by The evolution of e-commerce can be traced back to the invention of the Internet in the 1960s. However, it was not until the 1990s that online shopping began to gain popularity. Here is a timeline of the key events in the evolution of e-commerce:
- 1979 – Michael Aldrich invents teleshopping: The concept of shopping from home using a computer and a telephone line was first introduced by Michael Aldrich in the United Kingdom.
- 1991 – The first online sale: The first item ever purchased online was a CD of Sting’s “Ten Summoner’s Tales” album. It was sold by NetMarket, an online retailer that was founded by Dan Kohn.
- 1994 – Netscape launches the first e-commerce platform: Netscape introduced the Secure Sockets Layer (SSL) protocol, which enabled secure transactions online. This made online shopping safer and more convenient.
- 1995 – Amazon.com launches: Jeff Bezos founded Amazon.com, an online bookstore that would later grow to become one of the largest e-commerce platforms in the world.
- 1998 – PayPal is founded: PayPal revolutionized the payment industry by providing a fast, secure, and convenient way to send and receive money online.
- 2000 – The dot-com bubble bursts: Many e-commerce startups went bankrupt as a result of the dot-com bubble bursting, which was caused by overvalued stocks and unsustainable business models.
- 2002 – Alibaba launches: Alibaba, a Chinese e-commerce platform, was founded by Jack Ma. It quickly became one of the largest e-commerce companies in the world.
- 2005 – Amazon Prime is introduced: Amazon Prime, a subscription service that provides free two-day shipping, unlimited streaming of movies and TV shows, and other benefits, was introduced.
- 2008 – Mobile commerce takes off: The introduction of smartphones led to the rise of mobile commerce, as consumers began to shop online using their mobile devices.
- 2014 – Alibaba goes public: Alibaba became the largest initial public offering (IPO) in history, raising $25 billion.
- 2017 – Amazon acquires Whole Foods: Amazon acquired Whole Foods, a grocery store chain, signaling its entrance into the grocery industry.
- 2020 – COVID-19 pandemic accelerates e-commerce growth: The COVID-19 pandemic led to a surge in online shopping as people avoided going to physical stores.
Overall, the evolution of e-commerce has been driven by advances in technology, changes in consumer behavior, and the growth of the Internet. From its humble beginnings as an online bookstore, e-commerce has grown to become a multi-trillion-dollar industry that has transformed the way we shop and do business.
