What's Happening?
E-commerce has revolutionized retail, transforming it from local storefronts to global marketplaces. Since its inception with CompuServe in 1969, e-commerce has evolved significantly, with key milestones including the creation of electronic shopping by Michael Aldrich in 1979 and the launch of Amazon and eBay in the 1990s. The industry has grown exponentially, with e-commerce sales accounting for 15.6% of U.S. retail sales in the third quarter of 2023. The COVID-19 pandemic further accelerated the shift towards online shopping.
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Why It's Important?
E-commerce has redefined convenience, security, and user experience, proving indispensable for consumers and businesses alike. The industry's growth has created new opportunities for businesses to reach a wider audience and operate more efficiently. As technology continues to evolve, e-commerce will remain a major part of our lives, driving further innovation and reshaping the retail landscape. Businesses must adapt to changing consumer preferences and leverage technological advancements to stay competitive.
