Digital Economy of USA: Global Standard for eCommerce
According to the BAE( bureau of economic analysis) survey conducted in April 2019 ” The Digital Economy holds the 6.9% of GDP(gross domestic product) in the year 2017. The digital economy of the USA grew 4.3 times fast than the Overall U.S. economy from 1997-2017. In this survey, BAE found that the digital economy increases 9.9% per year over this 20 years period. Both China and the U.S are successful in terms of the digital economy. Because both are technologically advanced states. USA is investing in its information and communication technology (ICT) sector.
Read more about the Digital Economy of China
Digital Economy Basics
The digital economy is an economy that is based on technologies. Economy when it is based on the technologies. The business conduction through the World Wide Web and internet-based markets. The digital economy is also characterized by technological advancements. Because of the digital economy, a new concept of economy is emerging. The increase in the digital economy created economic opportunities. The digital economy can be useful for societal development and solve problems related to the economy. The digital economy also includes e-commerce and digital marketing.
Importance of digital economy
Due to the conversion world into a global village, our needs also change and the concept of the economy also evolved. People prefer to shop online because it can save time. People can find more products online than they find in the market place. The trend of online shopping is also expected to rise in the future. It is also beneficial for online businesses. Due to which they can easily connect with their customers. The continuous increase in the digital economy is creating many new economic opportunities. It can also help to solve economic and societal problems.
E-Commerce means the selling and buying of products online or through electronic channels. It is also considered as one of the components of the digital economy. The output of E-Commerce is measured as wholesale and retail trade margin on the digitally ordered goods and services sold on the internet and through another electronic market. There are different E-Commerce sites like eBay, Walmart, Alibaba group and Aliexpress through which you can shop online.
In 2018 US Ecommerce represented a growing share, by taking 14.3 percent share of total retail sales. The USA commerce market will continue to increase in the coming years.
Top e-Commerce Websites in the USA
Here are the top ten e-commerce platforms are working in the USA
One of the leading online business sites. Amazon started as an online bookstore. But later expand it’s with a wide variety of products like media, food, toys, jewelry, and electronics.
2. Best buy
Best Buy is a seller of consumer electronics in the US. It is the operation through branches in Mexico, China, and Canada. After developing its eCommerce online store, it is selling its products online.
It is known as the first e-commerce site, was founded in 1995. eBay is the online marketplace that allows businesses and people to sell products through an online auction.eBay is organizing the sale of all kinds of products ranging from vehicles to electronics, home, fashion, toys, and industrial products.
It is an online store or marketplace that focuses on selling handmade or vintage products and factory-made unique products. Etsy enables people and companies to sell their art and photography products, accessories and clothing, beauty products, and various other items online.
5. Home depot
The biggest hardware and home improvement company in the United States. Home depot is also operating in Canada and Mexico. At its online stores, Home Depot is a retailer of tools, home, and related services.
Lowe’s sells a variety of construction materials, garden types of equipment, and home furniture through its e-commerce platform. It is the second-largest hardware chain in the US.
Macy’s is a department store chain in the USA, which is selling all kinds of products like home and decoration products, men and women clothes, accessories, and children’s clothes, Macy’s also launched an online shop for their digital customers.
Target is operating more than 1800 stores in the United States. It is selling a wide range of products related to fashion, home decoration, groceries to electronics, and hygiene products.
The world’s largest distributor, which is operating hypermarket, department store, and grocery store. Walmart is an online store sells different type of products, like fashion, food, electronics, auto parts, and other related products.
It is operating in four categories: family, beauty, home decoration, and electronics. Wish is providing an online platform for startups and manufacturers to sell their goods.
How the expansion of the digital economy is proving valuable?
The US is setting global standards for e-commerce, which is proven valuable in many ways. The e-commerce industry is making the life of people better.
There are many benefits to shopping online: Saving time from going to multiple stores, researching from your home privacy and comfort, accessing stores from all over the world, and generally save time and money. Although a fast shipping option has given the happiness of instant shopping, it has one drawback that you cannot feel the product on your body or home.
2. You can shop with smartphones
The e-commerce industry is bringing the businesses online and closing the gaps. Because of the increased numbers of mobile users, the online business is working on different web apps. These E-commerce businesses are doing their best to provide a seamless user experience with various payment options on their e-commerce sites, including emails.
3. Online payment methods
The e-commerce sites are increasing online payments with the help of payment apps like apple pay, PayPal, Amazon pay, and many other payment providers. These payment methods save customer billing and shipping information.
The USA is playing a leading role in increasing the world’s digital economy by improving the traditional dimensions and by increasing digital connectivity. AS the needs of world-changing day by day. Many people are getting jobs and work with different companies from all over the world.