Ecommerce has become one of the mainstays for online players and the double digit growth figures tell a good story. Year-on-Year growth in global ecommerce has been growing at more than 40% per annum.
Though the data is a bit dated, the growth has slowed down only by a few points and that does not really matter as the absolute figure now runs into '00s of billion dollars. Some of the encouraging signs for this growth stem from the fact that:
1) Many brick and mortar services such as financial services have moved on to the internet in a big way in the last few years. Banking, trading and a whole gamut of online financial services have helped increase the growth of online commerce.
2) Steady investments have gone into making the internet a secure place to transact in. Secured servers, encryption technology have made online transaction safer than they were 5 years ago. Other than that, increase in broadband availability, city-level Wi-Fi networks (specially in the US) have made it possible for users to access the internet very easily.
3) Small businesses are yet to go online and make ecommerce an important aspect of their bottom-line. This spells a huge potential in future ecommerce market as going online is not longer cost-prohibitive and ecommerce solutions are now available out-of-the-box for as little as $75 per month (www.easystorecreator.com is a good example). In September 2007, Small Business Research Board eCommerce Study further confirmed the fact that 30% of small businesses were expecting online sales to increase significantly in the next 12 to 24 months.
The US of A continue to lead in the ecommerce race with more and more Americans booking travel, completing their financial transactions and buying day-to-day needs online. However, Europe and most of Asia are fast catching up to the ecommerce phenomenon and is likely to speed in the next couple of years.
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