The Milestones Of E-Commerce Development
Till the early 1990s, the digital transfer of data among organizations was performed via electronic data interchange (EDI). Also, it required an agreement between the organizations. The commercialization of the internet in the following years established the foundation of e-commerce development. Consequently, e-commerce enterprises spread over industries and businesses.
The E-commerce industry is one of the most well-known businesses in the world. Though, it is unbelievable but incredible to know that they just started a mere two decades ago. Yes, you read it right. It has been barely over 20 years. E-commerce development is the story of the evolution of an innovative idea to industry.
As a whole, the e-commerce industry is now a significant part of the world economy. Its exceptional growth is a reflection of e-commerce development.
A Brief History
The foundation of the World Wide Web in 1991 revolutionized the world of the retail industry. Then, in 1994, Pizza Hut was the first significant business that offered online purchasing.
Then, the year 1995 witnessed the foundation of two giant enterprises of today, Amazon and eBay. Thus, it is known to be the beginning of e-commerce that we know today.
E-commerce development expanded its roots all over the world. Companies started investing millions into it. People started spending money on online purchasing. Henceforth, it transformed the entire business experience.
The extraordinary comfort provided by online shopping enhanced its popularity among people across the world.
By the end of 1996, online businesses exceeded $1 billion. This remarkable growth in e-commerce just in such a short period certainly predicted its later growth.
As expected, it made an incredible jump in the year 2000. A $25 billion sale took place in that year.
The expanding prevalence of the internet has made it conceivable. In the following years, e-commerce set its position in the retail industry as well. Statistics made it evident when 70% of internet users made an online purchase in the following year.
The 29th of November in 2005, recorded the biggest online purchasing. Afterward, it was known as “ Cyber Monday “. E-commerce businesses have continued to expand regularly. From the year 2009 to 2015, the total sales increased by 135%. E-commerce development has left its imprints in revenue generation. Also, it made a larger share of retail sales.
E-Commerce Development In Today’s Time
In today’s time, e-commerce is so popular. And it continues to grow bigger and bigger. There are more than 800,000 online stores all over the world. Nowadays, most people make online purchases.
Customers get to choose from a variety of options. It allows them to buy the products with a single click of a button. The easy access to the internet to everyone made it easy for them. Almost every item ranging from food & beverage to furniture, healthcare, clothing, books, electronics, and many more are available online.
The most common online purchased items are clothing and electronic items. The wide range of products available on the online stores which you can also make by Magento 2 Store has made it more significant.
Future Of E-Commerce Development
The online business industry is developing at a quicker speed. It is growing from strength to strength. The future of e-commerce development lies in mobile commerce and personalization.
It will help the retailers to stay ahead of the curve. As evident from the statistics, 30% of e-commerce sales took place on mobiles in 2015. That indicates the growth of mobile commerce in the coming years. Mobile commerce is expanding two times faster than total e-commerce sales.
Consequently, it has raised the demand for mobile app development in e-commerce.
Mobile app development is needed to offer a personalized experience to the customers. Online customers get frustrated when e-commerce websites show contents that have nothing to do with their interests. Mobile app development in e-commerce serves customers with coherent things.
To sum up, your e-commerce store needs to be user friendly. It should make it easy for shoppers to browse the products and make purchases on their smartphones and tablets. It can be obtained by specific mobile app development.
Customers are always inclined to purchase from the retailers who offer them a personalized experience of shopping.
Henceforth, providing a personalized experience with mobile app development is the main key for e-commerce development. It will be the top priority for innovations in the coming years.
Road Ahead
E-commerce development has direct favorable impacts on micro, small & medium enterprises. It provides a means of financing technology and training.
Mobile app development and e-commerce development will go hand in hand. They have an upward growth trajectory. Also, they have undoubtedly the potential to become the largest industry in the world.
Advancements in payment systems, hyper-local coordination, and advanced commercials are surely going to help the development of online businesses. The increasing use of smartphones is triggering the growth of e-commerce as well as mobile development.
As per the statistics, there will be 3 billion smartphone users by 2022.
Likewise, the e-retail market is also showing the potential to expand to the US$ 100 billion mark by 2024.
