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To kick off this book, the first of 25 fragments, I’d like to invite you to engage in a small exercise of imagination, harking back to a concept that emerged during the height of the Covid-19 pandemic: the eTsunami.

Let’s envision the digital ecosystem as a vast ocean, where the underwater currents are the invisible forces shaping its landscape. Much like tectonic plates shifting beneath the Earth’s surface, events and advancements in technology have generated seismic changes in the digital landscape.

In the early days of e-commerce, we could liken this moment to the emergence of a new underwater current, an initial force that was brewing in the depths of the digital ocean. This inaugural milestone, though seemingly insignificant, laid the foundation for what was to come—the beginnings of e-commerce in Ibero-America.

Just like underground aquifers, this initial force gained momentum, gradually moving toward the surface. As this underwater current rose, it gave birth to online commerce, a phenomenon that could be compared to the waves forming on the surface of the ocean.

These waves represent the growing visibility and accessibility of digital commerce, bringing with them a noticeable shift in how people interact with the virtual world. Over time, these waves grew into swells, symbolizing the consolidation of digital commerce as an industry in its own right.

This is where the clashes between the underwater currents become more evident, sparking revolutions in the digital landscape. It’s similar to when two tectonic plates collide, giving rise to earthquakes that alter the surrounding terrain.

This is the moment when the digital ecosystem undergoes a radical transformation, an eTsunami that reconfigures the way business is conducted and online interactions take place. However, despite the apparent destruction caused by these events, the digital ocean doesn’t disappear entirely.

Instead, it reinvents itself, adapting to the new landscapes that emerge after the chaos. Similarly, after each digital revolution, the ecosystem reshapes itself, yet it remains part of the same vast ocean of possibilities.

Just as this living book breaks down the milestones of the digital ecosystem, we could liken this methodology to exploring the marine sediments that reveal the ocean’s hidden history. By analyzing the key moments and experiences shared by those who were present from the beginning, the underlying narrative that has shaped Ibero-America’s digital ecosystem is revealed. It’s like unearthing fossils from the past to better understand the present and anticipate the future of the ever-evolving digital landscape.

In the following graphic, those who wish can explore each of these key moments, which we will reconstruct together from now on, further reinforcing the concept of a living book:

Timeline

[Click here: Timeline]

 

The Origins of E-Commerce in Ibero-America

While we could discuss the origins of e-commerce without delving into any other aspect, it is worth refreshing the very roots of physical commerce. To do this, there’s nothing better than bringing into this living book the insights of Dimas Gimeno Álvarez, Former President of El Corte Inglés, and current founder and president of WOW Concept, who offers us a fascinating perspective on the birth and evolution of commerce over time.

He highlights how the retail sector began with small businesses in local communities and around urban centers. As he notes, “the original form of commerce, the first format that adds dimension, is the department store.” These stores marked the beginning of modern retail and date back to the 19th century, with iconic examples like Le Bon Marché in France or Selfridges in the United Kingdom, which consolidated various brands and shops under one roof, simplifying the shopping experience for consumers.

According to the expert (2024), this concept pioneered the transformation of the retail landscape, giving rise to iconic establishments such as Palacio de Hierro in Mexico, Falabella in Chile, Almacenes De Prati in Ecuador, and El Corte Inglés in Spain:

“The department store had a privileged position and was the first as it evolved over time” Dimas Gimeno Álvarez 

This statement underscores the importance of department stores as catalysts for change in retail. However, as he mentions, this model evolved over time to adapt to the changing needs of the middle classes and diversify even further.

The story shared by Dimas Gimeno Álvarez illustrates how the early steps of e-commerce can be traced back to concepts rooted in the history of physical commerce. It serves as a reminder that innovation often emerges from the reinvention of old ideas in new and emerging contexts.

That said, situating ourselves in the 20th century, it can be said that e-commerce first took root with catalog sales, which means it has existed for more than a hundred years, if we consider this fact.

It is worth exploring this origin, even if only superficially, to better understand what triggered what we now know as e-commerce.

