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22 October, 2021

eCommerce 101: An Evolution of Economics

22 October, 2021

At some point in the last year, small business owners considered if they should start, or if they should enhance their eCommerce operations to meet increased market demands of contactless interactions. Starting up an eCommerce website may seem overwhelming, that’s why Beedash is driven to make website management a streamlined process that is both easy to understand and manage regardless of your level of computer proficiency.

A variety of logistics must be considered when building an eCommerce store. This refers to details such as tax rules, shipping calculations, secure payment gateways and whether these needs are to be automated via software or manually managed by a staff member. Solutions are available to eStore operators of all sizes and Beedash can help point your business in the correct direction.

Ecommerce, or electronic commerce, is the buying and selling of products or services via the internet. It can come in a multitude of forms, but most kitchen equipment dealers are dealing with B2B eCommerce, which of course is the original form of eCommerce.

The eCommerce industry is booming. In 2019, worldwide eCommerce retail revenue amounted to 3.53 trillion USD. By 2022, experts suggest the eCommerce revenues will grow to 6.54 trillion USD. Online shopping remains one of the most popular online activities across the world.

B2B eCommerce Trends in 2020 diagram showing 93% of B2B buyers search online before purchase

In 1970, a US company Docutel invented a machine using online transactions made through bank computers known as the ATM (automated teller machine).

In the 1980’s, e-Commerce was on the scene with companies with CompuServe, Prodigy, and AOL (America Online) however not widely available to consumers. However, Tim Berners-Lee set a foundation for e-Commerce profit in 1989 when he invented the World Wide Web.

Shortly thereafter, in 1994 Jeff Bezos registers a domain for – the monolith and e-Commerce industry leader. 94’ was the same year that Netscape Navigator developed security encryptions for safe online payments.

During the bubble burst in the early 2000’s, 750+ businesses flooded the e-Commerce market.

In 2008, e-Commerce represented 3.4% of total retail revenue and reports from the US Census indicate that in 2020, that number rose to 14.3%.

Dynamic Market

With major developments in cyber-secure payment processing and eCommerce industry itself, there has never been a better time to explore your options. Staying competitive during a dynamic period of the industry is key and eCommerce could be the edge your business needs. From invoicing and taxes to shipping rates – there are solutions to elevate your eCommerce experience. Get in touch with Beedash to learn how you can plan to sell online today!

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