The purchase of basic goods and services are the core needs of every human. Commerce is an essential part of our lives as it helps us get what we want. However, the rise of internet-based electronic commerce or e-commerce has transformed our shopping experience.
Since every great thing is a product of a revolutionary idea, e-commerce is a captivating history. From the idea of online shopping to the creation of eBay and Shopify, the evolution of e-commerce has many outstanding events to explore.
This article is a guiding light to understanding the concept behind the global phenomenon of e-commerce. You will explore the timeline of developing excellent and AI-personalized e-commerce platforms.
E-Commerce: The Revolutionary Shopping Experience
The rise of the internet and its usage has attracted users and vendors to benefit from the convenience of modern ways. Thus, online shopping has come into play with matchless ease and security while buying and selling goods and services online.
With various companies understanding the lucrative opportunities associated with online shopping, they developed various platforms. For instance, Amazon, Shopify, eBay, etc., are some of the top e-commerce platforms that generate massive revenue globally.
Statista suggests that e-commerce revenue is on a growing trajectory with a 9.49% annual growth rate, projected to reach up to $6,478 billion by 2029. This reveals a fillable gap in the market for new businesses to go online and sell their products and services on the internet, through social media or online stores.
The Evolution of E-Commerce
E-commerce is a sensational invention that has transformed our interaction with online shopping, bringing security, convenience, and peace of mind. The exceptional concept of online shopping by Michael Aldrich laid the foundation for a contemporary e-commerce experience.
Since then, the internet has played a pivotal role in improving online shopping. Further advancement is the result of top-notch shopping platforms like eBay, Shopify, Amazon, etc. E-Commerce is one of the largest shopping media worldwide.
Here is a quick timeline of the history of e-commerce.
1. The Dawn of Online Shopping
In 1979, Michael Aldrich presented an exceptional idea to the world. The English investor pioneered internet-based shopping by linking his television to his computer via telephone lines. He called this system Videotex, which is the first application for online shopping.
In 1994, Amazon came to the horizon, becoming the dawn of the e-commerce giant. As the most influential platform worldwide, Amazon has benefitted from Netscape’s SSL security layering for secure online transactions and shopping experiences.
Modern e-commerce platforms use a robust payment gateway, such as CoinGate, to ensure the security of online transactions. This payment gateway eases the currency conversion for customers and e-commerce businesses. It also supports fiat and cryptocurrency, making it effortless to buy products and services online.
2. eBay and the Rise of Dotcom
A year later, in 1995, Pierre Omidyar set the foundation of eBay. As a wonderful and feature-rich platform for online purchasing and selling of products, eBay became a well-established e-commerce website.
With various applications and e-commerce startups, the World Wide Web and the Internet have experienced significant growth. Multiple dotcom websites emerged and attracted massive investments until 2000 when the dotcom bubble came to an end.
3. Embracing Mobile Commerce
In early 2000, broadband internet gained traction in the technological market. It resulted in an improved and faster online shopping experience because of well-managed logistics and fulfillment, resulting in reduced shipping and delivery times.
Moreover, eBay introduced its mobile application in 2005. With mobile phones on the rise at the time, creating a mobile application was a step in the progressive direction for various e-commerce startups.
4. The Inception of Social Media
The rise of the internet has paved the way for enhancing social connectivity through social networks. The creation of email has eased communication and connectivity due to the internet. Six Degrees became the first social media platform for email, voice chat, and instant messaging.
Since then, Facebook, Twitter (Presently X), YouTube, etc., are some of the top social media applications with millions of worldwide active users. According to Statista, over 5.17 billion users are on social media sites.
These platforms offer the best functionality to e-commerce businesses. For instance, Facebook, Instagram, Pinterest, and many other social media sites ease the online shopping experience with in-built features.
5. AI-Powered E-Commerce
Artificial intelligence (AI) has changed e-commerce with automated features. With various AI-powered chatbots, content creation for e-commerce stores has become effortless and efficient.
Moreover, predictive analytics and other data analytics techniques have yielded versatile results for e-commerce vendors. These features allow personalized shopping experiences as they help businesses understand customer behavior, spending patterns, etc.
Final Verdict
In the shopping ecosystem, e-commerce has gained traction due to its robust and effortless phenomenon. It not only eases shopping for buyers but presents vendors with convenient methods. This results in a lucrative online shopping and selling experience. AI has an important part in the timeline and history of e-commerce development.
