstore).
Jeff Bezos introduces Amazon in July 1994. Mainly as an e-commerce platform for books, now company worth is more than $1.7 trillion, making it the second-most valuable company in the U.S.
Palo Alto introduces PayPal in December 1998, according to a 2019 report the worth of PayPal was US$2.459 billion, with annual revenue of $17.772 billion.
Alibaba founded by a group of 17 People on April 4, 1999, in Hangzhou. The annual Net Income of Alibaba in 2020 is $21,080 Million.
Google Ads introduces by Google in 2000 as an online advertising tool.
Google Wallet introduced by Google as a digital payment method on May 26, 2011.
Facebook Ads introduced by Mark Zuckerberg on Nov. 6, 2007.
Cyber Monday in 2018 hits a record $7.9 billion of online sales.
COVID-19 epidemics around the globe pushed consumers online to record levels. According to marketer research e-commerce growth sales will increase to 16% of all sales in 2020. This is an increase of 19%. Digital buyers will increase due to Covid-19.
The Impact of E-Commerce
Big retailers are required to sell online those retailers who fall into the middle ground are the ones feeling the biggest changes in response to the impact of e-commerce. According to a report from management consultancy, FTI Consulting projects the US in Sep 2018 was, online sales to reach $525 billion in 2018, $660 billion by 2020, and $1 trillion by 2025, and according to Oct 2020 report that online retail sales now will reach $1 trillion by 2023, a year earlier than last year’s predictions total online market share is projected to reach 27% by 2025 and 33% by 2030, compared to 19.2% in 2020
Around the world e-commerce marketplaces have been speeding up with the launch of Amazon, Google, Facebook, JD.com, Alibaba, and others
Traditional jobs are reducing and online jobs are increasing.
The Future of e-commerce in 2020 is likely to cross the estimated growth beyond expectation. According to the new research e-commerce market will boost up to its peak by 2023. e-commerce businesses should anticipate a 270% growth rate, from $1 trillion to $5.9 trillion in 2023. As it is we have already moved to the digital world, therefore, we have to leave in the digital world despite its advantage and disadvantage.