With the rise of the internet and our global interconnectedness also comes the rise of e-commerce and its continuing growth currently and in future projections. E-commerce is a multi trillion dollar industry that is only expected to keep growing.
The first e-commerce transaction took place in the 1970s and the rise of e-commerce can be connected to many different factors, its convenience, the increase in the usage of the internet, and increase in time spent on the internet.
Another large factor that has impacted the growth of the e-commerce market is PayPal. PayPal, which was founded in 1998 in the United States, is a payment platform where people and businesses can buy and sell through online money transfers. This helped e-commerce by making it easier to buy things online.
In 2020 the global e-commerce market was reported at 4.2 trillion dollars and only expected to rise in the future. Many current and future trend predictions are being made about their impact on e-commerce.
Social Media e-commerce
With the rise of smarter algorithms on social media platforms like Snapchat, TikTok and Instagram there has also been a rise in curated ads and integrated shopping within the apps. This will increase e-commerce because of the apps ability to predict what you will want to buy due to your activity on their platform. This creates a personalized shopping experience and will make it easier to shop because apps like Instagram already know what you want to buy.
AI generated content
AI art and other AI generated content has been in the news recently and trending online. People expect that this AI content will also increase the market for e-commerce because it will make it easier to make content faster than ever before.
Because of the vast oversaturation of consumable goods, and the ability to find the products you need for the cheapest price, the increasing growth of e-commerce has made prices change faster and become more competitive between sellers.
It’s unclear what the future of the e-commerce market will hold, but it is obvious that it will continue to grow very rapidly in the future.
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