Importance of E - commerce

The term of e - commerce or electronic commerce describes the buying and selling of goods and services over the internet.

History of E - commerce

1990 – The first web browser, World Wide Web launches.

1995 – Amazon and eBay launch

1997 – Netflix launches subscription video on demand service.

1998 – PayPal launches online payment system.

2012 – Instacart launches online food ordering and delivery.

2014 – Apple pay launches mobile app payment system.

2015 – Pinterest adds buyable pins.

2017 – Amazon acquires whole foods.

2018 – Walmart acquires Flipkart.

Importance of E – commerce

Convenience – can shop anytime, anywhere with no geographical locations.

Wider selection – E - commerce platforms offer diverse product categories like electronics, apparel and home goods, offering customers access to international and niche brands.

Lower cost – Don’t need a physical store. Customers can get discounts and offers and also have the ability to save on additional expenses such as travel expenses.

Speed – Fast loading times, quick and smooth transactions, speed of order completion and search speed contribute to the overall efficiency of an online shopping experience.

Personalization – E - commerce personalization enhances customer experience by providing product recommendations, targeted marketing, and relevant information through email and adverts.

Data insights – E - commerce provide valuable insights into customer behavior, sales patterns and market trends aiding businesses in making informed decisions and optimizing strategies.

In conclusion, E - commerce is crucial for business to stay competitive, adapt to market changes, and promote digital growth, offering worldwide access, cost savings, and increased client convenience.