The global e-commerce landscape is set to explode, with US business-to-business (B2B) e-commerce projected to reach $2.7 trillion in 2004. A staggering 90% of firms are planning to leverage the internet for buying and selling, according to a study by Forrester Research.
The Forrester Research study, titled "e-Marketplaces Boost B2B Trade," suggests that the growth of B2B will be propelled by the emergence of e-Marketplaces. These innovative platforms for conducting e-commerce, such as auctions, exchanges, aggregators, and bid systems, are expected to account for 53% of all online business trade by 2004.
Simultaneously, internet sales (business to customer) are predicted to exceed $1.35 trillion in the US by 2003, according to Masha E. Geller from MediaPost.
Many entrepreneurs are capitalizing on this trend, transitioning from traditional storefronts to cybermalls. These online shopping centers operate 24/7 and can cater to customers globally, provided they have an internet connection.
According to Nielsen/NetRatings, internet connectivity is on the rise. In the US alone, internet access increased from 122.7 million people in January 2000 to 123.6 million in the first week of March 2000. Given the world population of 6 billion, it's clear why businesses are enthusiastic about the potential of cybermalls.
E-commerce offers a solution to the escalating costs of rent, staff wages, advertising, packing, and shipping. It also simplifies the process of sourcing stock and suppliers. This digital revolution enables individuals to establish a comprehensive web-based business in less than 48 hours and earn commissions ranging from 3% to 25% on all sales made from the site.
One such cybermall is aShop4All.com, which aims to be the best virtual one-stop shop, according to CEO, John Freeman. The site offers a wide range of products and services, from flowers and gifts to financial services and travel arrangements.
The concept of one-stop shopping sites is gaining traction, with Forrester Research, Inc. (Nasdaq: FORR) stating that e-Marketplaces must evolve from isolated niche offerings to highly interconnected one-stop shops. The National Retail Federation 2000 Conference also highlighted the challenges and opportunities facing online retailers.
Programs like aShop4All.com offer entrepreneurs the opportunity to acquire sophisticated marketplace software or entirely outsource the building of their websites to experienced e-commerce integrators.
The internet has revolutionized marketing in just four years, a feat that took radio forty years and television fourteen years. With Americans spending 57.5 billion minutes online in January 2000, the potential for e-commerce is immense.
As Bill Gates reportedly said, "By 2002 there will be two types of businesses - those on the Net and those out of business.
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