It was August 11, and the year was 1994. Around noon that day, Phil Brandenberger of Philadelphia logged into his computer and used his credit card to buy Sting’s “Ten Summoners’ Tales” for $12.48 plus shipping.
That story may not sound too exciting today, but at that time, this particular transaction made history. Why? Because it was the first time that encryption technology was used to enable an internet purchase. Many consider that moment as the first “true” e-commerce transaction.
Needless to say, e-commerce has grown by leaps and bounds since then. BigCommerce cites that e-commerce is growing 23% year-over-year, and according to eMarkerter, global e-commerce sales are expected to top $27 trillion in 2020 — and that’s just statistics for the retail sector.