What is ecommerce? Definition, types, examples, benefits
Learn all about the benefits of e-commerce and see examples of the best e-commerce sites out there.
Transcending boundaries and distance, e-commerce digitalized the world into a single platform, and, remarkably, e-commerce evolution only continues to accelerate.
From the initial spark in 1969 with the founding of Compuserve, e-commerce’s story is one of astounding growth fueled by incredible innovation.
Today, the online shopping experience not just replicates, but can sometimes exceed, the one offered by traditional brick-and-mortar shops.
Three innovations are key to e-commerce growth:
Learn all about the benefits of e-commerce and see examples of the best e-commerce sites out there.
In the early days, e-commerce was mainly driven on by the business to consumer business model, with retail as one of the early adopters. Apart from novelty, convenience played a major role in driving demand. Multiple players entered the field, intensifying the competitive landscape. Companies started to distinguish themselves through wider product selection and more innovative services.
B2C e-commerce will continue to skyrocket. The global B2C e-commerce market, valued at USD 3.67 trillion in 2020, is expected to expand at a compound annual growth rate of 9.7% from 2021 to 2028. Growing digital dependency, the convenience of online shopping and a fast-growing digital population will drive growth.
E-commerce trends reflect a society that's forever changed. Brands must focus on DTC, mobile, social as a search tool, and data.
In 2019, the number of internet users worldwide stood at 4.13 billion, which means that more than half of the global population is connected to the web. This isn’t just changing consumer behavior; it’s shaping the world economy at large.
B2C businesses today need an e-commerce solution with AI capabilities, which allow them to launch online stores in a flash. Plug-and- play with minimum coding and low maintenance are key requirements, along with a progressive web store optimized for mobile, tablet and desktop, which enables companies to create their own intuitive mobile apps in one click.
The early days of global pandemic caused massive disruption in global supply chains, putting e-commerce to the test. With steep demand for essential goods such as groceries and personal care, online retailers answered the call.
By May of 2020, e-commerce transactions reached $82.5 billion — a 77% increase from 2019.
Under normal circumstances, it would have taken four to six years to reach that number. As we continue to fight the pandemic, supply of essential goods is the least of the concerns for most of us, largely thanks to e-commerce.
E-commerce was already growing at a steady clip, but the online retail COVID-19 impact has billions of people shopping from home.
The pandemic forced B2B companies, which preferred in-person sales, to look for more digital options. This gave rise to more B2B e-commerce solutions, which redefine buyer-seller interactions. B2B e-commerce is now much more transparent, efficient, and swift.
The other major factor in B2B e-commerce growth is that 44% of millennials make buying decisions, while 33% make recommendations or otherwise influence the purchase process. The technologically adept millennial B2B buyer is calling the shots.
The market potential of B2B e-commerce is huge. Statista predicts B2B sales will reach $1.2 trillion by 2021. Globally, the B2B ecommerce market was worth $12.2 trillion in 2019, having grown from $5.8 trillion in 2013. Double-digit growth is predicted for B2B ecommerce sales through 2024.
B2B buyers have changed. How are companies keeping up? Here are five brands that provide shining examples of B2B e-commerce.
For B2B e-commerce to fulfill its potential, companies need an e-commerce platform with these capabilities:
This is only possible through continuous innovation. Some of the trends which will drive these innovations in the future include: