When Did E-Commerce Begin?
E-commerce or electronic commerce is the process of buying and selling goods and services online. It is an important part of business today, as it has changed the way we shop for all kinds of things. It also has helped create new markets for businesses and entrepreneurs.
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The History of E-commerce
Throughout its history, e-commerce has been a growing industry, with thousands of firms and organizations taking advantage of its power to grow sales and improve consumer satisfaction. It’s a trend that continues to evolve, as online retailers and marketplaces continue to make significant inroads into the retail world.
The First eCommerce Company Founded
The concept of electronic commerce began in 1969, when CompuServe was established in Columbus, Ohio. The company provided computer-sharing services to business customers by sending data through telephone lines, utilizing the Electronic Data Interchange (EDI). This was a revolution in how businesses communicate with each other.
Michael Aldrich In 1979, a British entrepreneur named Michael Aldrich invented electronic shopping. He connected a transaction-processing computer to a modified television through a telephone line to transmit secure data. This was a pioneering move in the world of e-commerce and paved the way for businesses to use computers and the Internet for commercial purposes.
He also introduced a service called the Electronic Mall, which allowed people to buy items from 110 different merchants. This was a significant step forward in the e-commerce world, as it enabled people to purchase products without leaving their homes.
In the 1990s, e-commerce started to blossom as more businesses were beginning to offer online purchases and services. Some were simply incorporating e-commerce into their traditional retail offerings, while others became entirely online companies.
During this time, eBay and PayPal were launched, making it easier for buyers to find sellers across the globe. Despite the burst of the dot-com bubble, e-commerce grew to become a powerful force in the business world.
The Evolution of Social Sites to Be Shoppable
As e-commerce has evolved, many social sites have integrated shopping features. For example, Pinterest has added pins that allow users to purchase the items they pin.
Instagram, Facebook, and Twitter are also becoming more integrated with e-commerce. These websites have the ability to link customers with online stores and allow them to see product details and reviews from real consumers.
These social media platforms are able to drive increased e-commerce revenue for businesses and give consumers more choices when it comes to purchasing goods and services. In addition, these websites have the ability to boost sales by offering promotions, deals, and discounts.
This is a trend that continues to thrive, as online shoppers increasingly turn to their digital devices to find and buy products from brands they love. Whether they’re looking to purchase a new car or book a Caribbean cruise, people want to be able to do their shopping in an efficient, secure manner.
Today, e-commerce is a huge market with billions of dollars spent on online transactions every year. Its growth is expected to continue and expand, with companies like Amazon and Alibaba thriving as online shoppers flock to their services and digital marketplaces. The industry is expected to reach $1.7 trillion in 2021, according to the Pew Research Center.