- Mar 13, 2022
Electronic commerce in short Ecommerce is a platform on the web where people buy and sell products and services. However there are a total of four conductors of Ecommerce Computers, Smartphones, Tablets & other smart devices. Whereas everything which has a price tag virtually or realistically can be traded on the internet. Business-to-business, business-to-consumer, consumer-to-consumer, and consumer-to-business are the four market segments Ecommerce has expanded to. In this article we will discuss about The History & Future of Ecommerce. In short past, present & future of Ecommerce.
The history of Ecommerce can be found in the early 1960s at that time the internet was not even invented but the foundation for the future was made. In the 60s companies used to transfer documents through an electronic system named the Electronic Data Interchange. But the first-ever transaction happened in 1994 by selling a CD among friends on an online retail website known as NetMarket.
Michael Aldrich was an English inventor, innovator & entrepreneur. In 1979 he invented online shopping to enable online transaction processing between consumers and businesses, or between one business and another, a technique later to be known as e-commerce. Since then Ecommerce has been through countless changes. In the beginning, it was a very small industry but today it has evolved into a multi-trillion-dollar industry globally.
These days all of us connected with the Ecommerce industry one way or another.
It has been possible because it is an open and friendly market for everyone. Back in the past shopping online was a very difficult and lengthy process. But as time progressed the demand for the Ecommerce industry grew more and more.
This platform has become an international economy worldwide and millions of people make a living out of this industry every day. Also the Ecommerce business model is not just only about shopping online. Nevertheless The Education, Banking, Medical aid, Online auctions, Food, Transport, and many more industries have merged themselves with Ecommerce.
Mega Ecommerce companies such as Foodpanda, Amazon, Alibaba, Uber & Etsy, etc have become household names all over the world.
Future Days of Ecommerce
The retail Ecommerce sales amounted to approximately 4.9 trillion U.S. dollars worldwide In 2021. This figure is forecast to reach about 7.4 trillion dollars by 2025 grow & by 50 percent over the next four years.
All the countries in the world are now very hard on industries to be eco-friendly for the future generations. Most industries are struggling in various ways to be eco-friendly. Covid-19 has shaped nature and the economy in such a way in a couple of years that it has made us all think about the future in a different manner.
The Ecommerce business model is a very rapidly expanding model. Innovations in this industry come very fast and it is not very hard to adapt to the changes. Thanks to all these innovations this sector will look totally different in the future. In the upcoming days, the cost of the operations for an Ecommerce will be cheaper. Automation will take over manual work process industry. Drones, Robots, and AIs are gonna be the customer support, order processors, and delivery executives for Ecommerce platforms. Advanced technology will replace the needs of human labor. This way companies will have fewer employees to pay.
All kinds of offline businesses and services are making an effort to be online businesses or services. More people are engaging in online services and shopping platforms now. In the future majority of the people will become online customers and all kinds of businesses will have an Ecommerce system.
These are just a few examples of what the future generation of Ecommerce will look like. There are endless possibilities in this industry. Looking back at history and by judging the progress of the Ecommerce industry, it is safe to assume that this will become the largest economy in the future.