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Online mediums that facilitate the trading of products, funds, stocks and more can be grouped under eCommerce or electronic commerce providers or platforms. All online business models that facilitate sales and transactions through the internet are eCommerce platforms. It is estimated that the internet will host more than 2 billion global digital buyers by 2022.
It all began with the birth of the internet, which was initially restricted to government and military usage. Internet for public access was granted in 1989. The introduction of the (www) in 1991 became a global sensation with the multiple opportunities and potential that it posed. It almost immediately became a mainstream source of information, entertainment, and communication. The endless possibilities of the internet were experimented with by multiple companies. Today’s leading companies like eBay, Amazon, and Netflix were few pioneers in harnessing the internet to produce services that are still at large.
The precise pioneer of eCommerce has been up for debate. For example, it has been suggested that in 1994, Phil Bradenger used his computer and credit card to purchase a “ten summoners” album shipped over to him, making him the first to engage in eCommerce. On the other hand, some argue that Michael Aldrich, the man who developed teleshopping, was the pioneer of eCommerce. And some believe that the ‘Boston computer exchange’ company was the first to sell their computers online, and some believe that ‘Bookstacks unlimited’ in 1992 was the first online bookstore and hence the first eCommerce site.
eCommerce became popular as a bigshot company’s playground and has expanded into an easily accessed commodity for everyone from startups, small businesses, entrepreneurs, brands, bloggers, freelancers, NGOs and has even made its way into social media platforms like Instagram and Facebook. The features that eCommerce entails are:
There are three primary types of eCommerce depending on the two parties involved. Essentially, as the names suggest, the online trade or eCommerce transaction between two parties where either of the party is a business or a consumer is of 4 primary types:
Examples – Alibaba Group, Auto Global Trade, Quill, eWorld Trade, Granger, Walmart
Examples – Amazon, Netflix, Flipkart, Google, Shopify
Examples – eBay, Etsy, Craigslist, Taobao, Fivr, Airbnb
Examples – Commission Junction, Amazon, Google AdSense, Yelp, TripAdvisor
eCommerce has been evolving and expanding rapidly in the past three decades ever since its origin. It has been estimated that more than 2 billion global digital buyers will emerge and keep multiplying by 2022. That is almost 27% of the global population. With the impact of the pandemic and businesses shifting to the online forum, almost 22% of retail sales worldwide are expected to converge into eCommerce platforms by 2023 due to its comparatively lower expenditure range. eCommerce comes with several perks: free delivery, reviews, discounts, accessibility, easy returns, loyalty points, feasible payment options with lesser interest, and much more.
eCommerce is a constantly evolving area and has now taken a turn into a latest trend – social media platforms that come with direct shopping options and separate pages for browsing products of interest.
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