Electronic commerce, or eCommerce, is the conduct of buying and selling goods and services through the Internet. eCommerce also covers payment gateways, digital banking, online ticketing, and auctions.
We can look at giants such as Amazon, eBay, and Alibaba being examples of game-changing eCommerce dominance in the 1990s who took advantage of the financial system’s digitalization. Physical shops and storefronts that failed to shift and learn from the benefits of global internet penetration simply fell on the wayside.
With eCommerce’s competitive nature attracting entrepreneurs to follow in the success of the giants, employment demand is growing exponentially. It is estimated that by 2026, some 450,000 jobs will have been filled, that’s according to the U.S. Bureau of Labor Statistics.
The 99Firms’ eCommerce Statistics for 2020 reveals some interesting facts worthy of note:
1. eCommerce sales last 2020 reached $4.13 trillion;
2. By 2040, 95% of purchases will all be via eCommerce;
3. The U.S. registered the highest in eCommerce penetration rate, with 80% of internet users making at least one online purchase;
4. Operating 24/7 is the top reason why many people make online purchases where they can shop online at anytime, anywhere.
5. The abandonment rate for slow-loading websites is 75%.
A study by Market Intelligence reveals that:
1. China has surpassed the US to become the world’s largest retail market with $5.072 trillion in sales, and
2. The Philippines, Malaysia are leading the strongest eCommerce growing countries,and Spain, together with nine other countries projected to grow to over 20% in retail commerce by 2021.
The main reason for acceleration is due to the pandemic as these countries were hard hit by the coronavirus, although data shows there were already growing interests in eCommerce since 2019.