Future of E-commerce and Retail
$1 MILLION (Prize amount to be confirmed. Announcement expected for next year)
E-commerce (electronic commerce) is the activity of electronically buying or selling of products on online services or over the Internet. Electronic commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems.
E-commerce is in turn driven by the technological advances of the semiconductor industry, and is the largest sector of the electronics industry.
Modern electronic commerce typically uses the World Wide Web for at least one part of the transaction’s life cycle although it may also use other technologies such as e-mail. The most common medium is the smartphone to check platforms, catalogs and purchasing.
Due to the Covid 19 pandemic e commerce got an unexpected boost with huge growth hitting 14.3 billion visits in March 2020 alone.
Studies show that in the US, as many as 29% of surveyed shoppers state that they will never go back to shopping in person again; in the UK, 43% of consumers state that they expect to keep on shopping the same way even after the lockdown is over.
In this framework e commerce will have a bright future and will change forever our lifestyle, including restaurant utilization.