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The E-Commerce

First thing first What is E-Commerce? E-Commerce, also known as electronic commerce, is a kind of business model which involves transactions taking place on the internet. Stores that sell their products online are e-commerce stores or businesses.

For a simple example, Amazon.com is one of the most popular online stores in the e-commerce industry. Now you can understand the real meaning of e-commerce.

Let get into the brief history of that.

The foundation of e-commerce was created in 1979 by Michael Aldrich. He connected his television to a computer using his telephone line. While it was unlike e-commerce as we know it today, however, his idea sparked the concept of shopping without visiting a physical store. At the time, most people didn’t own computers. Without computers, e-commerce would be remarkably different. Some years back, Bill Gates and Steve Jobs popularized computers for the average person.

In 1994, Jeff Bezos established Amazon as an online store selling over one million different books at launch. Eventually, Amazon goes on to become the most famous online store for consumers.

By the mid-1990 and early 2000s’, people were adding computers to their homes and paving the way for the growth of e-commerce. Companies were accepting checks in the early to mid-1990s as there wasn’t an online payment gateway to transfer funds from customers to businesses. When Paypal was founded in December 1998, it simplified the shopping experience for customers as credit cards were easily accepted. Due to the exponential growth of computer and mobile using the barrier of entry to e-commerce was lowered. Now anyone who had a computer or device connected to the internet, and a little capital in hand, could buy some products via e-commerce websites.

Fast forward to 2020s the knowledge gap is closing very quickly between beginners and more advanced e-commerce professionals. Now anyone can sell their products through an e-commerce website overnight, and start seeing solid results from their efforts in less than six months.

E-Commerce Statistics

  • it’s estimated that there will be 2.05 billion global digital buyers in 2020.
  • it’s estimated that by 2020global e-commerce sales will reach $4.135 trillion, which makes e-commerce a growing and profitable industry.
  • Millennials, ages 18-34, tend to spend approximately $2000 online each year.

that’s the short idea of E-Commerce. The next article will be on facts about e-commerce websites.