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What is electronic commerce?
Savvy entrepreneurs diving into the world of e-commerce have a lot to learn about this industry. In this article, we’re going to cover all the essential ecommerce basics that every retailer needs to know, but before we do, we’re going to answer this fundamental question:
What is electronic commerce?
Electronic commerce, or electronic commerce, refers to transactions carried out over the Internet. Every time people and businesses buy or sell products and services online, they are engaged in e-commerce. The term e-commerce also encompasses other activities, including online auctions, Internet banking, payment gateways, and online ticketing.
Now, a little history first.
How e-commerce came to be
The first e-commerce transaction was made in 1994. A guy named Phil Brandenberger used his Mastercard to buy Sting’s Ten Tales of Summoners online for $ 12.48. This particular transaction made history and signaled to the world that the “internet is open” for e-commerce transactions. why? Because it was the first time that encryption technology was used to enable an online purchase.
Needless to say, e-commerce has grown by leaps and bounds since then.
The rise of e-commerce giants like Amazon and Alibaba in the mid-1990s changed the face of the retail industry. They largely capitalized on global internet penetration and the digitization of the financial system, contributing to declining sales for many brick-and-mortar companies.
The growth of e-commerce has also changed the retail workforce. The United States Bureau of Labor Statistics (BLS, for its days) has revealed that from 1997 to 2016, employment in the e-commerce sector increased by 80%. BLS is also predicting that the number of e-commerce jobs will continue to grow, reaching 450,000 in the United States by 2026.
With this in mind, it is clear that the highly competitive nature of e-commerce will continue to change the retail industry and influence customer behavior. Starting an online business today seems like an attractive idea to many savvy entrepreneurs, but before anyone delves into this dynamic business sector, they first need to learn the ropes of the e-commerce industry.
And that’s exactly what this guide is for.
In this resource, we’ll take an in-depth look at the ecommerce industry – how it came about, what types of merchants exist, and what platforms enable online selling. We will also shed light on notable ecommerce success stories and failures to give you a better idea of what it takes to be successful in this industry.
If you are someone who wants to start an ecommerce site or is already running an online s
tore and just wants to learn more about the industry, you will find plenty of nuggets in our guide.
Dive into the next section or jump to a specific section:
- How e-commerce came to be
- The most important ecommerce statistics of 2020
- Types of e-commerce businesses
- E-commerce platforms: a look at where and how it takes place
- E-commerce examples: success stories and failures
– Frequently Asked Questions about e-commerce (FAQ)
The most important ecommerce statistics for 2020
If you are interested in doing business online, it is important to keep up to date with the latest e-commerce statistics, as we all know that the best way to understand any business sector is through hard facts and data.
We will start with the 99Firms Ecommerce Statistics for 2020, which shows that eCommerce is growing steadily across the globe. Furthermore, experts predict that e-commerce retail sales will reach $ 4.13 trillion in 2020.
- It is expected that by 2040, 95% of all purchases will be through e-commerce.
- The fastest growing e-commerce market in the world is China with an estimated e-commerce value of $ 672 billion in 2017.
- The United States has the highest e-commerce penetration rates, with about 80% of all Internet users making at least one purchase.
- The main reason people shop online is that they can shop when they want, 24/7.
- About 43% of ecommerce traffic comes from Google search (organic).
- Slow loading websites see 75% churn.
Finance Online’s “2020 Data and Stock Market Analysis” shows that e-commerce is not only thriving in the B2C sector, but sales are also climbing in the B2B sector and may even outpace the benefits of B2C by the end. 2020. Here are some more intriguing statistics from this report:
- It is estimated that around 35% of Google product searches turn into purchases within 5 days.
- About 51% of digital shoppers make purchases through their smartphones.
- Digital shoppers are more likely to spend more if free shipping is provided.
- Around 93% of online shoppers stated that the visual appearance of an online store plays a key factor in their purchasing decisions.
