Trade has long ago moved online and the world of e-Commerce is ever changing. New sales channels, digital techniques, social media and platform changes are hard to keep up with. In this article will talk about the growth of e-commerce.
E-commerce growth continued to dominate the global retail market with a rate of nearly 20 percent per year and is on course to overtake brick-and-mortar growth in the next five years.
Currently, western Europe holds the highest percentage of E-commerce retail sales with 17% compared to the US having only 9% sales.
The statistic below gives information on retail e-commerce sales worldwide from 2014 to 2021.
E-COMMERCE CONSUMER DISTRIBUTION
Desktop PCs are still the most popular device for online shopping but smartphones are quickly catching up. In the year 2016, it was estimated that there are more or less 136 million consumers have made at least one purchase using a web browser or mobile app on their mobile devices.
The statistics above illustrates the distribution of global digital commerce website visits and order volume as of the first quarter of 2018, sorted by device.
Source: www.statistica.com
In a different survey where online shoppers have been statistically grouped based on the Operating System of the device they used upon placing an order, it turns out that. . .
THE CUTTING-EDGE OF E-COMMERCE
ONLINE PAYMENT
People want an easy way in everything, easy life, and easy money. The existence of e-commerce made it easy for consumers to purchase goods and services. Though some e-commerce offers cash on delivery service, the ability to pay virtually using different types of payment gateway has helped a lot in the success of e-commerce. The advantages of wide-reaching global payment systems allow for easier online buying, especially when taking the growth of mobile commerce into account.
A survey says that over 40% of global online-shoppers pay via Paypal for the products purchased online.
In the second quarter of 2018, Paypal has a total active user account of 244M on the online payment platform PayPal.
- 63% - Books, music, movies & video games
- 43% - Consumer Electronics and Computers
- 40% - Clothing, accessories, and footwear
- 39% - Toys
- 37% - Health and Beauty (Cosmetics)
Let’s take a look at some of the success stories of today’s top e-commerce company worldwide.
1. Amazon, Inc.
This American e-commerce business was founded in 1994 in Seattle, Washington by Jeff Bezos, Amazon has in the years since become a household name when it comes to online shopping. Amazon holds the largest revenue in the world, but its beginnings were humble. The company started as an online bookstore and later on expanded on selling video (downloads/streaming), MP3 (downloads/streaming), audiobook (downloads/streaming), software, video games, electronics, apparel, furniture, food, toys, and jewelry.
They even have separate retail websites for different countries like in the United States, the United Kingdom and Ireland, France, Canada, Germany, Italy, Spain, Netherlands, Australia, Brazil, Japan, China, India, and Mexico.
2. Jingdong
Formerly known as 360buy, Jingdong is an e-commerce company operating from Beijing is the first of three major Chinese companies we list here. It is one of the two massive B2C online retailers in China Rivaled by the more popular Alibaba. It was founded in 1998 and started trading online six years later.
It started as an online magneto-optical store, but later on expanded on selling electronics, mobile phones, computers and similar items. Today, the company flourishing its high tech delivery system, comprised of robots, AI, and a fleet of drones.
3. Alibaba Group Holding Ltd.
Alibaba is a Chinese multinational e-commerce, retail, Internet, AI, and technology conglomerate owned by Jack Ma. The Chinese business magnate’s life is a riches-to-rags story. He has been rejected from more than 30 job posts in the early 1990s, he started making websites for companies with his wife and a friend. The business grew and in the year 1999, Jack Ma founded the Alibaba Group which became the world’s largest retailer of present-day, operating in more than 200 countries.
It has been named as one of the world’s most admired companies by Fortune.
4. eBay Inc.
The eBay’s beloved red-blue-green-yellow logo is for many a symbol of the 1990s and for a good reason. It was one of the first successful dot-com bubble companies that epitomized online shopping. The company was founded by Pierre Omidyar in San Hose, California.
It has nope become a multibillion-dollar business that operates in about 30 countries, as of 2011.
It’s never too late to try your luck in online retail business. E-commerce has a lot of benefits to give that will surely help you build your success.
Sources:
www.statistica.com
www.rishabhsoft.com
www.shopify.com
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