Chart the past to predict the future
29 Nov 2016
According to The Cassandra Report, seven out of ten people in developed countries use e-Commerce portal to either buy something or research before they buy. This statistic is proof that online shopping has become an essential part of the market in developed nations. Even in developing nations like India, billions of dollars are being spent by giants like Amazon, PayTM, and Flipkart for the sole purpose of market penetration. It’s a no-brainer that online shopping is not just limited to developed countries any more.
Predicting the potential of anything is risky. However, we can get a good idea of what the future holds for online shopping by looking into its past, as its roots and foundations are sure to help. Let’s look at the history of online shopping – what events led to the Internet becoming the world’s largest shopping mall?
Michael Aldrich, a British IT expert (and the almost father figure for online shopping) walks the aisles of a supermarket and is struck by the idea of shopping via network. He later connects a TV and a computer with telephone lines to sell groceries online. Humble beginnings, we have to say!
Thomson Holidays makes the first ever B2B (Business-to- Business) transaction. They connect 66 travel agents from around England with their business bases. With the help of Thomson’s brochures and expertise, the travel agents become the first to reap the benefits of online transactions.
Three years after the first successful B2B transaction, B2C (Business-to-Customer) is born. Tesco launches their first B2C online shopping system and Jane Snowball — who will go down in history as the first ever home shopper — is the first to avail these services.
SWREG is born in Eden Prairie, Minnesota. Better known as one of the oldest softwares still available, this platform helps software developers in selling their products online — the first such framework of its kind.
“Future Shop: How new technologies will change the way we shop and what we buy” first appears in bookstores in 1992 and imagines the future of e-Commerce. This book changes the ballgame of online shopping as it predicts the road that lies ahead, leading to developers all over the world shifting their focus to futuristic technologies.
Netscape launches encryption certification (a trustworthy means of transmitting data over the the Internet), changing the world of onlineshopping forever. This addresses the most recognizable pain point of online shopping — security.
Amazon and eBay (formerly AuctionWeb) get registered as dot coms and make their first sales. Both will grow to become pioneers of e-Commerce and proceed to having billion dollar valuations within a decade.
Paypal opens up for business, ushering in the age of watertight security of confidential information. While encryption certification eased the worries of many potential shoppers four years prior to this, Paypal is the first to comprehensively address the security concerns of online shoppers.
Google, dot come bubble, Web 2.0 — at the turn of the millennium, the Internet grows exponentially and so does online shopping. Security is at an all-time high and online shopping facilities are promoting smaller businesses.
We now live in a world where anything can be purchased online — a fantastical thought in the 1980s. Like the Internet, online shopping is now for everyone and as evidenced from its past, it will continue to put people all over the world under its spell.
Riding on the momentous wave of online shopping, Wibmo is at the forefront of e-Commerce security in India. As e-Commerce shifts towards mobile commerce, we have innovated and launched WIBMO Mobile Payments Network — India’s first shared mobile payment ecosystem. Along with this, Wibmo has pioneered ‘one-click payment’, the first-of-its -kind in Indian markets. As seen from the histories of online shopping and Wibmo, innovation and ‘firsts’ are key. This frontiersman attitude is the fuel that keeps e-Commerce and mobile commerce going, and no doubt, is the secret to future successes.
So in more ways than one, we at Wibmo are making our own history. Our drive for the best possible commercial security for e-Commerce portals, while innovating in the field of mobile commerce will ensure that we continue to outdo ourselves and leave our mark on the industry.