Are you just owning a business or an e-commerce giant? Which gives you an ultimate pleasure at the day’s end? We know most of you will think about the amount you need to invest in building a giant. But, do you know, the e-commerce business is not only about to start in a bigger frame but also you can start with small steps.
Moreover, it’s not only an online store or platform, but it is also a combination of many strategies and steps.
Yeah, you got me right. The strategies that one makes are for big gains. Furthermore, it is a potential market that is still blooming.
Do you know what the best ways to reach more customers are?
We think following the latest trend is the coolest part to stand out from the market from many of them. Whether or not you are far from your dream, it still requires over-viewing the benefits of building an e-commerce empire. We strongly believe that the article will act as a primary guideline for those who want to start an e-commerce business.
Also, those who have an e-commerce store already will get extra opportunities to improve their sales growth.
Now, let’s have a quick look at what you will get from this article.
– Brief history of e-commerce
– E-commerce market statistics
– Fun-fact of e-commerce business
So, it’s time to reveal why most consumers prefer to shop online with some fun facts about e-commerce business.
Brief History Of E-commerce:
We all know that buying and selling goods or services online is called e-commerce. Though it’s an online process, businesses need to use an e-commerce store or platform to showcase their products or services.
Before opening the box, let’s have a small description of e-commerce history.
Can you remember the birth year of the internet? Yes, in 1991, the internet opened to the public.
However, electronic commerce history started over 40 years ago. In the year of 1969, CompuServe was the first major e-commerce company formed in the United States. Also, Amazon was one of the first eCommerce retail sites in the US that started selling products online.
The above information is not enough if you have a major interest in eCommerce history. Many giants and people were involved in this sector that helped to grow this industry massively.
In the next phase, we would like to share some statistics.
E-commerce Market Statistics
According to the 2020 report, China is the largest country for e-commerce in the world. At the same time, according to the report of Business.com, China is the fastest-growing e-commerce market with an annual growth rate of 35%.
On the other side, the US is the second largest e-commerce market in the world. According to Statista, the USA is projected to hit $476.5 billion by 2024. In 2021, over 2.14 billion people worldwide are expected to buy goods and services online.
Moreover, among others, India is one of the fastest-growing e-commerce markets recently. According to the Payoneer report, the market is ranked 9th in cross-border growth in the world. The report also says that the e-commerce sector will reach US$99 billion by 2024.
According to Statista, India’s e-commerce market will reach 200 billion US dollars by 2027. Even according to them, Flipkart and Myntra were prominent players in the local market. However, the survey was conducted at the time of Coronavirus lockdown.
Lastly, the global e-commerce market size was valued at USD 9.09 trillion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.7% from 2020 to 2027.
But do you know how many e-commerce sites are there in the market?
Approximately 12 to 24 million e-commerce sites you will find around the globe. And every single day, people are adding more to their online business.
Apart from this info, you will find a list of many interesting facts and statistics that makes this business market more appealing in front of retail buyers. We will cover those later in another article.
According to research from the marketing study firm Zebra, over 70% of businesses will be using the IoT by 2021 to enhance the customer experience. Also, the technology will help you to collect data faster for real-time response.
It is the end of all the boring but informative phases. Let’s jump to the next section to know some fun facts about e-commerce business.
Fun Facts Of E-commerce And Online Business:
“If you do build a great experience, customers tell each other about that. Word of mouth is very powerful.”
– Jeff Bezos, CEO of Amazon
One thing is clear to everyone: that the industry is growing abundantly. You can buy almost everything in just one click. Whether or not you are in your home, your day-end shopping cart won’t be empty.
Interesting facts always inspire us to know more about that sector. Here, we collected a few facts you might not have heard before.
- The First Pizza In Town:
Pizza Hut offered the first online order for their pizza in 1994. In their 20th Anniversary of World’s First Online Purchase, the chief marketing officer at Pizza Hut, Carrie Walsh, said,
“We want to celebrate the fact that before consumers could buy books, clothes, music or vacation packages via the internet, they could place an online order for a Pizza Hut pizza.”
And they built their first website PizzaNet in 1994. However, the website still there. You can still visit the website but not available for ordering pizza.
- The GodFather Of Online Shopping
A limited number of people know the name of the GodFather of online shopping. Michael Aldrich was the Godfather of online shopping, invented in 1979. He was an inventor and entrepreneur. He was the man who introduced the world with the technique called e-commerce.
In one of his interviews with BBC, he told that “What I had done was making shopping functional…any time, any place, anywhere.”
So, back then, anyone can purchase goods with Videotex’s help that was linked with television.
- Say Hi To Mrs Snowball
Who is Mrs. SnowBall? A wizard or an angel?
Unfortunately, she is none of these super fishy women. But she is history. Yes, Mrs. Snowball became the world’s first online shopper in 1984 through Videotex. Using a system created by GodFather, she shopped through her TV remote from the Local Tesco Shop.
- First Profit After 8 Long Years
Remember Amazon? The first e-commerce website is the largest one till now around the globe. No wonder you must have heard a lot of stories about this e-commerce giant.
Let me tell you one hardest truth about Amazon.
According to history, Amazon launched in 1995. But unfortunately, they didn’t make any profit for the first seven years. And then finally they saw the sunshine in 2003. Yes, the largest online retailer brand recorded its first yearly profit ad earned $35 million.
For more, read the full report on Amazon’s First Full Year Profit.
- Sachin Bansal and Binny Bansal (the founders of Flipkart) are the youngest Indian billionaires
There are a few numbers of entrepreneurs in India aged under 40. Sachin Bansal and Binny Bansal are one of them.
These youngest Indian Billionaires are the founder of Flipkart. In 2015, they were in 86th position in Forbes India Rich List and then climbed to 65th position within a year. Moreover, in 2016 they recorded an individual wealth of 1.24 billion each.
- Half of the online buyers prefer to use their mobile device to purchase from online
Here is the major part that one should not ignore while building an e-commerce website. Half of the online buyers prefer to use their mobile devices to purchase online.
But the question is, why?
Because people can buy anything from anywhere, they live. Even though they are on public transport, they will get the desired basket at the day end. The recent Statista survey showed that approximately 72% of all eCommerce sales worldwide come from mobile devices.
And the number will increase. It is way more convenient than a laptop or a desktop. So, it is high time to check whether your existing site offers the best shopping experience through mobile or not.
Why People Mostly Buy From E-commerce/Online:
People prefer to buy online because it is convenient. You don’t have to leave your place to purchase a small thing, not even from the nearby shop. They can buy whatever they want.
On the other hand, buyers also have an option to do product research before buying. Having travel from store to store, they can do it virtually.
We have conducted a short survey on 100 people, where 80% of them were interested in choosing an online buying facility rather than shopping from a store. Moreover, you can buy and ship products from one place to another easily.
The statement that we got from them is,
“We search for reviews of every product. We also compare price, quality, and customer service along with after-sale service for selected products. And we can do it all online.”
Oh, we forget to mention one more special reason. That is, online buying will save your time. So, it is mandatory to look at the loading speed while building an e-commerce site.
At present, it is not unbelievable anymore that the e-commerce business has a growing future. By the year 2040, it’s estimated that 95% of all purchases will be through eCommerce.
Therefore, these days, almost 80% of the total population directly purchases goods and services online. Either they prefer to shop from the e-commerce store or the company website. Both are treated as online purchases.
Though the article is all about the e-commerce business’s fun-facts, one should know what happened in the earlier years. Also, this info will inspire you to start yours.