E-commerce is the fastest-growing business sector in the world, and new customers are encountering the purchase or sale of one E-commerce site every minute.
Here are 10 interesting facts about E-commerce to help you better appreciate the dynamics of the E-commerce space:
1. Michael Aldrich is credited with starting an E-commerce business and creating the first E-commerce marketplace. He did so by connecting a modified home television with a telephone line. He didn't even think at the time that this little experiment of his would create a multi-billion dollar industry in the future.
2. Although E-commerce is the fastest growing business model in the world, Amazon's first E-commerce site, launched in 1995, made no profit in the first seven years! Amazon recorded its first annual profit in 2003.
3. It takes approximately 30 minutes to register as a reseller at any E-commerce marketplace and upload the products you want to sell there. Therefore, you can create different online stores with different names and sell your products on the same or another E-commerce marketplace at the same time.
4. Although Amazon can be said to have been one of the first online marketplaces to emerge, it was not the first business to start selling online. Pizza hut started offering pizza deliveries to its customers based on online orders in 1994! People ordered pizza online before they started ordering books on Amazon.
5. Online sales from social media platforms have grown like clockwork over the last four years, with an average growth rate of 93% each year. For the first time in four years, most millionaires have emerged from the E-commerce business sector.
6. The US was the initiator of eCommerce. CompuServe introduced Electronic Mall in the United States and Canada in April 1984, making it the first comprehensive E-commerce service.
7. Most buyers today prefer to buy through their mobile phones. This phenomenon is a direct consequence of mobile applications and their easy user interface. It is easier for buyers to download the application than to log on to the web from their laptop, which is why most E-commerce platforms today focus on developing interactive applications
8. E-commerce business as a sector is today the least corrupt of all other business sectors. Thanks to a highly technologically advanced model, E-commerce companies register only 0.8% of fraudulent activities. This means that if you are a reseller who sends 1000 orders per month, only 8 of these orders may be fraudulent. This is almost negligible.
9. The online community responds very well to businesses of all kinds in the field of E-commerce. In a recent survey, 80% of the Internet population bought something from an E-commerce store and 50% of the Internet population bought something online more than once.
10. Another factor that determines your popularity with your customers is the difficulty or design of your eCommerce website. Very shocked? That is indeed true. It is known that 21% of all online customers leave your online store or marketplace if your site is loading too slowly or is too heavy.
The E-commerce business is growing like lightning around the world and if you are a new reseller in the industry, then we encourage you to be patient and honest with your customers and hire E-commerce professionals to increase sales. If you are a new buyer, you can be sure that online shopping will not disappoint you.