What is Ecommerce?
Ecommerce (or electronic commerce) is the buying and selling of goods (or services) on the internet. It encompasses a wide variety of data, systems, and tools for online buyers and sellers, including mobile shopping and online payment encryption.
Most businesses with an ecommerce presence use an ecommerce store and/or an ecommerce platform to conduct online marketing and sales activities and to oversee logistics and fulfillment.
Growth of Ecommerce
Ecommerce has come a long way since the CompuServe launch in 1969. Changes in technology have certainly driven ecommerce growth, along with global circumstances. Today, ecommerce must meet consumers’ expectations for safety and convenience.
- The United Parcel Service Inc. rode a pandemic-fueled surge in ecommerce to higher profits and a 13% jump in revenue during the June 2020 quarter. During that same quarter, UPS saw a 65% increase in deliveries to residences.
- In 2019, U.S. e-retail sales on Amazon increased by 19.1% and amounted to over 222.6 billion U.S. dollars.
- By the end of 2020, U.S. spending online is expected to reach approximately $375 billion. Experts forecast that by the end of 2024, online spending will surpass $476 billion.
JupiterX Construction & Engineering
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