Online shopping is a multi-billion dollar industry. It’s been growing steadily ever since the internet became mainstream and many experts are predicting that it will continue to grow for at least another 10 years.
This year’s Black Friday and Cyber Monday are just around the corner and it’s only logical that we lay out some of the most interesting facts about online shopping and ecommerce. If you are in a mood, grab a cup of coffee and relax because some of these facts will left you speechless.
Ready? Here we go.
1. Most successful ecommerce websites were launched in the 90s
The internet became mainstream in the 90s. People were opening online businesses left and right. Investors from all over the world were eager to invest in anything related to this fairly new technology which created the dot-com bubble in the middle of the 90s. It was a period of excessive speculation and many investors had the chance to learn from first hand that what goes up, often comes down. When the bubble bursted right after the 90s ended, the stocks of many online businesses became worthless. Many companies had to close down and a lot of investors lost their money.
With that said, each of the five most successful ecommerce businesses today were launched in the 90s. All of them survived the Dot-com bubble and they are making billions every year.
- Amazon – launched in 1994
- Jingdong – Launched in 1997
- Alibaba – Launched in 1999
- Ebay – Launched in 1995
- Rakuten Inc – Launched in 1997
2. U.S. dominates the transactions done through mobile devices
United States is the leader of online consumerism. But the fact that 33% of all transactions done through mobile devices are made in the U.S. is mind blowing.
Especially when considering the fact that there are 4 times less mobile devices in the U.S. than in India and China and that there are around 5 billion people with a mobile phone in the world right now.
3. Black Friday 2017 was another record breaking day
Black Friday and Cyber Monday are the days when consumers can get a special deal on almost anything. Whether you are looking for a new bathtub, or an electric toothbrush, Black Friday is the day when you can save big. Last year’s Black Friday broke a lot of records according to several analytics, and many experts predict that even more records will be broken in 2018.
- According to Adobe Analytics, U.S. retailers earned close to 8 billion dollars on Black Friday 2017, breaking the record from 2016 by nearly 18%.
- Amazon drew 7.14 million transactions on Black Friday alone which means that they sold over 82 products every seconds during the Black Friday alone.
- Just after the Black Friday weekend, Jeff Bezos, the CEO of Amazon became the first human in history to have a net worth over $100 billions.
4. Buying clothes online is getting more popular
We used to believe that you can’t buy clothes or footwear online without trying them on first, but we were wrong. Clothing, footwear and textile have seen the greatest year-on-year growth in online sales for the past few years. Experts are predicting that the growth won’t slow down for years.
5. Amazon almost dominates the U.S. retail ecommerce
Reports show that in 2017 amazon had 43.5% share of retail ecommerce in the US. This number has grown to nearly 50% in 2018 and it’s probably just a matter of time when 1 of 2 purchases online will be made through Amazon.
6. The first online sale was made in 1972
The year 1972 was the year when the first ever online sale was conducted by students from MIT in Massachusetts and Stanford University in California. It was long before Amazon, Ebay and other ecommerce giants existed and it was done through Arpanet which was the basis of the internet as we know today.
And what was the item that was sold? A bag of weed.
7. Millenials are dominating the online shopping
If there’s one generation of people that stands out in the world of online shopping, it’s millennials. They account for 54% of all online purchases and it’s been said that they will continue to dominate until they get dethroned by generation Z. Feeling old yet?
8. Ecommerce is growing over 20% per year
While it’s a fact that we can buy just about anything online these days, the ecommerce industry continues to grow rapidly. No one can predict for how long it will continue to grow, but if it keeps going on this pace for a few decades, physical stores will be in huge trouble.