The growth of e-commerce

Shchetinina Dasha, student

Scientific supervisor: Gizhko Igor, senior lecturer

Donetsk National University of Economics and

Trade named after Mykhailo Tuhan-Baranovskyi

shchetininadasha@mail.ru

THE GROWTH OF E-COMMERCE

Abstract. E-commerce is rapidly gaining momentum in the field of economics, which very quickly penetrates into all areas of human activity. Traditional schemes of economic activity are not always effective in modern market conditions, therefore, the transition to electronic business methods increases the effectiveness of marketing promotion.

Purpose. Analysis of the role of e-commerce in the modern world and description of development prospects in the near future.

Research results. The concept of e-commerce is defined, the current state of the e-commerce market is studied and the key features of this market are identified.

In the modern world, the economic life of society is undergoing changes in its content and needs for modernization, especially in virtual reality [1].

E-commerce is a type of business related to the sale of goods and services via the Internet. All actions that are aimed at earning money on the Internet, in essence, can be attributed to e-commerce.

The term itself originated in the USA, where the first online sale was made - on August 11, 1994, a Ten Summoner's Tales Sting disc was sold using an encrypted transaction. Since then, despite numerous difficulties, the sphere has become increasingly popular, and the pandemic has only pushed it to the peak of development [2].

This area is very diverse: in addition to online sales themselves, it includes broad categories of online banking dealing with transactions on the network, and Internet marketing, which includes advertising and actions aimed at increasing conversions [2].

If you are looking for a way to increase your sales and take your business to new heights, then you should definitely pay attention to e-commerce. It combines a strong online presence with the latest platforms, which will help you expand your offerings and increase your reach.

Worldwide Growth of E Commerce is widely used by businesses all over the world. E-commerce mostly consists of electronic business transactions related to the purchase and delivery of goods and services. The COVID-19 pandemic, which led to a massive lockdown in 2020, was the impetus for the development of e-commerce. Even then, the volume of the global e-commerce market was estimated at more than $10 trillion [3]. Let's turn to statistics and future forecasts.

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Illustration 1. The Growth in Retail E commerce Sales Worldwide 2021-2026 in trillions [4]

The diagram shows that an even greater increase in the e-commerce market is expected. E-commerce sales are supposed to increase as well. The focus  is shifting to establishing a web presence that can capture online sales. Code-free website builders make this possible with a low barrier to entry. Research shows that it’s more than just a trend. Customers will likely continue to turn to the internet every time they want to make a retail purchase.