E-commerce is growing every year and shows no signs of slowing down.E-commerce sales in the U.S. eclipsed $97 billion during the second quarter of 2016, which marked almost nearly 16% year-over-year YoY growth, according to the U.S. Department of Commerce.
Those who are involved in the retail and e-commerce industries must stay on top of this trend in order to stay ahead of the competition.Below, we'll break down retail trends of the past, take a look at the current state of tech in the retail world, and look ahead to the future of the IoT in retail.How Retail Sales Were DoneIf we want to go all the way back, we could discuss a time when the retail system was based on wampum.
But that might be reaching a bit too far back in time.Instead, let's examine more recent times.
The first department stores in the U.S. began popping up in the mid 1800s and sold largely textiles and pre-made clothing before they evolved into larger companies such as Macy's, Lord & Taylor, and the like.Shopping malls then swept across the country starting in the 1900s and quickly became the go-to destination for shopping, socializing, moviegoing, eating, and more.And at both of these locations, cash was king.
eBay signed its first third-party licensing deal in November 1996, and it went on to host two million online auctions in January 1997 compared to 250,000 in all of 1996 .Amazon, meanwhile, began primarily as an online bookstore in the mid-1990s and sold approximately $20,000 in inventory per week within its first two months.
Global e-commerce transactions totaled $1.058 trillion in 2012, according to Statista.