Over the years E-commerce has risen substantially. Today, it is the fastest expanding segment of the world economy. Online shopping has become a necessity, an efficient time saver and a thing of comfort.
E-commerce is constantly evolving with newer and more enhanced technologies to increase the consumer experience. Indeed, it is becoming more sophisticated and effective. However, the story was something very different when the e-commerce approach started and since then the path has been quite uncertain all the way to what it is today.
The article is a biography of e-commerce, it throws light on the life it has led till date. A story which starts from its birth to a bright future, it is indicative of.
It’s been about forty great years since e-commerce has been around.
The birth of E-commerce
The term E-commerce initially meant to describe the action of conducting business deal using electronic devices. However, it was in 1994 that e-commerce commenced with the institution of security protocols and high-speed internet connections, enabling faster connection speeds and quicker online transaction potential.
This was the time when E-commerce developed and the industry experts prophesied its upcoming explosive growth.
A downfall or a greater rise
It was during 1998 and 2000 that a substantial number of business houses in the US and Europe created their first e-commerce website.
There was a change in the definition of E-commerce when dot-com crashed and thousands of internet business collapsed. However, not with standing the collapse, world’s most established businesses were motivated by the promise of e-commerce and the positive anticipation for serving global customer base electronically.
The Constant Rise and Present Scenario
In 2000, the net online US retail trade sale was worth $2983.28 billion, in 2003 it rose to $3262.73 billion. In 2007 it rose to a greater height of 3995.18 billion.
First coined in 1997 by Kevin Duffery, the term “Mobile Commerce” gained its silent prominence and in the year 2012 Walmart estimated that 40% of visits to their shopping site were through mobile phones. According to BI Intelligence it was evaluated that, 29% of mobile users made purchases through mobile phones in 2012.
In 2013, a record-breaking rise was noticed in e-commerce sales, estimating at $4469.02 billion. M-commerce was an important part in this record-breaking phenomena.
According to the eMarketers the record was further broken to 20% in 2014. During this period the growth in Asia-Pacific was faster, while Western Europe and North America remained consistently strong.
Predictions: A hopeful rise
This year e-commerce will keep on rolling and touch new heights. It is predicted that e-commerce sales in 2015 will hit a $279 Billion mark.
According to statista global, e-retail sales volume are projected to rise to $1.35 trillion in 2018. This will bring an estimated rise of 16.1 percent from the 2013 results.
In this league, global B2C e-commerce sale worldwide are expected to reach 2356 billion by 2018.
E-commerce has had a great deal of edge over conventional “brick and mortar” stores. Consumers can easily search over large online catalog of product and services. Through E-commerce website it becomes highly comfortable for them to select their desired product. Moreover, new trends refine and enhance the customer experience to a greater level. The upcoming years will be a witness to a phenomenal E-Commerce market with ultimate fresh trends.