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The Internet and information and communications technologies (ICT) are central to economic growth and productivity. Internet-based technologies and networks can increase productivity, decrease costs, and open new market opportunities.
Now-a-days, using the Internet and email to conduct business is not uncommon. However, lack of technical and management skills in Information and Communications Technology is a barrier. E-Commerce or Electronics Commerce is a methodology of modern business which addresses the need of business organizations, vendors, and customers to reduce cost and improve the quality of goods and services while increasing the speed of delivery.
E-commerce refers to paperless exchange of business information using various requirements such as Electronic Data Exchange (EDI), Electronic Mail (e-mail) , Electronic Bulletin Boards , Electronic Fund Transfer (EFT) and Other Network-based technologies. It involves the process of buying and selling over the Internet, or conducting any transaction involving the transfer of ownership or rights to use goods or services through a computer-mediated network without using any paper document.
The E Commerce market in United States of America has enjoyed robust growth for the last six years. Though e‐commerce has been around in the last fifteen years, the pertinent factors are now finally in place to drive the E Retailing market ahead. Nonetheless, the technological advancement in Internet‐enabled handheld devices has made them abundantly available.
The e-commerce industry contains important retailers, e.g. Amazon.com and eBay, information service companies, e.g. Google and Yahoo, online versions of traditional brick-and-mortar stores. Amazon is on top within the E Commerce service with 6 website servers, 32 million customers in 150 different countries, 900,000 associate programs linked with Amazon or having contents of Amazon. Because of this tremendous importance in the e-commerce industry.
E-commerce and e-business are not solely the Internet, websites, or dot com companies. It is about a new business concept that incorporates all previous business management and economic concepts. As such, e-business, and e-commerce impact on many areas of business and disciplines of business management studies.
The E Commerce market of the US has been well established and placed on a perfect platform to have a futuristic availability on the support framework for every category of e-commerce categories to be available within the country. Online retailers are also establishing a physical presence to support the showcasing of brand and private-label products. It can also help them to provide the shopping experiences that many consumers crave, as discussed earlier Amazon is a high-profile example here. The online giant opened its first physical Amazon Books in Seattle in late 2015, following experiments with pop-up stores.
The pandemic has accentuated the trend towards greater adoption of social media and growth in sales through e-commerce websites within the US E Commerce Market. Shifts in consumption habits have also been observed, driven by the need for sourcing essential items.
Social media and own e-commerce shops are important sales channels for the e-commerce companies. Both channels have witnessed higher growth since the beginning of the COVID-19 crisis. The COVID-19 crisis has been associated with a change in sales composition for more than 65 percent of them.
A Major trend noticed in the US E Commerce market is Companies and service providers in several countries, including Singapore and the US, have set up kiosks to enable financial and non-financial transactions. These kiosks are fixed stations with phone connections where the customer usually uses a keyboard and television-like screen to transact or to access information.
Kiosks in the United States enable the customer to send money via wire transfers, cash cheques, make purchases using cash, and make phone calls. Located at convenient public locations such as bus or subway stations, convenience stores or shopping malls, these kiosks enable electronic payments by individuals who may not have regular access to the internet or mobile phones.
The US Market of E-Commerce can be segmented into following categories for further analysis.
Electronic commerce, commonly known as E-commerce or e-commerce, is trading in products or services conducted via computer networks such as the Internet. Electronic commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems.
Modern electronic commerce typically uses the World Wide Web at least at one point in the transaction’s life cycle, although it may encompass a wider range of technologies such as e-mail, mobile devices, social media, and telephones as well.
There have been recent integrations within the E Commerce industry on technological backgrounds which involves extensive Architectural framework of e-commerce means the synthesizing of various existing resources like DBMS, data repository, computer languages, software agent-based transactions, monitors or communication protocols to facilitate the integration of data and software for better applications.
The US E Commerce Market has seen that the latest integration of the Artificial Intelligence as part Customer segmentation and identification of patterns based on customer’s browsing history are massive challenges for ecommerce stores in terms of automation and store personalization. Intelligent algorithms are now hailed as the key to deal with such challenges.
Apple has introduced an AR kit for its new operating system iOS 11. In response to that, Google launched AR Core for Android smartphones. The Augmented Reality trends for product visualization will see shift upward in 2019. The adoption of AR/VR enabled smart devices will increase sharply leading to a change in global ecommerce trends.
There has been considerable growth in the E-commerce section of the United States of America with an improved segment of operations using technological interventions as part of physical and mobilized IT Technologies for customer success.
Amazon is the largest online retailer in the United States. Amazon started as an online bookstore, but it quickly expanded to all sorts of different verticals, including electronics, fashion, and home goods. Perhaps its most innovative and successful contribution to online retail is Amazon Prime.
Amazon Prime is a subscription service that provides shoppers with unlimited 2-day shipping from Amazon. This has been the most successful and recent product run under the operational access of Amazon. FBA allows third-party merchants to use Amazon’s warehouses, fulfilment center network, and logistics capabilities to fulfil orders. Items sold through FBA are Prime-eligible, which is increasingly important to attracting customers on Amazon.
eBay is taking steps to make its platform look and operate more like Amazon. It is encouraging sellers to offer free guaranteed 3-day shipping. It is combining product listings from sellers with the same item, enabling consumers to find the best price more easily. It also launched a Best Price Guarantee, offering customers a 110% rebate on the difference between an item they bought on eBay and an identical listing on a competitors’ website.
Shopify is quite different from the other companies mentioned in this article. Instead of operating its own centralized marketplace, Shopify provides a platform for small merchants to sell items on their own websites and on other third-party marketplaces including Amazon and eBay.
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