Ecommerce 101 + The History of Online Shopping: What The Past Says About Tomorrow’s Retail Challenge


When it comes to ecommerce, a word that first comes to mind is growth.


Ecommerce expert Gary Hoover’s research shows that just in the last 14 years, the growth of ecommerce companies has skyrocketed across the board.


And some merchandise lines (like clothing and beauty products in particular) have achieved a remarkable 25% average CGR between 2000-2014.


This trend isn’t slowing down, either.


In fact, growth projections estimate that by 2022, ecommerce revenues will exceed $638 billion in the U.S. alone.


Globally, ecommerce growth projections are also on an upward trajectory:


They show that retail sales may exceed $4.058 trillion by as soon as 2020.


Even more data reinforces the ecommerce growth trend:


  • There may be as many as 2.14 billion digital buyers worldwide by 2021 (eMarketer)

  • U.S. ecommerce sales of apparel, footwear, and accessories projected to exceed $123M by 2022 (Statista)

  • Shoppers spend 36% of their budget online on average (BigCommerce)

But what’s exciting about this is that there’s still so much opportunity within the online marketplace.


U.S. Department of Commerce data shows that ecommerce sales currently average about 9.1% of total retail sales. That means there are still endless opportunities for brands to launch an ecommerce website and to expand their reach.


When you factor in the expanded ecommerce selling opportunities through omnichannel retail (like adding Amazon and eBay storefronts to your sales approach, for example), it’s easy to see that now is the best possible time to grow an ecommerce business.


IT’S NOW OR NEVER

There has never been an easier time in history to build a business PERIOD.


The cost of entry is lower than ever before. The ability to access & qualify experts is much easier. The ability to speak directly to your customers and make adjustments has never been easier.


– Eric Carlson, Co-Founder, 10x Factory


What is Ecommerce?

Essentially, ecommerce (or electronic commerce) is the buying and selling of goods (or services) on the internet.