Craig Meddin: Why You Should Care About Online Shopping

The e-commerce revolution has changed consumers’ shopping patterns and generated downstream repercussions that business leaders like Steve Jobs, Jeff Bezos and Warren Buffett were out in front of early on. These e-commerce icons, of course, are early adopters of new technology who made fortunes by anticipating the opportunities associated with e-commerce. Back in 1996, Steve Jobs said, “The heart of the web will be commerce.” Warren Buffett sees online retailing as a massive growth opportunity, as evidenced by Berkshire’s recent acquisition of online retailer, Oriental Trading. Jeff Bezos, a founding father of e-commerce said this: “Your margin is my opportunity,” meaning his goals are to flood the marketplace with as many online purchases as possible (increasing package deliveries as a ripple effect). Is it working? In the United States, of all e-commerce growth in 2014 and 2015, Amazon accounted for 60 percent.

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