Catalog sales emerged when Aaron Montgomery Ward, a traveling merchant supplying stores across the United States, devised a direct sales system from his point of sale in Chicago. His catalog, which started with 163 products, quickly grew and became a book of over 240 pages with thousands of different products within a decade.

The definitive push for this form of selling came in 1913 with the parcel post service, which allowed packages weighing up to 50 pounds to be delivered directly to homes. Throughout the 20th century, catalog sales became popular in the United States, Canada, and the United Kingdom, becoming the preferred method for millions of people who could not or did not want to go to physical stores. Although it competed with telemarketing for a time, the rise of e-commerce soon displaced the model, or rather, modernized it.

The subsequent arrival of the telephone and credit cards boosted e-commerce, providing convenience for both shoppers and brands.

In the 1960s, Electronic Data Interchange (EDI) marked another milestone by allowing companies to transmit financial information electronically, facilitating purchases, billing, and transactions.

Let’s not overlook that during the 1980s, teleshopping refined the catalog sales model by using television to showcase products and offering the possibility of purchasing by calling a phone number. This expanded accessibility and authenticity in product visualization for consumers. This is no small detail if we refer, some four decades later, to the Live Shopping model, which, among other aspects, replicates the old teleshopping format.

However, the true revolution came with the Internet. The creation of the World Wide Web in the 1990s democratized access to brands and products, giving rise to exclusive e-commerce portals like Amazon and eBay, which remain relevant today, with the former being one of the most important marketplaces in the world.

Additionally, in 1994, the G7/G8 countries launched the Global Marketplace for SMEs initiative, promoting the use of e-commerce by companies worldwide, marking a significant push towards the globalization of e-commerce.

Therefore, this journey through the origins allows us to understand that while catalog sales are recognized as the first milestone that marks the beginning of the e-commerce era in the world, its adoption and expansion on a regional scale required a combination of technological development, connectivity, and a deep maturation of business thinking.

These characteristics are, in fact, what allowed e-commerce to not only be a phenomenon but also a model that, over the years and through the events that occurred, demonstrated its solidity as an industry and its maturity as an ecosystem.

But this has not been the only milestone marked in the historical timeline. The Covid-19 pandemic, declared in 2020, is one of the latest turning points to which the digital takeoff of brands and retailers is attributed. However, when the pandemic was declared and forced businesses to deepen their digital transformation, both globally and in the region, the industry already existed and had a squadron of visionaries mapping the first routes to a digital future in the region.

For over a decade, these pioneers traversed Ibero-American territories, warning that the digital model was much more than a trend; it was the foundation upon which the economies of the future would be built.

As we see, the reality speaks of a longer journey, a historical cut that represents a quarter of a century from the origins of e-commerce in Ibero-America and its evolution into what we now recognize as the digital ecosystem.

In this book, we will delve into the details of that journey towards digital takeoff, exploring beyond the milestones mentioned here as significant and that marked the timeline of this phenomenon, from the first hesitant steps to the consolidation of a digital ecosystem.

Through the analysis of key moments, accompanied by the voices of the interviewed c-levels sharing experiences and anecdotes, we will shed light on the origins to better understand the current landscape of the digital ecosystem in the region and honor the legacy of those who paved the way for the digitalization of Ibero-American economies.

About the Momentums

To fully understand the evolution of e-commerce, it’s essential to explore the various momentums that have redefined and shaped the current digital ecosystem. I chose this concept from the world of physics because it refers to the force or impetus by which a process advances in a specific direction. With this in mind, the momentums I will outline below have driven significant changes in the ecosystem, such as the development of new payment technologies, the expansion of mobile connectivity, and the mass adoption of smart devices.

To define these momentums, I interviewed over 150 c-level executives who not only shared their perspectives but also, as archaeologists of an industry that is now an ecosystem, helped me redefine many concepts learned through experience.

Thanks to in-depth fieldwork, analysis, and research, we will observe several milestones they have identified as momentums due to their impact on the industry’s formation and the transformations that have shaped it.

