{"id":2669,"date":"2017-04-21T09:57:09","date_gmt":"2017-04-21T09:57:09","guid":{"rendered":"http:\/\/www.openbusinesscouncil.org\/?p=2669"},"modified":"2020-02-27T09:31:58","modified_gmt":"2020-02-27T09:31:58","slug":"study-examines-20-years-evolution-ecommerce","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/study-examines-20-years-evolution-ecommerce\/","title":{"rendered":"Study Examines 20 Years of Evolution in Ecommerce"},"content":{"rendered":"
\"\"<\/a>
Study Examines 20 Years of Evolution in Ecommerce<\/figcaption><\/figure>\n

Study Examines 20 Years of Evolution in Ecommerce<\/strong><\/h2>\n

It is tempting to still think of ecommerce as a new invention, but the truth is that more than two decades have gone by since\u00a0<\/span>Amazon first opened its doors<\/a>\u00a0and today online shopping is a $400 billion industry. What started out as a game of innovation and trial and error is now a sector with its own standards and metrics.<\/p>\n

These are the conclusions drawn by a\u00a0<\/span>recent report from Astound Commerce<\/a>, which has studied two decades of change and evolution. It examines the impact of\u00a0<\/span>every component of an ecommerce business<\/a>, including design layout, payment platforms, digital marketing and user experience, along with the effects of customer reviews and product recommendations.<\/p>\n

The report studied 300 metrics across 100 of the top online retailers and identified the biggest changes that have been seen across the industry in its 20-year existence.<\/p>\n

From catalogue to virtual store<\/strong><\/h2>\n

In the 1990s, ecommerce sites were a far cry from what we see today. The report notes that in the early days, retail websites looked more like an old-fashioned product catalogue. Views and colours changed only about 12 per cent of the time, compared with 96 per cent today.<\/p>\n

Another sign of the evolution from on-screen catalogue to online store is the question of product availability. In 1999, less than a quarter of online sellers offered inventory information, while today the figure stands at 95 per cent.<\/p>\n

The importance of recommendations<\/strong><\/h2>\n

Perhaps the most dramatic findings in the report are around the importance of product reviews and recommendations. As recently as 2005, when Amazon was already a decade old and ecommerce was firmly in the mainstream, less than a third of potential buyers bothered to read customer reviews when viewing a product. Today, they are viewed by 94 per cent, proving the huge significance of peer validation among buyers.<\/p>\n

Upselling has also become a key aspect in customer conversion and retention. Go back 15 years, and only 38 per cent of sites provided recommendations based on a past purchase. In today\u2019s ecommerce environment, this is a standard practice for nine out of ten sites.<\/p>\n

A vast transformation<\/strong><\/h2>\n

Astound Commerce\u2019s Senior Vice President of Digital Strategy, \u00a0Lauren Freedman, remarked: \u201cThe current e-commerce experience is almost unrecognizable from that of 20 years ago. The e-commerce experience has undergone a vast transformation as technology has advanced.\u201d<\/p>\n

As the digital landscape continues to evolve, with innovative cloud-based applications and strategic use of big data analytics, there can be little doubt that there is plenty more dramatic change to come.<\/p>\n","protected":false},"excerpt":{"rendered":"

Study Examines 20 Years of Evolution in Ecommerce It is tempting to still think of ecommerce as a new invention, but the truth is that more than two decades have gone by since\u00a0Amazon first opened its doors\u00a0and today online shopping is a $400 billion industry. What started out as a game of innovation and trial […]<\/p>\n","protected":false},"author":9,"featured_media":2670,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":""},"categories":[25,1],"tags":[],"acf":[],"yoast_head":"\nStudy Examines 20 Years of Evolution in Ecommerce - OpenBusinessCouncil Directory<\/title>\n<meta name=\"description\" content=\"Are you aware of the evolution since 20 years in Ecormmerce ? 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