The concept of electronic commerce (e-commerce) has been around since the 1960s, but it wasn’t until the 1990s that it really began to take off with the widespread adoption of the internet.
The first known online transaction took place in 1994, when a man named Dan Kohn sold a CD of Sting’s “Ten Summoner’s Tales” to a friend in Philadelphia for $12.48 plus shipping. This transaction is often cited as the beginning of e-commerce.
In the years that followed, companies like Amazon and eBay emerged as major players in the e-commerce space, and the industry continued to grow rapidly. Today, e-commerce is a massive global industry, with sales expected to reach $4.9 trillion by the end of 2021, according to eMarketer.