In 2022 so far, China has generated revenue of 1.535 trillion USD. The United States occupies second place by generating half of China’s revenue – 875 trillion USD.
E-commerce (electronic commerce) is the activity of electronically buying or selling products via online services or the Internet. E-commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange, inventory management systems, and automated data collection systems. E-commerce is in turn driven by the technological advances of the semiconductor industry and is the largest sector of the electronics industry.
There are three areas of e-commerce: online retailing, electronic markets, and online auctions. E-commerce is supported by electronic business. The existence value of e-commerce is to allow consumers to shop and pay online, saving customers and companies time and space, while greatly improving transaction efficiency, especially for busy office workers.
Contemporary electronic commerce can be classified into two categories. The first category is business based on types of goods sold (involves everything from ordering “digital” content for immediate online consumption to ordering conventional goods and services to “meta” services to facilitate other types of electronic commerce). The second category is based on the nature of the participant (B2B – Business to business, B2C – Business-to-consumer, C2B – Consumer to business and C2C – Consumer-to-consumer).
At the institutional level, big corporations and financial institutions use the Internet to exchange financial data to facilitate domestic and international business. Data integrity and security are pressing issues for electronic commerce.
E-commerce retail sales show that COVID-19 has had a significant impact on them and they are expected to reach $6.5 trillion by 2023.
In March 2020, global retail website traffic hit 14.3 billion visits signifying an unprecedented growth of e-commerce during the lockdown of 2020. Later studies show that online sales increased by 25% and online grocery shopping increased by over 100% during the crisis in the United States. Meanwhile, as many as 29% of surveyed shoppers state that they will never go back to shopping in person again; in the UK, 43% of consumers state that they expect to keep on shopping the same way even after the lockdown is over.
E-commerce retail sales show that COVID-19 has had a significant impact on them and they are expected to reach $6.5 trillion by 2023.
What’s the current situation in the world like?
According to the data published by the Statisticians website, in 2022 so far, China has generated revenue of 1.535 trillion USD. The United States occupies second place by generating a half of China’s revenue – 875 trillion USD, followed by Japan, Germany, the UK, South Korea, India, France, Indonesia and Canada (59 million USD).