- It is estimated that around 80% of online shoppers do not make purchases from ecommerce sites that have problematic return policies.
- It is estimated that 85% of all products purchased through social media platforms come from Facebook.
According to Statista, electronic retail sales accounted for 14% of all retail sales worldwide and these figures are expected to continue growing, reaching 22% in 2023.
- Mobile e-commerce retail sales are expected to reach $ 3.5 trillion by 2021.
- In 2017, around 42% of online shoppers stated that they prefer to pay with a credit card.
- Online stores that have an active presence on social media platforms have 32% more sales.
- Generation X makes up 34% of the online shopping population, followed by Boomers, who make up 31% of the online shopping population. About 30% of digital shoppers are Millennials.
- About 55% of all online shoppers said that online reviews have an impact on their purchasing decisions.
So it’s clear – e-commerce is here to stay. But how do you get started? The first step is to make sure you are familiar with the basics.
Types of e-commerce businesses
There are many ways to rank e-commerce websites. You can classify them based on the products or services they sell, the parties they transact with, or even the platforms they operate on.
In this guide, we will look at all three to give you a clear picture of the types of ecommerce sites out there.
Classification of e-commerce companies according to what they sell
Let’s start with the products and services that are typically sold online. Below is a list of ecommerce merchants according to what they sell.
Stores that sell physical goods
These are your typical online retailers. Clothing, furniture, tools, and accessories are examples of physical goods. Shoppers can purchase physical products through online stores by visiting store websites, adding items to their shopping cart, and making a purchase.
Once the buyer has made a purchase, the store delivers the items right to their doorstep. There are also online stores where customers can make a purchase online, but go to the store themselves to pick up the products.
Some examples of these e-commerce stores include eyewear retailer Warby Parker, menswear store Bonobos, and footwear retailer Zappos.
2. Service-based REtailers
Apart from products, services can also be purchased online. Every time you hire educators, freelancers, and consultants through online platforms, you are doing business with service-based e-tailers.
The service purchase process depends on the merchant. Some may allow you to buy their services right away from their website or platform. An example of this comes from Fiverr.com, an independent marketplace. People who want to purchase services from Fiverr must place an order on the website before the seller delivers their services.
Some service providers, on the other hand, require you to contact them first (that is, book a consultation) to determine your needs. For example, Blue Fountain Media, a company that creates digital strategies for large companies, asks customers to contact them by filling out an online form first where they should describe their business needs.
3. Digital products
Electronic commerce transactions are carried out over the Internet, which is why, in the field of electronic commerce, products are generally known as “electronic goods”. The term digital products refers to all items that are in a digital format, including e-books, online courses, software, graphics, and virtual goods.
Examples of retailers that sell digital products are Coursera (a platform for online learning) and Audiobooks (a website where you can buy audiobooks).
Classification of electronic commerce according to the parties involved
Looking at the parties involved in the transaction is another way that e-comm
erce sites can be classified. These typically include:
1. Business to consumer (B2C)
As its name suggests, the B2C e-commerce model represents a transaction between companies and individuals. B2C e-commerce is the most common business model among physical and online retailers.
Nike, Macy’s, IKEA, and Netflix are examples of companies that engage in B2C e-commerce.
2. Business to business (B2B)
In the B2B e-commerce model, both parties involved are companies. In this type of transaction, one company provides the other with products and / or services.
Slack, a remote business-to-business communication platform, and Xero, a cloud-based accounting software for businesses, are examples of B2B businesses.
3. Consumer to business (C2B)
The C2B business model represents a transaction in which individuals create value for companies, unlike the traditional business-to-consumer model where companies are the ones that offer value. Consumers provide companies with products and / or services, cooperate on projects, and ultimately help companies increase their profits.
Freelancer, a freelance platform that connects workers and remote companies, is an example of a company that brings in two parties to carry out C2B transa
4. Consumer to consumer (C2C)
C2C e-commerce occurs when the two parties involved are consumers who trade with each other. eBay and Craigslist are examples of online marketplaces where people buy and sell products from each other.
