What Made the Rise of the Online Economy Possible

what made the rise of the online economy possible
The way we live, including the way we shop, has irretrievably changed since the arrival of the internet as a standard feature in our lives. Since the 1990s, we have seen a substantial yearly rise in the numbers of us who are online. A big part of our online lives is shopping; we can buy pretty much anything online from groceries to clothes and much more. But what has made this transformation possible?

Ecommerce Security Standards

The first place many people first experienced buying goods online would have been through a company’s eCommerce website. These days it’s rare to feel anxious about how secure an online transaction is, but in the early days, many smaller sites suffered as customers would not feel comfortable giving them their card details. But things have moved on, and it’s easy for a business of any size to get an online payment system from one of the major credit-card processing firms, giving the security and peace of mind that the customer needs.

Online Marketplace Platforms

Ever since the early days of the internet, there have been large eCommerce retailers selling goods, with Amazon being the biggest success story. But where these companies had the IT staff and infrastructure to do many smaller businesses never had this opportunity. But online platforms such as eBay, Gumtree, and Facebook Marketplace have given anyone the capacity to sell online with no coding skills required.

global online marketplace
Read also: Do Cryptocurrencies Have a Future in Ecommerce?

New Payment Methods

There are loads of ways of paying for online goods other than using a credit card. PayPal, Apple Pay, and even paying by having the amount added to your phone bill. The internet has also given rise to new cryptocurrencies, Bitcoin is the market leader, and it’s an interesting concept, created by an anonymous person, or persons who is Satoshi Nakamoto.

Computer Literacy

It is a fact that more people are computer literate than ever before, and the internet has been the driving factor in this. In the pre-internet days, there was little need for the general public to be using a PC if it wasn’t necessary for work. Even the user demographics are shifting, the least digitally savvy group is the elderly, and they are either learning the required skills or dying off.

Mobile Devices

mobile shopping growth
Now we are reaching a stage where computer literacy is not even necessary as many people access the internet and shopping opportunities through mobile devices without ever needing to use a PC. Your phone can be linked to your bank accounts and credit cards so that you don’t even need to type in your details every time you make a purchase. This level of convenience is only driving the usage of online shopping over the physical equivalent.

The Future

It is only going to get easier to purchase items and services online as software becomes more user-friendly and intuitive, and new technologies become commonplace such as drone deliveries and express grocery delivery. Be prepared for more of our lives to become online only.

Photos courtesy of gettyimages.com

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