E-Commerce, E-Commerce Website, Ecommerce

Electronic commerce, commonly known as E-commerce or eCommerce, consists of the buying and selling of products or services over electronic systems such as the Internet and other computer networks. The amount of trade conducted electronically has grown extraordinarily since the spread of the Internet. A wide variety of commerce is conducted in this way, spurring and drawing on innovations in electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems.

Modern electronic commerce typically uses the World Wide Web at least at some point in the transaction's lifecycle, although it can encompass a wider range of technologies such as e-mail as well.

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E-Commerce is one of the fast growing marketing paradigms in the world today. Just about every major retailer now has an e-commerce website.

E-Commerce Market Size and Trends

The increase and penetration of online use in the US increases the potential market size for E-Commerce on an annual basis. A large share of the expected growth in Internet commerce can be attributed to the increase in the online (surfers) population.

Online Statistics for 2007

Shoppers opted for the world of dot-coms to the tune of $531 million on Black Friday. For the month of November through Black Friday, consumers lavished $9.36 billion on those businesses.

2007 has easily outpaced spending for the same period last year. In 2006, the run-up to Black Friday including that shopping day reached $7.98 billion by comScore's reckoning.

Spending on Thanksgiving Day rose 29 percent from the same holiday in 2006. Consumers reached for their credit cards after their last serving of pumpkin pie and spent $270 million, a 29 percent rise over last Turkey Day's $210 million.

"Online spending on Black Friday has historically represented an early indicator of how the rest of the season will shake out. That the 22-percent growth rate versus last year is outpacing the overall growth rate for the first three weeks of the season should be seen as a sign of positive momentum," said comScore Chairman Gian Fulgoni.