Thirty-four percent of respondents marked the Covid-19 pandemic as the key momentum, however…

The global health crisis triggered drastic changes in how companies operate and how people interact digitally. The need for social distancing accelerated the adoption of digital technologies across all areas, from e-commerce to remote work, creating a fundamental shift in market dynamics.

Despite being one of the most voted milestones by c-levels in the region, it is important to note that for this event to become a momentum for the industry, many other situations had to converge, resulting in a timely response from retailers and brands during a special context. Therefore, a reflection can be opened on this:

Is it really a turning point or just a circumstance?

If it is a circumstance, what other momentums then contributed to making this circumstance so significant for the industry, society, and the economy?

We will leave this point open for analysis throughout the book, but by the end, you may reach this same reflection yourself.

Twenty-six percent of respondents pointed to the explosion of mobile technology and the release of the first iPhone as two other key momentums.

The arrival and evolution of mobile devices, particularly with the launch of the first-generation iPhone, transformed the way people access information and conduct transactions. This evolution opened new opportunities for the development of mobile applications and e-commerce. For one of the historical figures in our ecosystem, Damian Voltes, SVP Corporate Development at Aleph Holding Director and Patagonia Ventures, this represents the second wave, or one of the three most representative momentums in the history of e-commerce in the region.

However, it is also important to note that mobile devices were not initially applied to the utility they serve today. Initially, they only allowed person-to-person communication, and it was not until they integrated Internet connectivity that they became a powerful tool for interaction and commerce at our fingertips. It is worth noting that from the appearance of the iPhone until the mobile boom, about ten years passed, considering that its use only became widespread in 2015, and the supply was ready a few years later, in 2018, when large volumes of traffic began to be observed.

Does this relativize this point as a key momentum in history, as the pandemic is questioned? In this case, and unlike the pandemic event, the arrival of mobile communications and the technological development of these devices are not mere circumstances and have had a complete impact on the evolution of e-commerce and its formation as an industry. We can even say that the development of telecommunications has put purchasing decisions in the hands of individuals.

Despite this, the time and growth of this technological device have not been sudden and were established in society before it was seen as a device that enables quick and convenient access for consumers. At this point, it is necessary to clarify that the presence of these devices required a volume of consumers first and a consumption habit later for the trend to begin to appear as an indicator.

On this subject, Guillermo Varela, CEO of Mr. Gen and current vice president of the Digital Economy Chamber of Uruguay, provides another perspective regarding the arrival of the iPhone in 2007, saying that it forced those we now call pioneers and visionaries in the region to “learn to program mobiles when there were no mobiles,” thus marking the habit among them to quickly adopt and adapt technological advances to the reality of commerce, which in the case of Ibero-America, still had much to explore.

He also explains that, although the iPhone presented such a challenge, the arrival of Palm devices already represented a significant challenge in 1998, but it could not be fully experienced due to limitations imposed by the U.S. government. Nonetheless, this did not limit him from founding Hands Soft, his most emblematic company, which responded to what this c-level already saw on the horizon: the possibility that anyone could have a device with software at their fingertips.

We will delve deeper into this point in the book from the Genesis of a Digital Future collection, where we explore the arrival of mobile commerce.

Fourteen percent of respondents marked the arrival of local marketplaces as another momentum.

The arrival of local e-commerce platforms, such as Mercado Libre, democratized access to the digital market for sellers and buyers in the region. These platforms facilitated the model and promoted the inclusion of small and medium-sized businesses in the digital realm.

In the following momentums of this collection, we will see how the marketplace model has evolved and, more decisively, what the behavior of marketplaces and super apps was during the pandemic.

Twelve percent of respondents marked the arrival of electronic payments and the evolution of payment methods as a key momentum in the history of e-commerce in the region.

The advancement in electronic payment systems simplified online transactions and boosted the growth of e-commerce in the region. The evolution of payment methods was a significant contribution to the digitalization of the economy and improved the user experience in the purchasing process.

These highlighted momentums reflect the evolution and challenges of the Ibero-American digital ecosystem, highlighting the importance of adapting to new technologies and trends to drive economic growth and innovation in the region.

