Electronic commerce can be simply defined as the purchase and sale of goods and services that occur on the Internet. E-commerce empowers people and businesses to sell or buy products or services on a global scale. The projected growth of global online markets for a period between 2015-2020 is over 55%. Couple of years ago global retail e-commerce sales were worth some 2.3 trillion US dollars while the projected value of global E-commerce business in 2021 is to be around 4.88 trillion US dollars. Projected growth for traditional markets for the same period of time is to be only around 2%.
Most people associate E-commerce with business to consumer (B2C) sales of products and services in which business sells their product or service directly to end user or consumer for his end use. A lot of business sell their products and service to other businesses and that is known as business to business e-commerce (B2B). There are also other types of E-commerce like the consumer to business (C2B), consumer to consumer (C2C), government to business (G2B), business to government (B2G), consumer to the government (C2G).
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Global E-commerce and Projected Growth
Biggest regional E-commerce market at the moment and for the foreseeable future is and will be Asia which is worth $831.7 billion US dollars with Chinese online markets leading the way with sales worth a whopping $740 billion US dollars. North American online markets are worth around $600 billion US dollars with the US online market being responsible for $561 billion US dollars online sales.
European e-commerce markets are worth around $350 billion USD with everybody else being far behind China, US, and EU. The projected growth of electronic commerce for those three biggest online markets is mind-boggling as Chinese online market is expected to grow to over $1 trillion USD in less than five years with the value of US online markets projected to grow to over $730 billion USD at the same time.
By 2023 the projected value of online markets in the Asia Pacific region is going to be bigger than the rest of the world combined.
You must be asking yourself how all this growth and expansion of global and regional online markets can benefit you or your business. For the consumer, the most important thing is going to be a lower price of the products and services purchased online. Businesses can benefit from e-commerce in myriads of ways.
Benefits of e-commerce for businesses and consumers
The business will get new opportunities as they will literally be empowered to compete in the vast global online market in which they can distinguish their products, services or brands in a unique way while keeping the full control of the whole process. E-commerce drives the cost down, expands reach, drives the growth of revenue, increases efficiency, decreases the cost of inventory management and associated logistics, boosts the brand awareness, enables fast and almost instantaneous scalability just to name some of the advantages of the e-commerce for business. One of the most important advantages for business is the one that enables you to have your storefront open 24/7, 365 days a year.
Our decade’s long experience in all things e-commerce enables us to help you design and scale your online business correctly, helping you not only with your online storefronts and their setup, maintenance and security but we will take you a step further and help you to properly understand the market that your online business will operate in. We will also help you to understand the wants and needs of your existing and new customers in that market. We will provide you with a vast amount of actionable data and knowledge about your own customers and their online purchasing behavior, competition, logistics, merchant services, and online credit card processing. We can also help you find new markets for your products and services.
Online Payment Processing and Merchant Accounts
We will empower you to tap into our world of business banking and online payment processing which can beat any offer you might have on the table when it comes to online payment processing, fees and all the cost associated with having a merchant account while choosing the best online payment processor for your business. Depending on the volume of your sales that only can save you a lot of money. By just making the right choice for you and your business.
We will build and optimize your e-commerce for long term success!