5. From government to business (G2B)
G2B e-commerce models occur when the government provides businesses with goods and services. Public procurement, data centers, and e-learning are examples of G2B e-commerce.
6. Business to government (B2G)
The B2G model refers to companies and businesses that provide goods and services for the government. For example, OpenGov is a company that offers governments cloud-based platforms for communication, reporting, and budgeting.
7. Consumer to Government (C2G)
Whenever consumers pay taxes, health insurance, electronic bills, or request information about the public sector, they participate in C2G.
Note that we have included all of these sections to give you a general idea of the e-commerce classification, although models such as G2C or C2G are part of e-commerce only in its loosest definition. 80% of the time, when we talk about e-commerce, we are talking about the B2C or B2B model.
E-commerce platforms: a look at where and how e-commerce takes place
We have talked about the types of e-commerce transactions on the web, as well as the products and services sold online. But where and how are these transactions carried out?
Answer: it varies.
In this section, we will shed light on some of the most common platforms where e-commerce takes place.
What are the best ecommerce platforms?
Through the use of shopping carts and e-commerce platforms, retailers build online stores where they display their products and services. Having an online storefront is one of the easiest ways to conduct e-commerce. There are a large number of e-commerce solutions and choosing the right fit for your business depends on your budget, preferences, and business needs. Below we have listed the best ecommerce solutions currently on the market.
ShopifyThere are some Shopify facts:
- Shopify powers 2,921,565 websites around the world.
- Shopify has 21% of the ecommerce market share.
A popular choice with many SMBs, Shopify enables customers to build effective online stores and scale their business. Built with an intuitive and easy-to-use interface, as well as tons of templates, this platform offers flexible shipping rates,
automatic taxes, and more than 100 payment gateways. Shopify allows social media integrations, is packed with built-in SEO features, and is fully hosted.
Ideal for: Small businesses looking for an all-in-one e-commerce solution.
Here are some Magento facts:
- To date, Magento has powered more than 772,000 websites around the world.
- There are more than 5,900 extensions that integrate with Magento.
Magento is a highly flexible ecommerce solution used by midsize businesses ready to scale. This platform offers robust features that allow retailers to customize all aspects of their online store, including custom templates, extensions, and modules. If customers need to further extend the functionality of their Magento store, they can always use plugins to turn their online store vision into reality.
Considered by many to be a complex e-commerce platform, Magento supports customers by maintaining an operating community of developers and experts in the Magento ecosystem who are ready to help newbies with maintaining their online store.
Ideal for: Brands looking for a highly customizable e-commerce solution.
Here is some data from Salesforce:
- As of 2020, the platform has 150,000 active users.
- Salesforce was awarded multiple times with prestigious accolades, including the GSMA Glomo Award – Best Mobile App for Business, the 2017 DMN Awards, and the AOTMP Mobility Awards.
This fully hosted solution enables you to run a powerful eCommerce store in the cloud. Merchants using Salesforce will not have to worry much about maintenance and development of the platform, as it is fully hosted by the company (although this may limit your freedom a bit).
One of the strengths of Salesforce is that it is built with omnichannel retailers in mind with features that allow merchants to easily sell in physical and digital storefronts.
Ideal for: Large companies that need a completely secure and scalable CRM software.
Here is some data from Oracle Commerce:
- The majority of companies using Oracle Commerce are in the retail, computer software, and information technology niche.
- Oracle Commerce owns 0.36% of the e-commerce market share.
Oracle Commerce is a powerful e-commerce solution suitable for both B2B and B2C retailers. It’s packed with out-of-the-box features that allow you to sell more complex products and data-rich offerings.
This is a highly customizable e-commerce platform that allows retailers to customize every aspect of their online store and campaigns.
Ideal for: Growing companies looking for a flexible and scalable e-commerce platform.
