If you are a savvy entrepreneur planning to dive into the eCommerce business, then you need to know that you have a plethora of things to learn about. But you don’t need to scared about anything as before learning more about the ruling Ecommerce giant of the world, and you need to know something about this industry.
The beginning of eCommerce:
It is quite evident that there would be a common question haunting your head that what is eCommerce? Ideally, e-commerce also known as electronic commerce, and it all about transactions done through the internet. Buyers and sellers engaged in e-commerce every time they are buying or selling products and services online.
Additionally, the term e-commerce also consists of other activities, including internet banking, payment gateways, online auctions, and online ticketing. But before we know more about it, you must be curious to learn something from the past too.
The history that paved the way for eCommerce giants:
Back in 1994, the first eCommerce transaction made by a guy named Phil Brandenberger. He had used his card to buy Sting’s Ten Summoners’ Tales via the internet for $12.48. It is also said that this particular transaction made history and warned the world that the internet is now open for several e-commerce transactions. It mainly because it the first time the encryption technology used to make a marketing success.
There is nothing surprising to know that eCommerce has now grown leaps and bounds ever since. In the mid-1990s, the rise of eCommerce giants, including Amazon and Alibaba, has changed the face of the retail industry. These companies have mainly capitalized on the worldwide internet penetration and digitalization of the financial framework. Which has contributed most to the decrease in sales for the majority of the brick and mortar business.
Some of the crucial statistics for 2020 with regards to eCommerce:
It essential to stay up to date with the recent eCommerce stats if you are interested in doing some business online. It is mainly because we all know that the best way to understand eCommerce giants is through hard facts and data. Some of the experts have claimed that eCommerce is growing at a steady rate the worldwide.
Above all, experts have predicted that retail e-commerce sales will reach $4.13 trillion by 2020. Some of the must-know stats about eCommerce giants are:
- By 2040 it is expected that 95% of all purchases will through eCommerce.
- One of the world’s fastest-growing markets is China, which has an estimated consumer base of $672 billion.
- The countries that have the highest eCommerce penetration rates is the US, as at least around 80% of all internet users making one purchase.
- One of the primary reasons why people love shopping online is that they can shop 24*7.
- 75% of people abandon slow loading websites.
Types of eCommerce businesses are:
Stores that sell physical goods:
Typically, these are some online retailers who most likely deal with Clothing, furniture, tools, and accessories. By visiting the store’s website, people can buy physical goods. All they need to do is add the shopping items to the shopping cart and complete the purchase. After the purchase process over, the goods are delivered at the doorstep.
Service-based etailer:
Not just products, in the tech-dominated era, people can now buy services also online. You are doing business with etailers every time you hire educators, freelancers, and consultants via online platforms. The buying process is most likely to be dependent on the merchant.
Digital products:
Products are ideally referred to as e -goods when the transactions are conducted through the internet. The term digital products include all items, including ebooks, online courses, software, graphics, and virtual goods.
Some of the reasons why customers prefer buying online are:
Convenience:
One of the biggest perks of shopping online is convenience. The best part is you can shop online even at midnight in your most comfortable pajamas and that too, without standing in the crowded lines. Online shopping can done within minutes as all you need to click a button, and you are sorted. Additionally, you can shop 24/7.
Send gifts easily:
No matter where your friends and relatives stay, sending gifts to them is way more comfortable now than it was ever. Be it their birthdays, anniversaries, Valentine’s day, etc. you can send them to gift anytime without making distance as an excuse.
Compare prices:
The best part about shopping online on sites offered by Ecommerce giants is that you can easily compare and research products and their prices. Additionally, you also have the ability to share information and reviews with fellow shoppers who are most likely to have firsthand experience with the product or the seller.
No crowds:
If you are someone who hates shopping in the crowds, especially during the festival season, then online shopping is your best bet. Additionally, it tends to become more chaotic when there are more crowds out, and it makes us feel rushed at times. Smelly, grumpy, and annoying people also irritate when you are shopping. And the parking problems are an add on. All of these problems can solved easily if you choose to shop online.
