Although online shopping has been in existence for only a few years now, we simply can’t imagine life without it. We have become so accustomed to leaning back on our chair, while we peruse an endless list of products and accessories of every imaginable brand name. But how did it all started? In this article we’ll follow the events that shaped the Ecommerce today.
What is Ecommerce?
Essentially, Ecommerce (or electronic commerce) is the buying and selling of goods (or services) on the internet.
From mobile shopping to online payment encryption and beyond, Ecommerce encompasses a wide variety of data, systems, and tools for both online buyers and sellers.
Most businesses with an ecommerce presence use an ecommerce store and/or an ecommerce platform to conduct both online marketing and sales activities and to oversee logistics and fulfillment.
When was online shopping invented?
It first began way back in 1979 when Michael Aldrich used Teletext (AKA VideoTex) — a two-way message service which revolutionized business.
In 1991 the Internet became commercialized and saw the birth of e-commerce. Amazon started selling books online and Pierre Omidyar founded eBay. Both companies are now the ‘go to’ places for everything for sale online throughout the World.
Over the next few years, after witnessing the potential of a few online stores, many competitors and alternatives were created.
When and what was the first online transaction?
the first Ecommerce transaction actually took place at a tech startup called Net Market. On August 11, 1994, the startup saw the first secure online transaction when founder Dan Kohn saw his friend buy a Sting CD using a credit card.
That day, Dan Kohn and his three co-founders had no idea what a big business ecommerce would become. But like all great journeys, it started with a single step.
In subsequent years, online commerce and shopping has become the norm and we cannot comprehend what the World would look like without it.
Although the number of online sales, products and services has exploded, nothing fundamental has changed much.
Into the now…. bring on Cryptocurrency and the blockchain.
We are now seeing cryptocurrency being adopted more widely. More and more places are accepting crypto as a payment method.
As an option for the future, cryptocurrencies seem to be the perfect payment method in Ecommerce as this is a digital transaction system.
Currently, their use is not very extended for large brands or for small retailers, as cryptocurrencies are only used by the most technologically advanced buyers – the minority.
Ecommerce still has the challenge of taking advantage of the increase in digital sales during the COVID crisis and educating the population on its use and workings. Digital currencies may be something to explore for brands and sellers who have a more specialized audience in sectors like computing and gaming.
You can also shop online with your Jeton Wallet at certain merchants and sites worldwide.
