History Of E-Commerce And Its Evolution
The limitless possibilities and the opportunities for a user make the World Wide Web a perfect place to trade. The internet has transformed the way we function, work, socialize, and the emergence of the E-Commerce platform has changed how we shop. And an interesting history of E-Commerce shows us how it all started.
Over the past decade, the technology hardware and the web had a connection with E-Commerce. Just like the internet utilized for advertising, purchasing, and other things, E-Commerce is also over-powering the traditional methods to shop. But, the journey of online shopping is far from being over and has only gained momentum in the last decade.
The major changes the E-Commerce industry has seen in the last decade include.
- The ascend of the online marketplace
- The shift to using smartphones for online shopping
- The development of online and digital marketing and advertising
- The practice of using digital enhancements of reality in sales and conventional shopping
A History of E-commerce
The history of E-Commerce extends back. The first-ever online transaction was between two universities, over a network, by students organizing a sale. Now, entrepreneurs and almost anyone can sell anything around the globe with the E-Commerce platform. The first-ever website for commercial purposes was created in 1992. But it wasn’t operating in full swing till the ban lifted from commercial enterprise operations via the internet. 7 years later, the global E-Commerce market reached $150 billion.
In 2000, the dotcom crashed and the companies that had the resilience to survive the crash consolidated a larger share of the industry. These consolidate went on dominating the industry and made amends for the future. Later on, E-Commerce entered the selling dimension that targeted individual domain. It reached specific markets resulting in a huge surge in the global E-Commerce market.
According to Statista, retail sales on the E-Commerce platform in the US were calculated to be $504.6 billion. From there, it was predicted that the numbers will keep on increasing, alongside the fear of online shopping ending the brick and mortar retail. Bankruptcies or downsizing of the high-profile brands and industry giants supported it.
Since then, the E-Commerce industry has continued on its growth trajectory. Let’s take a look at some trends that are responsible for the growth of this industry.
Trends driving E-Commerce growth now
Improved Consumer Experience
Providing numerous consumer-friendly innovations, E-Commerce platform now and then provides the freedom of choice and expression. The option to post user-reviews enables customers to evaluate products. In turn, it helps with the marketing of the brand and the product. These features help the buyers to keep a check of the quality control and get value for their money.
The E-Commerce industry now and then banks upon the fact that people are willing to pay extra for added convenience. The ease the customers get, hold huge scope for vendors. Not having to pay for shipping and leaving their homes, is taking the industry on new heights.
The strength of the E-Commerce platform now and then lies in the added benefits it brings on the table for so many things. With more available personalization and convenience of everything at our fingertips, the E-Commerce industry is thriving. Better data collection and analysis with technology are possible now. Moreover, it creates a personalized experience for buyers and vendors.
The traceability of E-Commerce has got the brands to bombard buyers with offers and advertising targeted on their needs. This is an advantage for the brands selling online.
Myths around E-Commerce Industry
The industry seems to be disrupting internally and continually. But on the contrary, there are certain misunderstandings and myths around the same. According to one of them, digital advertising is getting overcrowded and it’s really difficult to get noticed, even on the major social platforms. Furthermore, there’s a belief that customer acquisition is complicated and can become expensive in the digital market.
Another speculation surrounding the industry is that the technology-driven online sales are strictly available to retail business only. But, technology like advanced inventory management and customer experience is also available for small-scale businesses to make use of.
Technology is an integral part of the marketplace today, but it requires judicious planning and a strategic approach to its implementation and operations. The journey began around 40 years ago, and now is the time when it is flourishing with technologies, businesses, and innovations emerging with time. Teleshopping and EDI is also an active agent in kick-starting the huge success the industry is today.
A lot has changed with the emergence of E-Commerce now and then. The user experience is the primary factor, along with the increased convenience and safety has been improving the demand and need of the industry.
The E-Commerce platform is quicker than ever and customers can get anything delivered with just a click, all thanks to developments in technology. With recent updates, customers can track their orders and get the best deals in addition to many other perks. Inevitably, new business opportunities are emerging.
Having a huge impact on how customers connect with the brands and enabling them to buy with cost-effective ways, technology is progressing to have a huge impact on the E-Commerce world. An essential to our lives, E-Commerce platform is driving the convenience of receiving product deliveries at our doorstep.
Beep is an E-Commerce marketplace that is at par with the technology and the modern business and customer needs. The seamless selling and buying experience created by Beep proves beneficial for everyone. We bring the buyers and the sellers on a single platform to facilitate a fruitful business transaction, keeping in mind the modern needs of both.