If you’ve ever asked what is e-commerce here is the answer? It’s something that 80% of the world’s internet users have used. In short, it’s the buying of goods and services online.
Today most of us take it for granted, we don’t even need a desktop computer or laptop anymore. Just a mobile device with an app or browser. We can find nearly every retail product available, at the cheapest prices and we can do so from any location without worrying about going to the store. Retailers don’t even need a traditional outlet when they serve customers via e-commerce, and it reduces their overheads and improves efficiency. No wonder it’s still one of the fastest growing industries in the world.
A new infographic from eReviews explores the amazing growth of e-commerce and some of the most exciting facts along the way. Perhaps the most startling was the value of the market. When people first began Amazon shopping and eBay bidding in 1995, the entire online shopping market was valued at just $131 million and the likes of Paypal had not even been invented yet. In 2015 when almost all major retailers are now online and customers are increasingly shopping on their phones with multiple payment options, e-commerce is valued at a staggering $1.55 trillion!
Of course, in the beginning, e-commerce was an American phenomenon, but as the internet has expanded across the globe it is now population dense China that boasts the biggest economy, worth $562.66 Billion. The Alibaba empire founded by Jack Ma had the largest public offering in history, at $25 billion. To put that into perspective, that’s twice the amount of Malta’s GDP in 2015!
The US still isn’t far behind with a market of $349.06 Billion in 2015, a jump of over 14% from 2014. Amazon.com alone made net sales of $107.01 Billion. That’s quite impressive when you take the fact that the company didn’t make a full year’s profit for nearly its first decade of operation.
The UK is a distant third, yet they are held in high esteem. Data suggests half of online shoppers have sought out high-quality British products. When measured on a per capita basis (i.e. the percentage of the population that shops online), the UK market became the largest in 2010. They also have the distinction of making half of their Paypal transactions via mobile.
It’s mobile and other innovations that are driving e-commerce into the future and changing the landscape. 90% of companies now use social media for their business, and many platforms now have tailored features for e-commerce. The future also promises unending growth, as even more of the world’s population gets online. The US is expected to reach a market value of $548 billion by 2019. Overall online shopping is expected to be worth more than $2.35 trillion!
If you’d like to learn more about the history of e-commerce, it’s fascinating facts, and how it’s changing for the future, then make sure to explore the entire infographic