E-commerce is the practice of marketing and trading of products and services over the internet. Consumers visit the relevant website or online market and buy products using digital payment methods or regular cash on delivery method. Upon confirmation of the order that has been placed by the consumer, the trader transports the products or offers the service.
Electronic commerce is not a new term, it has been a significant trading platform since the early ‘90’s, when Amazon was merely a marketplace for books, but in the present times, it’s a multibillion-dollar business – and it has emerged even mightier during the pandemic. According to Digital Commerce 360’s analysis of U.S. Department of Commerce data, e-commerce expenditure hit $347.26 billion in the first six months of 2020, up 30% year over year. If we consider it in comparison, e-commerce sales only amplified 12.7% during the first half of 2019.
It only makes sense. With several other choices, customers became familiar with buying the lot from food to clothing from online stores.
Trading of goods and services over the internet gained quite some significance during the COVID-19 pandemic, as business owners saw it as an opportunity and customers did not have much of choice but to welcome this new change in buying. This buying and selling change is not going away anytime soon, giving opportunities to small business owners to flourish online.