However, as previously mentioned, these were not the only milestones chosen by those who participated in the fieldwork, surveys, and interviews. Although the momentums mentioned above received more attention from the experts, other aspects have also significantly influenced the evolution of e-commerce in Ibero-America, such as mass convenience events and the evolution of the Web from 1.0 to 3.0.

But before delving into these two aspects, I want to pause on the point of view given to me by Alberto “Banano” Pardo regarding what he considers to be the three key momentums of digital commerce.

The first, as we have been discussing, is the Internet boom and the emergence of the first e-commerce companies (late 1990s), marked by the arrival of the Internet in Latin America and the emergence of pioneering e-commerce companies, such as MercadoLibre, Despegar, and Submarino.

These companies were founded during a period of optimism during the dot-com bubble, receiving significant investment that allowed them to grow and expand rapidly.

The second momentum, according to Banano, is the end of the “dark ages” and the resurrection of e-commerce (2006-2007). After a period of depression and skepticism towards the Internet in the early 2000s, e-commerce began to re-emerge. There was an increase in trust towards online shopping, especially in sectors such as tourism and retail, with companies like Lan, Frávega, Supermercados Wong, and Éxito leading the way in the region.

And finally, the third momentum is the influence of social networks on e-commerce (around 2010), with the proliferation of platforms that provided a new communication channel for e-commerce companies. This allowed companies to reach a wider audience more effectively and at a lower cost, democratizing access to e-commerce and generating greater awareness of online shopping among consumers.

Returning to the introduction, when I interviewed another historical figure in our ecosystem, Germán Quiroga, founder of Americanas.com and current board member of numerous retailers such as Centauro, Cobasi, and Falabella, among other companies, his account provided a very interesting allegory that aligns with the concept of an eTsunami: Quiroga compares the layers of the digital ecosystem to underground layers of water, suggesting that each layer represents a different opportunity for businesses.

These layers can be understood as moments of evolution or development in the digital landscape, where companies can dive in to find new growth opportunities. Referring to the eTsunami, he emphasized how the pandemic acted as a catalyst for massive acceleration in the digital realm, creating an unprecedented wave of transformation.

This “wave” drove the exponential growth of digital commerce, generating significant changes in the way companies interact with customers, adopting more digital and omnichannel strategies to meet the demands of today’s market.

This is how customers, as he described, triggered a succession of significant digital transformations, each larger than the previous, that are fundamentally changing the way businesses operate and interact with customers.

“The eTsunami is like when you go to the beach and see a giant wave and say, ‘Wow, look at that wave,’ and then a bigger one comes, and another bigger one. So, what are we living through? We are living through an era of eTsunamis. One comes, another comes, and another comes.” — Germán Quiroga.
 

The Impact of Mass Convenience Events on the Formation of the Digital Ecosystem

Starting in 2012, a phase of collaborative e-commerce emerged, marked by the creation of events aimed at promoting online sales, in some cases, while in others, the goal was to revitalize the country’s economy.

These initiatives are undoubtedly early manifestations of the industry’s great potential. However, their beginnings were strongly influenced by the results observed from events like Cyber Monday and Black Friday held in the United States. It is telling that the first such events in the region took place during the same time frame, adding further complexity to the experience.

These events have gained popularity in the region and have stimulated the growth of e-commerce by offering attractive discounts and special promotions. They have contributed to educating consumers about the benefits of online shopping and have provided a significant boost to sales in the sector.

During an interview with Alberto “Banano” Pardo, co-founder of Deremate.com and CEO & Founder of Adsmovil, and one of the pioneers in this field, we reminisced about those early steps that laid the foundation for what we now know as a thriving digital ecosystem.

“It all started with a simple invitation to breakfast,” Alberto tells me as we travel back in time to those days in Buenos Aires, around 2007. “I received a message on my BlackBerry from Juan Pablo Bruzzo, one of the co-founders of Dineromail.com, about an event organized by the Argentine Chamber of Electronic Commerce (CACE), and that message changed the course of my day and my life.”

I remember that meeting in a dimly lit office, where there were only about a dozen of us. It was at that moment that, with his characteristic energy, the idea arose: “Why don’t you start the Chamber of Electronic Commerce in Colombia?”