Here are some WooCommerce data:
- WooCommerce powers 3,876,748 live websites.
- CodeCanyon sells more than 1,773 plugins designed to integrate with WooCommerce.
WooCommerce is one of the largest open source eCommerce platforms. Designed specifically to integrate with WordPress, WooCommerce has a ton of templates that can help you build a unique online store. You’ll get all the essential features, including unlimited products, unrestricted customization, order management, and free shipping.
Ideal for: Small businesses that have a website powered by WordPress.
Here is some BigCommerce data:
- BigCommerce powers more than 150,000 websites around the world.
- Pandora, a popular jewelry retailer, is built with BigCommerce
BigCommerce is a popular eCommerce solution that provides online retailers with a robust online store builder to create a fully functional online store and sell an unlimit
ed number of products. One thing that particularly sets BigCommerce apart from other eCommerce solutions is the powerful business management features like shipping, reporting, and product and order management, as well as the fact that it is fully hosted.
In addition, BigCommerce has a built-in B2B offering for companies that are engaged in B2B e–commerce.
Ideal for: Growing companies that want to take advantage of multichannel sales.
Here are some Volusion facts:
- The total amount of purchases made through stores built with Volusion reached 13.8 million in 2018.
- There are more than 11,000 websites powered by Volusion in 2020.
Another popular e-commerce solution, Volusion allows merchants to create online stores, display their merchandise, and take payments on a single platform. Volusion comes with standard features including a site builder, shopping cart software, marketing tools, and more.
Ideal for: Small businesses that need a simple and easy-to-use e-commerce platform.
Here are some data from Drupal Commerce:
- Drupal Commerce has 0.11% of the eCommerce market share.
- Most of the companies that use Drupal Commerce are in the computer software and retail niche.
This is an open source e-commerce framework that allows users to create online stores and applications in Drupal. Drupal Commerce is highly flexible and offers hundreds of modules that allow users to improve and extend its functionality. Drupal Commerce also offers the Commerce Kickstart package that integrates with the latest versions of Drupal. It’s packed with out-of-the-box features that allow developers to quickly configure and customize all aspects of their online store.
Ideal for: Large businesses that require a robust and feature-rich e-commerce solution.
What are the biggest online markets?
Online marketplaces are platforms that facilitate e-commerce transactions between buyers and sellers, allowing buyers to display their products and reach a wider audience. These platforms are popular with customers due to their wide selection of products and services from different vendors and providers around the world.
Let’s dive into the best online marketplaces on the web:
These are some data from Amazon:
- Statistics show that Amazon is the largest e-commerce seller in the United States with $ 280.5 billion in net sales made in 2019.
- The e-commerce giant has about 101 million top US-based Amazon members who on average spend $ 1,400 a year shopping online.
A company that needs no introduction, Amazon is one of the largest online marketplaces in the world. It offers customers a wide selection of products from retailers around the world and enables companies to reach a large audience.
Ideal for: Large companies that want to expand their sales channels.
Here are some eBay facts:
- eBay has a total number of 1.4 billion live listings.
- eBay had around 182 million active users in 2019.
Connecting retailers and customers from around the world, eBay is an online marketplace that can help small and medium-sized businesses establish an international customer base. eBay is easy to use, intuitive, and offers a number of payment options. One thing that particularly distinguishes eBay from other online marketplaces is that it allows merchants to conduct auctions online.
Ideal for: Established brands selling unique items looking to expand their audience pool.
Here are some Etsy facts:
- Etsy had 2.5 million sellers and 45.7 active buyers online in 2019.
- Etsy had 60 million items listed for sale in 2019.
Etsy is the perfect platform for creatives looking for an online marketplace to display their unique, handmade products. It’s particularly popular with freelance creatives and people looking to buy unique, exclusive, and rare items.
Ideal for: Small businesses that sell handmade and vintage items.
These are some facts from Alibaba:
- Around 960 million people made a purchase on Alibaba in 2019.
