Early ecommerce started in 1992, by the pioneering book store company, Book Stacks Unlimited. developed by software engineer and founder Charles Stack. The aim of the company was to supply its customers with access to ever book ever written. While it never achieved this goal, Book Stacks Unlimited has however achieved something much greater, the shift to digital commerce. Amazon later developed the idea of Charles Stack by adapting its business model to never hold physical stock, instead basing its product availability on supplier levels. Founder Jeff Bezos later expanded the product service line of Amazon to include other popular items of the time such as CDs, video and computer equipment.
Initially independent online-only retailers championed the practise of ecommerce, larger brands were slow to adopt online sales. PizzaHut and Victorias Secret were among few to build online stores and join the internet revolution with much success due to their innovation and lack of competition in the field.
Now in 2020, ecommerce sales make up 14.1% of global sales, with predicted growth reaching 22% by 2023. Retailers are experiencing a decline within the UK with employment and revenue dropping from previous years. The reasons believed to have caused this 'irreversible damage' to the high street are though to be economic uncertainty and the shift in consumer behaviour to online services.
With 63% of traffic to retail sites and 53% of sales via mobile it is evident that businesses must switch their focus to digital solutions. Popular online ecommerce platforms such as Shopify and Visualsoft provide services enabling users to develop a digital foothold within the market.
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