eCommerce & Crypto Currency

eCommerce

eCommerce (or electronic commerce) is the buying and selling of goods (or services) on the internet. It encompasses a wide variety of data, systems, and tools for online buyers and sellers, including mobile shopping and online payment encryption.

Most businesses with an eCommerce presence use an eCommerce store and/or an eCommerce platform to conduct online marketing and sales activities and to oversee logistics and fulfillments.

eCommerce was introduced about 40 years ago in its earliest form.

Since then, electronic commerce has helped countless businesses grow with the help of new technologies, improvements in internet connectivity, added security with payment gateways, and widespread consumer and business adoption.Generally, there are six main models of eCommerce that businesses can be categorised into:

  • Business-to-Consumer (B2C)

  • Business-to-Business (B2B)

  • Consumer-to-Consumer (C2C)

  • Consumer-to-Business (C2B)

  • Business-to-Administration (B2A)

  • Consumer-to-Administration (C2A)

Growth of eCommerce

eCommerce has come a long way since the CompuServe launch in 1969. Changes in technology have certainly driven eCommerce growth, along with global circumstances. Today, eCommerce must meet consumers’ expectations for safety and convenience.

  • The United Parcel Service Inc. rode a pandemic-fueled surge in eCommerce to higher profits and a 13% jump in revenue during the June 2020 quarter. During that same quarter, UPS saw a 65% increase in deliveries to residences.

  • In 2019, U.S. e-retail sales on Amazon increased by 19.1% and amounted to over 222.6 billion U.S. dollars.

  • By the end of 2020, U.S. spending online is expected to reach approximately $375 billion. Experts forecast that by the end of 2024, online spending will surpass $476 billion.

Main features of an eCommerce website:

Most customers look for a few key features when evaluating an eCommerce website. These are elements that improve the overall online shopping experience by making it highly functional and user-friendly.

  • Easy to use features: Simple navigation tools, easy checkout flows, etc.

  • Mobile compatibility: Compatible and functional on all mobile devices.

  • Discount code and promotional capabilities: Allows shoppers to use discounts on-site.

  • Security features: Payment processing is secure and reliable.

  • Social proof: Validation from past customers and trusted sources.

  • User-generated content: Reviews, ratings and photos that add to the ethos of offerings.

Data Source: www.bigcommerce.co.uk

Crypto Currency

A cryptocurrency (or crypto currency or crypto for short) is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerised database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. ( Source: Wikipedia)

Crypto Market Facts:

  • The global blockchain market size is expected to reach $57 million by 2025.

  • 78.95% of cryptocurrency owners bought their coins, while the rest mined

  • Bitcoin accounts for $6 billion of daily transactions.

  • The University of Cambridge estimates that the number of global digital-asset users has increased by 189% since 2018.

    In its new global crypto-asset research findings, the Cambridge Centre for Alternative Finance (CCAF) revealed up to  “101 million unique crypto-asset users across 191 million accounts opened at service providers in Q3 [of] 2020.

  • The cryptocurrency market was valued at USD 1.03 billion by 2019 and is projected to reach USD 1.40 billion in 2024, growing at a CAGR of 6.18% during the forecast period.