E-commerce is an ever-growing industry. With the global ecommerce rate hitting about 3.5 trillion dollars at the end of 2019, it’s clear that e-commerce has become a necessary path that businesses need to take to achieve success.
In this blog we will discuss the history of ecommerce, it’s present state and our predictions for the future of online stores.
E-commerce is simply the buying and selling of goods and or services over the internet. It trends from mobile shopping to online payment options and any other activity that uses tools, data, and systems for facilitating transactions over the internet.
The first-ever online transaction took place about 50 years ago. It was done by the Stanford Artificial Intelligence Laboratory and the Massachusetts Institute of Technology students while they were organizing a cannabis sale through an Arpanet account. A few years later, in 1979, Michael Aldrich invented the concept of online shopping. He connected his television to a transaction processing computer with his telephone line to finish his supermarket shopping with his wife.
Eventually, after the WorldWideWeb was invented, the first-ever secure online ecommerce sites were developed. Book Stacks Unlimited (which became books.com) launched, with other ecommerce platforms like Amazon and eBay following inline in 1995. Dell was the first company to reach $1 million in online sales.
PayPal entered the scene in 1998 to help make the online transaction process more seamless with acquired banking to run payment processing for online sellers, commercial users, and auction sites.
The last decade experienced the domination of e-commerce as a result of exponential advances and improvements in technology.
Currently the biggest e-commerce trends of the present age include:
- M-Commerce
This is simply buying something over the internet using a mobile phone or tablet. It’s one of the most vital developments in e-commerce this decade. Most buyers don’t see the need to do physical shopping anymore because of the convenience online shopping provides. From their mobile phones, customers can browse through various goods, compare features and prices, make their purchases.
M-commerce also makes engagement and interactions possible, therefore driving sales for those who utilize it.
- Digital Marketing
Consumer behavior plays an important role in affecting how far ecommerce tactics go. Digital marketing allows businesses to engage with consumers, understand the language they speak, and provide the services in the best way that fits their needs. It’s provided businesses with a wider audience reach and has made advertising personalization possible.
- Online Marketplaces
This option presents businesses with the most convenient means to sell, market, and deliver their goods and services to customers. Not only is it convenient on the part of business owners, but it also gives customers a good level of trust, accessibility, and convenience. For example, it’s very easy for someone to type ‘nail art shops’ in Google Search and get related online stores where they can make purchases right away.
Marketplace platforms have massively evolved through the years, resulting in 65% of stores that are now online-exclusive.
Shopping on online-exclusive stores can (and should) be a seamless experience. The following eCommerce stores are trusted sites with good customer service and high-quality products:
You can buy watches made for every gender from this online store that gives buyers exclusively-inspired Roman designed watches. With free express shipping, Watch Work Society offers a great and straightforward customer experience for everyone that patronizes the store.
This eStore is an online pet store that offers the best deals in pet supplies. Benefits include a seamless shopping experience with a variety of products.
Help your child get the beauty of comfort they deserve by shopping for any infant item you need. With the babies and their parents in mind, these products have been created to give enjoyable experiences to shoppers at all times.
These online stores and other trends will remain relevant in the years to come. But some trends have been envisaged to develop as the industry grows and as technology advances. Two of these trends are:
- Automation
E-commerce has plans to utilize AI for businesses by offering relevant search results to buyers based on patterns and information available in its analysis. By giving more defined customer profiles, business owners can personalize audience insights, which will allow them to focus their efforts on improving the right aspects of their business while increasing sales.
- AR/VR
Both Augmented and Virtual Reality are already being utilized in e-commerce, but they have yet to reach full potential. These trends can change how customers shop through interactive and immersive experiences. The provision of digital enhancements gives consumers a better idea of how to shop for products and services that they need.
Do you want to take advantage of online marketplaces and set up your store? To learn more about how you can start your own successful ecommerce company, please contact Unique eStores today!
