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what is ecommerce

What is Ecommerce: The Importance of Developing an Online Presence

Ecommerce at its most basic is the buying and selling of goods or services via the internet. The 1990s gave birth to the concept of ecommerce as we know it today.  Pioneers like Amazon® and eBay® paved the way for the hundreds of thousands of companies to make major profits from ecommerce, changing the game of commerce in the big picture

What started as a unique convenience for a target market of consumers has transformed into a trillion dollar industry and a business as usual way of shopping for today’s average consumer.   Statista® reported in 2013 that worldwide B2C ecommerce sales passed the 1.2 trillion U.S. dollar mark.⊃1;

The evidence of ecommerce’s success does not lie solely in the numbers however, but also in the overall state of commerce today.   Whereas in the 90s, ecommerce sites like Amazon.com gave consumers a taste of convenience, today’s consumers have a seemingly insatiable appetite for it. Convenience is something that consumers now increasingly demand both online and in brick and mortar locations. 

For merchants having an online store has transformed from being a singular business model unrelated to owning a physical store, to being a nice-to-have addition to their physical store, to being a must have in order to stay competitive with other businesses.  In other words, today’s consumers expect businesses to have an online presence at the least, and preferably online purchasing with direct shipping.       

Ecommerce changed the way we talk about commerce.  Payment related headlines are dominated with terms like omnicommerce, mcommerce and even dcommerce.    Omnicommerce refers to the concept that consumers expect to be able to interact with a particular store wherever they want to whether it’s online via a PC, through a mobile browser, a mobile app, or even social media.  A concept ushered in by the ecommerce explosion.  Mcommerce and dcommerce refer to mobile commerce and digital commerce, which are currently evolving and could be considered as specific types of ecommerce. 

Contact us for more information about ecommerce.

⊃1;   Statista, E-commerce, http://www.statista.com/markets/413/e-commerce/

Amazon, eBay, and Statista are registered or unregistered marks belonging to unaffiliated third parties that do not sponsor or endorse Vantiv Integrated Payments, LLC.

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