E-commerce (electronic commerce) or internet commerce is the buying and selling of various products on the internet. Companies can use their own websites or third-party platforms as a marketplace for selling the products.
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E-commerce (electronic commerce) or internet commerce is the buying and selling of various products on the internet. Companies can use their own websites or third-party platforms as a marketplace for selling the products.
E-commerce market size
The global market size of e-commerce is estimated to reach about US$ 3.2 trillion, in 2019, and is projected to reach US$ 6.5 trillion in 2026.
Analysis of the e-commerce market
The first e-commerce website was introduced back in 1982, which was known as Boston Computer Exchange. The main purpose of the website was to provide a platform for people who are interested in selling their used computers. After that, a lot of e-commerce websites popped up all over the world.
Currently, there are millions of e-commerce stores on the internet, which are trading products all over the world. Various successful e-commerce websites also moved towards other advanced businesses, such as Amazon, to increase their market capital.
The main drivers behind the growth of the e-commerce market include:
There are also some restraints, such as costly maintenance of websites, huge risk of failure for newcomers, security issues as it has a lot of important personal data such as credit card numbers, and problems with shipping and delivery.
North America also has more e-commerce customers as compared to other regions, and the US ranked second in the race of having more e-commerce customers around the world, followed by China.
Leading e-commerce companies