I enthusiastically agreed to the proposal, and soon we found ourselves in his office, debating strategies and envisioning a future of collaboration throughout Latin America. Thus, the first Latam E-Commerce Conference was born in Argentina, followed by events in Mexico, Chile, and Colombia.

However, it was during the eCommerce LATAM at the World Trade Center in Mexico City that we realized the need for a more scalable approach with regional impact and continuity over time, I recall as Banano recounts the evolution of our efforts.

The idea of E-Commerce Day—or as it’s known throughout the region, eCommerce Day—emerged as a practical solution, a national event that could easily cross borders. Over time, eCommerce Day has become the most important e-commerce and online business event in the region, a tour that has been held without interruption for 18 years, with more than 170 editions in 20 countries. Today, it is an example of consistency, perseverance, and collaborative work within the entire ecosystem.

Over the years, initiatives like those of the Argentine Chamber of Electronic Commerce and their counterparts in 22 other countries laid the groundwork for sustainable growth, with the support of a second-level institution like the Latin American Institute of Electronic Commerce or eCommerce Institute, which, through eCommerce Day, began to promote initiatives to foster the development of supply, generate a positive shopping experience, and increase consumer confidence in digital channels.

Since then, each country has celebrated its own mass convenience events, and from their origins, the local chapters of the eCommerce Institute in each country have collaborated to define and share best practices regarding the development of these events.

Here are some examples of mass convenience events held in various countries across the region:

  • Cyber Monday and Black Friday: Both events are widely recognized worldwide and celebrated in several Ibero-American countries. Cyber Monday takes place in Spain, Mexico, Chile, Argentina, Peru, Colombia, and Brazil, while Black Friday has been held since 2008 in Brazil and Spain, since 2011 in Mexico, Portugal, and Costa Rica, since 2012 in Argentina, Chile, Panama, and El Salvador, since 2014 in Colombia, since 2016 in Uruguay and Paraguay, since 2018 in Guatemala, and since 2019 in Venezuela. These events offer significant discounts on a wide range of products and usually take place in November, especially on the Friday following Thanksgiving in the United States (Black Friday) and the following Monday (Cyber Monday). However, some stores extend the offers throughout the week, and in most countries in the region, they are no longer held on the traditional U.S. dates, as they have been decoupled from their proximity to Christmas and New Year’s to be held at the end of October or early November.
  • Hot Sale: Held in Argentina, Mexico, Colombia, Bolivia, Paraguay, and Peru. It usually takes place in the first half of the year, typically in May, and offers exclusive discounts and promotions on a wide variety of products and services online.
  • Ciberlunes: Held in Colombia and Uruguay, generally on different dates throughout the year, offering exclusive discounts and promotions on a wide variety of products and services online.
  • Cyber Wow: Exclusively held in Peru and organized by IAB Peru, the local branch of the International Interactive Advertising Bureau. This event has three editions throughout the year and offers special discounts on electronics, technology, and other consumer goods.
  • Buen Fin: Exclusively held in Mexico, and notably inspired by the U.S. Black Friday. Buen Fin is an annual event held in November, offering discounts and promotions on a wide range of products and services both online and in physical stores.
  • Cyber Days: Held in Chile and Peru, organized by the Santiago Chamber of Commerce (CCS) and the Lima Chamber of Commerce (CCL); it is celebrated in the first half of the year. It offers exclusive discounts and deals on a variety of products and services online.

These events have played a crucial role in shaping the digital ecosystem by fostering a culture of online shopping and providing opportunities for growth and innovation in the e-commerce sector across the region.

These are just a few examples of mass convenience events held in the region, but many other countries also have their own initiatives to boost e-commerce and offer consumers attractive shopping opportunities.

Big Data and the Data Revolution

Another significant momentum highlighted by the surveyed experts was the popularization of Big Data, driven by the consolidation of the sector with service providers enabling the utilization of large volumes of data.

This development has allowed companies to better understand consumer behavior, personalize the shopping experience, and optimize their marketing strategies. The effective use of data has been key to enhancing the relevance of offers and increasing customer loyalty in e-commerce.