- Alibaba posted revenue of $ 54.5 billion in 2019.
Alibababa is one of the largest online marketplaces in the world. The platform is particularly effective for reaching large manufacturers and buying products in bulk. Alibaba dominated the Chinese market in 2019, with an estimated 960 million active customers.
Ideal for: Large, established brands looking to expand and reach a global audience.
Here are some Fiverr facts:
- Fiverr recorded an average number of 50 million transactions per month in 2019.
- Fiverr achieved revenue of $ 27.9 million in the third quarter of 2019.
Unlike the other markets mentioned above, Fiverr offers standalone services. This platform connects companies with remote workers who specialize in all kinds of services, including digital marketing, video editing, programming, and graphic design. Joining Fiverr is free for freelancers and the costs of hiring a remote worker for a particular job start at $ 5 USD.
Ideal for: Small businesses looking to hire freelancers for outsourcing.
Here are some Upwork facts:
- Upwork reported revenue of $ 67.3 million in the fourth quarter of 2018.
With 12 million registered freelancers,
- Upwork is the largest freelance job market in the world.
Formerly Elance and oDesk, Upwork is an independent service marketplace that connects businesses and companies with remote workers from around the world, whether on a part-time or long-term basis.
Remote workers using Upwork specialize in all kinds of services, including accounting, expert marketing, content writing, and web development. They can create an account on Fiverr and offer their knowledge and services to companies around the world.
Ideal for: Companies that need freelance services and competent remote workers who can excel in a highly competitive job market.
Social networks and electronic commerce
Social media platforms can help e-commerce businesses expand their reach and establish a recognizable brand identity. They can also increase sales and pave the buyer journey by directing consumers to retailers ‘online stores or by allowing shoppers to purchase items directly from retailers’ social med
How Social Media Facilitates E-commerce?
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The most popular social media platforms such as Facebook, Instagram, Twitter, and Pinterest are not typically used by marketers as an alternative to online stores. Rather, retailers use these platforms to display their products by using visuals, such as photos and videos, and engaging social media copy to attract customers and reach a wider audience. Consumers who come across an item they find interesting on social media platforms are directed to the retailer’s online store so they can make a purchase.
Conducting e-commerce transactions on social sites
Is there anything else to say about social media ecommerce or social media ecommerce? Well, some social media platforms are taking things further by allowing customers to sell products directly from their social media accounts. For example, retailers who display their products on Instagram can use Instagram’s payment option. This feature allows customers to buy the items they like without having to leave Instagram.
Since September 2018, businesses can also use Instagram Shoppable Stories, a feature that allows businesses to add product stickers to a story. Customers who come across a product they like can simply click on a sticker that will redirect them to the product page that has more details about the product.
The aforementioned initiatives are certainly interesting, but it is important to note that not all social selling projects are successful. Grab the Buy buttons from Twitter. In 2014, this social media platform launched a feature that allowed customers to buy items directly from a Tweet.
It wasn’t a huge success, so the company officially closed the project in 2017.
Examples of e-commerce: success stories and failures
At this point, you have a solid idea of what e-commerce stands for, what types of e-commerce transactions take place, and what types of platforms marketers use to reach their audience. Now we are going to go over some of the most successful ecommerce examples, as well as those that failed in this industry in order to learn from their winning strategies and mistakes.
This section lists some of the top ecommerce sites on the web, and sheds light on what makes them successful.
Amazon’s e-commerce example
Amazon is not only one of the largest e-commerce platforms, it is also the most valuable company in the world, surpassing even Microsoft in market value. Amazon is a booming and competitive marketplace for third-party sellers and a platform where customers enjoy a wide selection of products from suppliers around the world.
- Be customer-centric: “Amazon is not trying to force customers to adapt to the way they want to sell them,” he says. “Amazon would prefer to fit the way customers shop today and will change their buying behavior in the future.” They address all customer concerns by providing a detailed help center where they can learn about their purchase, refunds, and shipping fees.