Some of the must-know Ecommerce giants are:
- Amazon:
Besides being an American e-commerce leader Amazon, is also a leading eCommerce site in almost all countries. It found back in 1994, and it started with selling ebooks online. Still, now the eCommerce giant has reached new heights as the company has a dominating position in the market as it sells off the majority of products from computers and electronics, books and literature, and even TV to movie streaming.
In the US, Amazon shoppers enjoy a plethora of Amazon products that makes it one of the largest portal to books, music, electronics, apparel and accessories, tools and hardware, sporting goods, and almost everything a buyer can drop of. Above all, US shoppers can get all of the products with free one day or two day delivery with Amazon prime service.
Amazon is now a marketplace that has become everything online store. Experts suggest that it is essential to focus on Amazon’s growth-at-all-costs strategy. The strategy has resulted in another level of leadership in its main retail business that rivals, among other eCommerce players in the market. To hiring also, Amazon has taken a growth at all costs approach.
- Best Buy:
Best Buy is another US retailer that has a long history, which spans back to the ’60s. The company had begun as a consumer electronics retailer, but now across the country. Best buy has gained a dominating market position among the bricks and mortar stores. It has also earned an excellent market position in Canada and Mexico.
Currently, Best buy offers a plethora of products to consumers from electronics, appliances, furniture, fitness, travel, baby products, and much more. It is also said that despite the wide variety of products available, the company is best known for its consumer electronics company, and globally they rank at number 3 under the computer electronics and technology e-commerce category.
Just like many other retailers, Best Buy is also looking forward to expanding its market share to gain some more profit.
- Crayola:
Crayola is said to one such brand that has such reach and impact all over the globe, and not everyone can recognize it, but almost all of us have memories of using the product for generations now. The company built around the production of crayons, and it has consistent for more than 115 years in business.
In the past few years, Crayola has expanded its product offerings and has also thrived to build a community of consumers who gather around the idea of creativity and passion. Through digital messaging and other mediums, Crayola has been able to expand its reach. As the new generation is digital native, brands have to strive hard and become digitally available. Above all, Crayola is more focused on building good content.
- Macy:
It said that Macy was launched back in the ’90s, and it has a fashion powerhouse in the US for years now. The company started as a brick and mortar retailer in the country. And soon it grew to become a global brand with locations across various countries. Additionally, the company also ranks number one among Ecommerce giants globally under the fashion and apparel category.
The eCommerce site of the company takes pride in selling a plethora of shoes, beauty products, cosmetics, womenswear, menswear, children’s clothes, accessories, etc. The online retailer has also entered the finance sector by launching its own credit card.
- Walmart:
Since the 1960s, Walmart has been a household name in the US. It has established itself as a low price point mega-warehouse that has now turned into the world’s largest retail corporation. It has stores now in at least 50 states and a significant e-commerce presence in the US, Canada, and Mexico.
The company’s online buyers have access to a plethora of products like electronics, baby products, fashion, pharmacy, and auto-parts. In the US, it is one of the biggest eCommerce giants which also offer a Walmart brand credit card for customers so they can save more on their shopping.
- Woot:
Originally, Woot founded back in 2004 as its own site, and it deals with an array of products home items, electronics, apparel, and much more. It said that Amazon had bought it back in 2010, and since then, it has been offering great deals.
Deals are most likely to change daily or until the stock lasts. Many of the goods are new but just low in stock, while hop features several refurbished or factory-conditioned items. As Amazon owns the site, the prime members are most likely to get shipping benefits, including the free standard shipping on Woot.
Which is the best eCommerce site of all?
There are a plethora of sites from which you can buy stuff online, but there is a reason why one site ranks above another. We have thought about various e-commerce giants. But we can conclude that Amazon is the best of all due to multiple reasons.
First of all, you can be assured to get the best prices at Amazon. You also get a vast selection of products as there are hundreds and thousands of product items available daily; even if you are looking for something specific, you can easily find on Amazon.
One of the best parts of shopping with Amazon is that you get fast and cheap shipping. Lastly, Amazon has a massive base of buyers so that you can trust the site for reliable reviews.
