“E-Commerce: Turning heavy traffic into a positive"
Random google search on the internet shows that eCommerce began in 1979 when English inventor Michael Aldrich came up with a system that advertised goods and services on television, giving viewers the ability to call in to a processing center to place orders. It was known as teleshopping. Other firsts in e-commerce included the launching of Amazon in 1995 of an online bookstore. Etsy launched its global marketplace in 2005. PayPal launched in 1998 their payment processing services.
As lockdowns became the new normal brought about by the Covid-19 pandemic, businesses and consumers had no recourse but to go digital, providing and purchasing goods and services online, raising e-commerce’s share of global retail trade from 14% in 2019 to about 17% in 2020 states UNCTAD report COVID-19 and E-Commerce: A Global Review.
According to data from the Philippine Department of Trade and Industry (DTI), e-commerce contributed 3.4%, or US$12 billion (PHP599 billion), to the country’s GDP in 2020. The Philippines’ current goal is to increase e-commerce revenue to US$17 billion (PHP850 billion), or 4.3% of GDP, by 2021, and to US$24 billion (PHP1.2 trillion), or 5.5% of GDP, by 2022. The DTI also intends to increase the number of e-commerce businesses from 500,000 in 2020 to 750,000 by 2021 and one million by 2022. The Philippines’ domestic market is very appealing, with a population of 109 million people, 49 million of whom work.
A by-product of the digital age is cryptocurrency. It is a medium of exchange, such as the US dollar or the Philippine Peso, but is digital and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds. It doesn't rely on banks to verify transactions. It’s a peer-to-peer system that can enable anyone anywhere to send and receive payments. Instead of being physical money carried around and exchanged in the real world, cryptocurrency payments exist purely as digital entries to an online database describing specific transactions. When you transfer cryptocurrency funds, the transactions are recorded in a public ledger. Cryptocurrency is stored in digital wallets. Cryptocurrency received its name because it uses encryption to verify transactions. This means advanced coding is involved in storing and transmitting cryptocurrency data between wallets and to public ledgers. The aim of encryption is to provide security and safety. The first cryptocurrency was Bitcoin, which was founded in 2009 and remains the best known today.
In The Manila Times (TMT) online business forum, titled “E-Commerce: Turning heavy traffic into a positive“, Assistant Secretary for Digital Philippines at the Department of Trade and Industry Mary Jean Pacheco discusses the roadmap prepared by DTI while cryptocurrency expert Ron Benito, Founder and CEO of Frenetic Inc. shares his knowledge on this “new currency” for a better understanding.
As lockdowns became the new normal brought about by the Covid-19 pandemic, businesses and consumers had no recourse but to go digital, providing and purchasing goods and services online, raising e-commerce’s share of global retail trade from 14% in 2019 to about 17% in 2020 states UNCTAD report COVID-19 and E-Commerce: A Global Review.
According to data from the Philippine Department of Trade and Industry (DTI), e-commerce contributed 3.4%, or US$12 billion (PHP599 billion), to the country’s GDP in 2020. The Philippines’ current goal is to increase e-commerce revenue to US$17 billion (PHP850 billion), or 4.3% of GDP, by 2021, and to US$24 billion (PHP1.2 trillion), or 5.5% of GDP, by 2022. The DTI also intends to increase the number of e-commerce businesses from 500,000 in 2020 to 750,000 by 2021 and one million by 2022. The Philippines’ domestic market is very appealing, with a population of 109 million people, 49 million of whom work.
A by-product of the digital age is cryptocurrency. It is a medium of exchange, such as the US dollar or the Philippine Peso, but is digital and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds. It doesn't rely on banks to verify transactions. It’s a peer-to-peer system that can enable anyone anywhere to send and receive payments. Instead of being physical money carried around and exchanged in the real world, cryptocurrency payments exist purely as digital entries to an online database describing specific transactions. When you transfer cryptocurrency funds, the transactions are recorded in a public ledger. Cryptocurrency is stored in digital wallets. Cryptocurrency received its name because it uses encryption to verify transactions. This means advanced coding is involved in storing and transmitting cryptocurrency data between wallets and to public ledgers. The aim of encryption is to provide security and safety. The first cryptocurrency was Bitcoin, which was founded in 2009 and remains the best known today.
In The Manila Times (TMT) online business forum, titled “E-Commerce: Turning heavy traffic into a positive“, Assistant Secretary for Digital Philippines at the Department of Trade and Industry Mary Jean Pacheco discusses the roadmap prepared by DTI while cryptocurrency expert Ron Benito, Founder and CEO of Frenetic Inc. shares his knowledge on this “new currency” for a better understanding.
Category
🛠️
Lifestyle