- Get creative – Amazon is always conducting experiments and finding ways to improve the shopping experience. Amazon regularly conducts online email surveys where they ask customers to rate their shopping experience with Amazon. This provides the company with guidance on what areas they should work on to improve their customer experience.
- Focus on the customer experience: Amazon is focused on engaging customers and making them a vital part of the buying process. A good proof is the huge number of criticisms. Customers want to share their experience with the platform because they feel that their opinion matters.
- Continuously improve and optimize – Amazon makes good use of your data. The company is always looking at the numbers, and it uses data in almost every aspect of the business, including customer experience, warehousing, operations, finance, and marketing.
However, when you are trying to build an ecommerce business from scratch, it is difficult to relate to one of the greatest giants of the digital age. That is why we are also going to see Birchbox.
The Birchbox e-commerce example
Birchbox runs a two-pronged business: it offers a subscription in which the company charges members $ 10 a month to receive a “custom mix of 5 hair, makeup, skincare and fragrance samples,” and it also has a store online that allows customers to purchase full-size products. As of 2015, Birchbox has more than 800 brand partners and more than one million subscribers.
What makes Birchbox successful
Several factors contribute to the success of Birchbox, but one of the most important is data.
The company’s co-founder, Katia Beauchamp, told Forbes that data became her best friend.
Here’s an example of how the company uses data: Birchbox asks subscribers to review each article and uses that information to match customers to the best products. Birchbox also sends the data to its partners so they can determine what works and what doesn’t.
Another key to your success? Unlike most of its competitors, Birchbox is not just a box subscription service. The company allows members to purchase full-size products in addition to samples, which is what sets it apart from the competition.
The Wayfair eCommerce example
Wayfair is an American company that specializes in the sale of furniture and household items. The company offers more than 14 million items from 11,000 suppliers worldwide and was the fastest growing retailer in the United States in 2018.
What makes Wayfair successful
Wayfair is a dropshipper so it hardly carries any inventory. That said, the company does a tremendous job of supplier, order, and fulfillment management. “They figured out how to manage 7,000 vendors and the delivery delivery process so that vendors would go directly to the consumer,” says Neeraj Agrawal of Battery Ventures in an interview with Forbes.
It works like this. Suppliers upload their inventory data to Wayfair’s servers, and the company’s algorithm crunches the numbers and uses that information to determine shipping time and processes. The system is very effective in informing suppliers of purchases made. They are immediately notified of the type of order placed. In addition, the system evaluates the size of the order and makes the decision to ship via FedEx or use a delivery company.
In addition to efficient supplier and order management, Wayfair also strives to get to know its customers. The company encourages each buyer to create an account, and observes user behavior in order to personalize the shopping experience accordingly.
The Zappos eCommerce example
Zappos is an online footwear and clothing retailer based in Las Vegas, NV. It is currently owned by Amazon, but it is still worth taking a look at what makes this ecommerce site successful.
What makes Zappos successful
Zappos is famous for its customer service. The company’s main promise to customers is that they offer the WOW service. Their popular slogan “Deliver WOW Through Service” lives up to that core value by always putting customers first.
For example, while other companies encourage call center agents to get off the phone as quickly as possible, Zappos wants its employees to stay on the phone for as long as necessary. At one point, a Zappos employee even spent 10 hours on the phone with a customer.
When asked how the company felt about it, Jeffrey Lewis, supervisor of the Zappos customer loyalty team, said: “The first core value of Zappos is offering wow through service, and we believe that allowing members of our team’s ability to stay on the phone with a customer for as long as they need is a crucial means of meeting this value. ”
Examples of skip failure
You have seen the success stories; Now let’s take a look at some of the biggest failures in the industry. Pay attention and learn from the mistakes of these companies.