Social Media and Its Integration into E-Commerce

The emergence of the first user interaction platforms on the Internet, known as social media, is another significant momentum in the evolution of e-commerce and its digital takeoff.

Social media has become a vital channel for e-commerce, facilitating the promotion of products and services, as well as direct interaction with customers. It’s important to note how social media integrated into the industry long before they offered transactional options within their platforms.

Damian Voltes mentions that after the dot-com explosion, with the proliferation of mobile technology and greater connectivity, social platforms found a space for direct connection with users. Platforms like MySpace, Taringa, and Fotologs, among others, emerged, capturing people’s interest and turning them into users, creating a space that pivots between content consumption and self-production. The subsequent integration of purchasing options on platforms like Facebook, Instagram, and much later TikTok, ultimately created new opportunities to reach specific audiences and increase online sales, as well as giving users the opportunity to start their own businesses and experience entrepreneurship.

“I’ve always been fascinated by direct marketing; I was captivated by BBS, which is why my momentum was in 1990 when the Internet was born and I started a company called Inter Marketing, where we tried to do online marketing when there was no supply, companies didn’t have websites, and they didn’t use the Internet,” he said, adding, “It was like selling Netflix before the television was invented.” — Damian Voltes.


A few years later, he and his partner were ready to deploy everything they already knew they could do.

The Use of Artificial Intelligence and Machine Learning

The implementation of technologies such as artificial intelligence and machine learning has allowed for the automation of processes, improvement in product recommendation personalization, and optimization of logistics in e-commerce.

These tools have contributed to increasing operational efficiency and enhancing the user experience on online sales platforms. For these more than valid reasons, they represent a milestone in the most current part of the historical timeline, closely tied to the digital takeoff of the sector.

Development of Local Marketplaces

In addition to major marketplaces like Mercado Libre, the emergence of specialized local platforms expanded the range of online products and services, offering more diverse options to consumers and additional opportunities for sellers.

These factors have also played a crucial role in the evolution of Ibero-American e-commerce by providing tools, platforms, and strategies that have driven growth and innovation in the sector. Their continued relevance and development are essential to further advancing the expansion and consolidation of e-commerce in the region.

The Evolution of the Web: From 1.0 to 3.0

The evolution of the web has been a continuous process marked by significant changes in how people interact with information and online applications. Over the decades, we have witnessed the emergence of different phases of the web, each with its own characteristics and technological advancements. From its initial conception to the present day, it is undoubtedly a fascinating journey that reflects not only technological progress but also how we have transformed our way of living and working online.

Web 1.0: The Static Web

Web 1.0, which emerged in 1990, was characterized by the presence of static websites that offered information in a one-way manner. In this initial phase, interactivity was practically nonexistent, and users played a passive role, limited to browsing and reading content.

During this time, in Argentina, the portal GauchoNet was born in 1994, created by a young innovator named Gonzalo Arzuaga, who, according to the media of the time, made the first multimillion-dollar internet sale in the region during the 1990s.

In an interview with Damian Voltes, we realized the emergence of figures like these who marked what he considers the first wave of this quarter-century: “There are three major waves, from ’95 when the internet began to 2024, which is just starting. Each has its own bubble and peaks. You have to know when to get in and when to get out. These are windows that open and close, especially in technology where cycles are getting faster and faster,” he said, referring to Gonzalo Arzuaga’s timely decision to sell GauchoNet, distinguishing himself from figures like Marcos Galperin—founder and CEO of Mercado Libre—who remained with his business for over 20 years.

“During this wave, first came the internet providers to offer connectivity, infrastructure, etc., but then came the portals, which were like gateways to the internet. That’s where we find AOL, Terra, Yahoo!, among others, all functioning as the entry points to the internet, and later each portal began to define itself by verticals, such as sports, finance, etc.,” he commented. With this definition, Voltes confirmed that even though this was a time when websites offered limited usability, the businesses behind this dam continued to inflate the bubble until it finally burst.

