This idea may come naturally to some but there are many people out there that do not understand what eCommerce is and what it can offer. eCommerce (abbreviated for electronic commerce) is the exchanging of products and/or services over an electronic medium, most commonly the internet.
eCommerce got its start in the early 90's, companies such as Amazon and Ebay caught on early and offered services that allowed customers to purchase goods online. From the early 90's eCommerce flourished like no other market in this era, eCommerce simply exploded onto the scene until its bust in 2000, with any great rise in the economy it can be expected that the fall will seem just as dramatic.
This bust was only a road block in what is still considered a bustling market. Here are some quick facts about eCommerce directly from the Census Bureau:
• In 2005, e-commerce grew faster than total economic activity in three of the four major economic sectors covered by the E-Stats report. However, change over time in the e-commerce share of each sector's overall shipments, sales, or revenues continue to be gradual.
• Merchant Wholesalers, including Manufacturing Sales Branches and Offices (MSBOs), ranked second, with e-commerce accounting for 18.3 percent ($945 billion) of total sales. In contrast to other sectors, e-commerce sales of Merchant Wholesalers grew more slowly than total sales.
• In 2005, as in prior years, Manufacturers and Merchant Wholesalers relied far more heavily on e-commerce than Retailers or Selected Service businesses. Manufacturers also increased their use of e-commerce at a faster pace.
• Retailers' e-commerce sales increased by 22.2 percent. As a share of total retail sales, however, e-commerce sales remained modest: 2.5 percent ($93 billion), up from 2.2 percent ($76 billion) in 2004.
eCommerce has been an amazing asset to the United States economy and those individuals who aspire to become entrepreneurs. Expect more articles like this one on eCommerce, Entrepreneurship and so much more.
Robert Abrom is the CEO of Abrom Research Inc., find more resources for your journey to entrepreneurship at http://abromresearch.com
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