Boo.com was a UK-based clothing and cosmetics e-tailer that failed just two years after its launch. It was just one of many Internet companies that went out of business during the dot-com bubble of 2000.
NASDAQ Composite Index (which was made up of many tech companies) soared in the late 1990s, but saw a sudden drop after the bubble.
For the uninitiated, the dot-com bubble burst occurred from 1997 to 2001. Rapid growth in Internet use and adoption at the time fueled investments to incredibly high valuations and companies that haven’t even turned a profit were made public. The hype was not sustainable, however, and the capital soon dried up. As you will learn without continuation, this was ultimately one of the reasons why Boo.com (among others) shut down.
Why did Boo.com fail
Boo.com also tried to expand too fast, while its operating expenses were too high. And due to the plunge in tech stocks at the time, the company wasn’t able to raise enough funds to stay afloat.
As the name suggests, eToys.com was an online toy retailer. It launched in 1997 and then filed for bankruptcy in 2001.
Why eToys.com failed
Like Boo.com, eToys had tried to expand too quickly and also incurred high operating expenses. Due to market conditions after the dot-com bubble, eToys did not raise capital to allow it to continue operations.
But that was not the only factor that led to its failure. According to ABC News, the main failure of eToys was not being abl
e to deliver all orders on time. They had a massive amount of orders during their first holiday season, but most of the customers received a late shipment, which brought them a bad reputation.
The bad publicity didn’t stop there. At one point, the company sued Etoy, a Swiss art site. eToys tried to get the domain etoy.com saying it was too similar to eToys.com. The move was met with widespread reaction, and eToys.com backed down.
Founded in 2010, Toygaroo was an online toy rental service that was dubbed the Netflix of toys. Toygaroo allowed parents to rent toys for a period and return them once their children got tired of playing with them.
Toygaroo got off to a promising start. Its founder, Nikki Pope, appeared on the hit TV show Shark Tank and got a $ 200,000 investment from Mark Cuban and Kevin O’Leary. Unfortunately, that investment did not dissolve. Toygaroo filed for bankruptcy in 2012 and subsequently closed.
Why did Toygaroo fail
While the exact details of Toygaroo’s closure were unclear, it appears that the company had trouble dealing with its rapid growth, as well as executing its business model.
Phil Smy, former CTO at Toygaroo, told Shark Tank Blog that Toygaroo might have had trouble scaling the business. The company received explosive growth in a short span of time that is both a huge success and a difficult thing to manage. No matter your experience, small businesses lack the ability to manage rapid growth. If Toygaroo had slow, organic growth, the company could have avoided bankruptcy.
Meanwhile, Kevin O’Leary, one of the sharks who invested in Toygaroo, told Forbes it was his worst deal on the show. “Great concept, but they were unable to execute,” he said.
How many e-commerce transactions are there around the world?
Statistics show that there will be more than 2.5 billion consumers online by the end of 2020. Putting things in perspective, with a global population of 7.7 billion people, that basically means that 25% of the world’s population is doing trade transactions. electronic.
How much is e-commerce worth?
E-commerce made around $ 3.5 trillion in sales in 2019, and the sector is forecast to experience even greater growth in the future.
Is e-commerce still growing?
I bet so! Studies project that e-commerce will see a growth rate of 265% in the future from $ 1.3 trillion in 2014 to $ 4.9 trillion in 2021.
How many e-commerce sites are there in the world?
It is estimated that there are around 24 million e-commerce sites selling products online in 2020.
What are the biggest e-commerce companies?
The largest e-commerce company is Amazon, with an estimated market value of $ 993 billion in 2019. The largest player in the Chinese market is Alibaba, which takes about 56% of the market share.
What percentage of e-commerce is mobile?
In the United States, mobile devices accounted for 44.7% of all e-commerce retail sales in 2019.
What days do people buy the most?
Mondays and Sundays receive higher traffic than the other days of the week.
What time do people buy the most online?
The peak time that customers make purchases is between 8 pm-9pm in 2020.