For his part, Guillermo Varela said about this period that, for him, it represented the beginning of his pivotal years:

“In 1994, we created the first site that was supposed to be an e-commerce platform, but it was actually a catalog. In Uruguay, there was nothing, and obviously, everyone said that no one would use the internet to look for something to buy. But I do remember the general ignorance that existed and the inability of decision-makers to realize that this was definitely here to stay” _said Guillermo Varela.

His comment is noteworthy because the giant faced by the visionaries and pioneers of the then-emerging e-commerce was not only the lack of volume but also the distrust and ignorance that Varela mentions. Some platforms of that time included:

  • GeoCities: Users could create and host their own websites.
  • Yahoo!: One of the first web directories and search engines.
  • Amazon: Initially a simple e-commerce site with product catalogs.

At this point, it’s interesting to consider the perspective of Laureano Turienzo, founder of the Spanish Retail Association (AER) and current CEO of Retail New Trends, on the development of e-commerce and the fundamental role that trust plays in its evolution.

Turienzo highlights an initial phase that lasted approximately 10 to 15 years, characterized by the construction of credibility in the digital medium. As Turienzo mentions: “The first big step was really that, to reach the global middle class: to be able to trust what was behind the computer screen.”

This statement underscores the importance of trust in e-commerce, a crucial element for consumers to adopt and use this platform. It emphasizes how the shift from an analog to a digital interface involves not only a technological transformation but also a human one. He argues that, ultimately, “e-commerce is about people buying from other people.”

“The big step forward for e-commerce is when you massively gain a concept as human as trust,” Turienzo emphasized. Undoubtedly, trust is a fundamental pillar that underpins the success of e-commerce. As more people found that their online purchases were problem-free, trust in technology and online sellers began to increase significantly.

This evokes a reflection: “Behind the screen and the technology, there are human beings making purchasing decisions and selling products,” says the expert. This human connection is essential to understanding the success and evolution of e-commerce over time.

Web 2.0: The Social and Collaborative Web

Web 2.0 represents the second phase in the evolution of the web, spanning from 2004 to the present. This stage marked the introduction of interactivity and collaboration on the web. Social media platforms and blogs emerged, giving users the ability not only to consume content but also to create it.

For Damian Voltes, this stage was not only dominated by the evolution of websites but also saw the strong presence of mobile development and maturation. At that time, Nokia and Motorola competed for the market until the arrival of Blackberry, but with the introduction of the iPhone, the rules of the game changed. According to Voltes, this was the arrival of “a device that was born dumb but became smart because it was 100% connected.”

It’s also worth noting that the shift towards Web 2.0 largely emerged as a response to the dot-com crisis. This phase introduced three fundamental principles that enabled user interaction with web platforms: the conception of the web as a platform itself, the concept of collective intelligence, and the implementation of a participatory architecture.

Examples of Web 2.0 websites and services include:

  • Facebook: The social network that allows users to connect, share content, and communicate.
  • YouTube: The video-sharing platform where users can upload, view, and comment on videos.
  • Wikipedia: The collaborative online encyclopedia where users can edit and contribute content.

Web 3.0: The Semantic and Personalized Web

Web 3.0 represents the next phase in the evolution of the web, characterized by artificial intelligence, semantics, and personalization. In this stage, the web is expected to be more intelligent and capable of understanding user context and preferences, offering more personalized and relevant experiences by focusing on data integration and the interconnection of information.

Examples of technologies and applications associated with Web 3.0 include:

  • Intelligent Virtual Assistants: Virtual services like Apple’s Siri, Amazon’s Alexa, and Google Assistant, which use AI to provide answers and perform tasks.
  • Blockchain: The underlying technology of cryptocurrencies like Bitcoin and Ethereum, which has the potential to transform various sectors with its decentralization and security capabilities.
  • Augmented and Virtual Reality: Technologies that merge the physical and digital worlds, offering immersive and enriched experiences.


