How E-commerce is ruling the world?

What is E-commerce?

E-commerce (Electronic commerce) refers to the buying and selling of goods and services over the Internet by an individual. E-commerce can be operated via the internet using computers, tablets, smartphones, and other smart devices from anywhere.

Amazon, Walmart, Alibaba, e-bay, Etsy and Ubuy etc. These are some of the renowned E-commerce platforms.  

Did You Know Facts: EMarketer forecasts that Amazon holds 39.5% of the online market share in the United States, compared to Walmart's 7%. 

Nearly every product and service is available on eCommerce. You can order Electronics, Fashion and Beauty, Health and Personal Care, Daily Consuming Items, Pet Supplies, Furniture, Home Decor and Kitchen Supplies and many more item categories items you can purchase.

Today's Fun Fact: From a Small Pin to 6 feet tall Cannon Safe CO54 Commander Series Premium 90 Minute fire safe which can hold 48 Guns comes with 13 locking bolts which cost nearly $3486.57 This is the Ultimate Power of Amazon.

We have discussed the most basic part of E-commerce but Do you know about the history of E-commerce?

History of E-Commerce

The World's first E-commerce company was the Boston Computer Exchange in the 1980s in the USA. With this E-commerce platform, people used to sell their used computers. Late in the 1960s, Businesses used an electronic system known as Electronic Data Interchange to simplify the exchange of documents. The very first transaction took place in 1994. This featured the sale of a CD between friends on the NetMarket online shopping website. After this E-commerce sector grew further.

After that, Jeff Bezos in 1995 started a small virtual store where he sold books to the public in Seattle, Washington. Later on July 5th,1994 Jeff Bezos started his own internet enterprise and Today everyone calls it Amazon. Later on, the E-commerce industry started growing slowly. Then Walmart Incorporation an American Multinational Retail Corporation entered in the E-commerce field in 2007. Sam Walton was the man who gave birth to Walmart Inc in 1962 in Rogers, Arkansas, USA. The History of Walmart was not so easy, they had faced too many problems at the beginning, but like everyone says:

"The Struggle you are facing today will gift you fame tomorrow" 

Did You Know Facts: Only Amazon and e-Bay were two successful eCommerce platforms that survived the Dot-COM bubble (1995-2000).

How E-commerce is ruling the world?

Since the whole world had faced the covid phase, Along with the negative aspects these covid situations have brought many positive aspects also. Covid has encouraged e-commerce growth and advanced digital transformation. Globally, the e-commerce business continues to expand every day. When the world was facing lockdowns, businesses and consumers were moving to the digital world and on the flip side E-commerce industry was creating its own story, merchants were selling through the different e-commerce platforms and they successfully did it. 

Today No one can predict the power of the Internet. Same with E-commerce industries, Whatever product you have ordered online, will get delivered straight to your doorstep the next day. Easy payment methods are also available Like: You can pay via Cards, Netbanking, or a UPI, or can go for Cash on Delivery. 

I mean no one can imagine how easily this is happening. The Millennial Generation or can say "Generation Y" "Born in between 1981 - 1996" was born in a time when the internet was expanding rapidly and the internet business was only getting started.  The role of Millennials in the growth of E-commerce sector is appreciable. Over the next 5 years, we will see more significant changes in E-commerce.