Ecommerce (meaning online commerce – literally ‘electronic commerce’) has been the number one growing marketplace for retailers over the course of the past two decades. The rapid expansion of the internet and the wider infrastructure around the web has coincided with an increased consumer confidence in shopping online – especially given the lower prices generally offered by businesses online, as typified by GoGroopie.
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Although the company initially struggled upon launch, by many metrics Amazon is now considered to be one of the world’s largest retailers – with many predicting that it will surpass the likes of Walmart (who own a number of subsidiaries including ASDA) and Tesco in the coming years. With no physical stores, the scale Amazon’s warehouse-based online-only business model has ensured that they are able to undercut the prices of almost all of their competitors.
With the market still yet to achieve maturity, ecommerce has proven to be a rich ground for innovation and new types of business such as fashion retailer ASOS – though auction site eBay is perhaps the most notable in this respect. Now earning an estimated £16 billion in revenues annually purely through commission fees on sales made from customers on their website, some would argue that the company has been the internet’s greatest retail success story.
The rise of ecommerce has led to a number of secondary companies thriving alongside this new industry, with online payment portal PayPal being one such example of this.