Discuss the evolution and future of e-commerce.

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The evolution of ecommerce since its early days with online shopping and digital payment has been remarkable. E-commerce has seen a rapid rise in the industry over the last decade. It now accounts for a greater percentage of retail sales, both for B2B as well as B2C companies. Global e-commerce revenues reached $3.5 trillion in 2018, and it is expected to increase to 6.54 trillion by 2023.

Future trends will see more variety in product offerings and increased emphasis on convenience, personalization, and customer support from e-commerce sellers. Recent technological advances such as AI will enable improved inventory management systems, which can allow enhanced data analysis capabilities for buying consumer preferences or trends.

The expansion of logistics into new markets is possible due to the improved infrastructure surrounding shipping, customs clearing processes and other related issues. One central fulfilment centre model allows for all market locations, regulations, or even country borders. Finally, payment processing technology like blockchain will offer faster & more secure transactions thus driving better user experiences all round – which could encourage higher volumes of international purchases especially in regions where traditional payment methods are not available or difficult/costly to use effectively.

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