ThenAndNow: The Evolution of E-commerce

When Jeff Bezos launched Amazon to sell books online, he had no idea it would become the colossal e-commerce giant it is today. Little did he know that Amazon would dominate the internet marketplace, generating a staggering $15.7 million in revenue in its first year alone. Amazon entered the fray against established online bookstore (Book Stacks) with a two-year market advantage, and its competitive edge—hold on to your wigs—was reviews. Yes, you heard that right. Jeff Bezos attracted more customers simply by taking feedback from his clients. Mind blowing, just mind blowing.

The growth of e-commerce was further accelerated by the emergence of online payment systems like PayPal. Founded by Max Levchin, Peter Thiel, Luke Nosek, and Ken Howery, PayPal started as a money transfer tool and later merged with Elon Musk’s online banking company in 2000. Initially offering payment processing for online vendors, PayPal soon became accessible to the general public. Today, we have Stripe, an even more advanced version of PayPal, revolutionizing how vendors accept payments.

Tobias Lütke and Scott Lake launched Shopify as an e-commerce platform for online stores and point-of-sale systems. Shopify is now the platform of choice for about 80% of all e-commerce brands globally. It was the first shopping cart software of its kind, making it easier for businesses to sell online.

With these technological advancements, people are now buying cars, boats, and yachts online, customizing them to their liking. You can even take a virtual tour of a house you want to buy and complete the agreement online. The possibilities of the online marketplace are vast and will continue to expand with advancements in augmented and virtual reality.

As we reflect on the past and look forward to the future, it's clear that e-commerce has come a long way from its humble beginnings. With innovations like AI, AR, and VR on the horizon, the online marketplace will continue to evolve, offering even more incredible opportunities for businesses and consumers alike.