History of E-commerce
There happened to be an ARPANET (the precursor to the internet)in 1970 and it was also a time when few students from an American university started an experiment to get some marijuana sold to some other person in another corner of the America. It was a successful transaction but because it was not ethical so university had to put this experiment down.
But it was not the end of (www) transactions; in 1978 the first online transaction happened on the internet by Netmarket. It was a sale of a music album.
So, this is how it all started.
Rise Of E-commerce
The E-commerce sector is booming in India as we take a look on some Data coming from the dependable resource and organisations.
- As per Statista, India’s E-commerce market will go around 350 million by 2030. The time Indian government introduced digital India initiative online transactions increased exponentially. Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.41%, resulting in a projected market volume of US$104.10bn by 2029.
According to IBEF, India’s E-commerce or social commerce has potential to increase 16-20 billion dollars financial year 2025. And government has introduces 100 per cent FDI in Indian E-commerce.
As per IBEF Indian E- commerce expected to grow at a compound annual growth rate 27% to reach US$163 billion by 2026.
Best Platforms For E-commerce
There are plenty of Platforms for E-commerce business and few of them are as follows:
- Woo commerce: Woo commerce is a plugin for wordpress which gives a perfect environment to build a complete e-commerce website. It was started on 27 September 2011 and since then it has changed the realm of E-commerce businesses. Woo commerce provide wide range of themes so you can get personalized look of the website.
- Shopify : Shopify is another Platform which is used by huge number of online sellers. Unlike woo commerce shopify has a fee structure which seller has to pay after 14 days of the trial. But it is a nominal fees and provides better services than its free competitor i.e. woo commerce. With Shopify, merchants can build and customize an online store and sell in multiple places, including web, mobile, in person, brick-and-mortar locations, and pop-up shops and across multiple channels from social media to online marketplaces.
- Amazon : Amazon is another top platform to use for making your e-commerce selling dream come true, as it is the most versatile platform to sell online, it removes all the strains of worry usually people face when they make a customized store on your own, just sign up, list your product and you are good to go. Amazon has given Amazon Central to its sellers where they can make their lives even easier Amazon central gives facilities to manage their product catalogs, payment summaries and advertising.
- Joomla : Joomla is another CMS platform through which one can create websites, it provides the technology to create dynamic and robust websites. Joomla provides built in SEO services for the content you share on it. It gives thousands of templates to use, many templates comes with GUI (graphical user interface) while most of the templates are free to use but many are paid as well.
- Adobe Commerce(magento) :Magento is an open source e-commerce platform.The best part of adobe is that you can integrate other tools of adobe to make things more appealing and function better than other platforms. Magento introduces scalability and versatility in the functioning of the websites. Most of the difficult problems comes into your daily life with the magento can be solved instantly because of the huge community of magento.
New Trends in E-commerce
There is a constant technological development in the E-commerce sector for example, Multiple payment system, if you look few years back in time you would see the availability of the payment gateway for the e-commerce platform were too low.
Artificial intelligence, now labor intensive work is going the talk of the past, now it is time for A.I (Artificial Intelligence) with the help of AI one can build a chat box which would lead to help managers save lots of time dodging unnecessary queries.
Augmented Reality, AR brought the customer sitting away from the product closer, augmented reality refers to the device which creates the illusion those things that the person is seeing through the A.R device on smartphone is too close to him and can see the details of the product which he could not see without it.
Data Science, Now as the consumerism and complicated products tend to raise, the behavior of the consumers also gets complicated, which cannot be measured with traditional techniques. Data science helps the company to bend the utility of the product as per the needs of the consumer by estimating the direction in which they are going with their taste.
Live Stream Shopping, It all started in China where people on the social media can see their favorite influencers describing the product and one can buy the product while on that live stream. As I mentioned it started in china but now we can see its traces all over the world market. E-commerce market in India still has a way to go for such marketing techniques but, if we take china’s economy comparing European economy, this trend will come to India very soon.
Types of E-commerce Payment Methods
It is not necessary that every payment on the internet happens only in one way, no as internet grew and E-commerce got matured, types of payment method got diversified. Not only methods but also channels of payment got diversified and evolving too fast as well. Today customers prefer payment methods as per their choices or I would say as per their situations. Let’s discuss that now.
- Credit Cards, people in corporate and business people usually used to use this payment option earlier when other options were not available. This type of payment method is better for direct account reflection.
- E-Wallets, Now, This type of payment method is very new but got the traction among the people very fast, people like the way it reduces the transaction time.
- Cash On Delivery, COD is the most popular method amongst the people of tomorrow, today and most likely future. It Is the type of payment method where people pay in cash when they receive the order in their hands. It is the safest way to pay and you get to know the quality of the product before payment.
- Buy Now Pay Later, it is a payment method when you buy some product and willing to pay for that product in near future, this payment type requires you to pay not only the principle amount but also an amount of interest on the principle amount considering the time you have taken to pay.
Conclusion
According to the points that we have discussed above, E-commerce has a great future ahead. We have learnt in this article that E-commerce have being used for a long time by now and evolved very well in the past from its functionality to its interface. Different- different platforms came up with distinct benefits and offerings. We covered from history of the E-commerce to Technological development of it in this article. And can conclude the article agreeing on the fact that E-commerce has developed most of its branches and we are using all of them as per our needs, so the future of E-commerce is very bright. And if you are going to start your E-commerce business then do not shy to give us a chance to give you our services.