In addition to the evolution of the web stages, other milestones have influenced its development, and here we highlight two:

The Dot-Com Bubble

In the late 1990s, there was excessive speculation around internet companies. “Get big fast” was the mantra that organizations recited during that time, reflecting the corporate strategy behind their rapid growth. The following Nasdaq chart illustrates this stage:

Many of these so-called dot-com companies collapsed, even as a series of technological innovations and viable business models began to emerge.

This phenomenon was driven by technological progress and economic globalization, which was also associated with the rise of Nasdaq, the formidable rival to the traditional Wall Street stock exchange.

The bursting of the dot-com bubble was a significant event that marked a turning point in the digital economy, highlighting the importance of sustainable business models and the need for proper regulations to prevent excessive speculation. Experts from the first wave, such as Sergio Grimbaum, former co-founder of Deremate.com and CEO of Think Thanks, identify this milestone as the first major momentum in the history of e-commerce in the region.

“The bubble is the great momentum; we were all inside a tunnel, and suddenly it changed, the bubble burst, and everything collapsed. We didn’t really know what we were chasing after all; they pushed us toward user acquisitions, client transactions—everything but actual business. After the bubble, growth came, and it didn’t matter if there was revenue or not. It was a milestone because it forced us to wake up, especially in Argentina, where we suffered through it right after a crisis” —Sergio Grinbaum.

 

Broadband Accessibility

For e-commerce to exist, it was necessary to have a significant volume of traffic and merchants venturing into the online world. However, it wasn’t until the early 2000s that the increase in broadband availability and speed enabled a richer, more multimedia browsing experience, which ultimately drove the development of more advanced online services and widespread adoption of the internet in households.

The evolution of the web is a dynamic process that continues to change, with new technologies and emerging trends constantly shaping how we interact with information and each other online.

It’s important to note that in the region, less than half of the population has access to fixed broadband, and only 10% have high-quality fiber at home. Poor and uneven coverage, along with the high costs of data and devices, continue to hinder digital access.

Implementing effective policies and measures to improve digital accessibility is crucial to ensuring that all sectors of society can benefit from the opportunities offered by the digital economy.

Conclusion of this Momentum

Exploring these 25 years, collecting anecdotes, and tracing a timeline that allows us to visualize the journey taken by visionaries and pioneers, it is noteworthy that the highlighted momentums marked as true milestones are:

First Momentum: The Dot-Com Bubble Burst

Undoubtedly, this turning point changed how platforms were perceived, transforming them from mere connection spaces into powerful commercial engines. The bubble’s burst led to a period of darkness where even mentioning online platforms and their benefits was taboo. Reversing this mindset required rethinking how to market online. Many years later, another milestone, the pandemic, would provide a foundation for usability, but until that external condition emerged, society, technology, the economy, and even the way of selling evolved, learning to implement the rules of the game that would later need to be broken.

Second Momentum: The Introduction of Smartphones

Although an entire book in this collection is dedicated to this topic, it’s important to acknowledge that each mobile device that came to market offered something different to the user. We must also recognize the pioneers who knew how to incorporate these devices into the online sales proposition.

Saying that smartphones are here to stay would ignore the evolutionary potential of these devices, which have not yet reached their innovation peak. Thanks to breaking the mold with different types of software and operating systems, smartphones will eventually transcend screen-based interactions to welcome users into a physical world, but it will take a bit more time before we discuss that.

Third Momentum: Omnichannel and Data Utilization

The mindset shift that retailers and brands have made as a result of the experiences brought on by the pandemic has allowed them to adapt to the changes in consumer habits. This is a major turning point and maturation of the industry, which now transitions into an ecosystem based on a unified, conversational, and collaborative commerce model, capable of responding personally to needs through the appropriate and assertive use of data, regardless of the point of contact or sales channel, whether digital or offline, throughout the consumer’s journey to the product or service offer.

This leads to a reflection on a fourth momentum, not explicitly mentioned here but recognized by the interviewed experts as such: the fourth wave, driven by exponential technologies, with artificial intelligence and machine learning at the forefront, combined with blockchain, augmented reality, and more, which we will continue to explore in depth in the upcoming momentums of this collection.

Today, these technologies are often met with skepticism and even rejection, but we will soon see how their integration into the digital ecosystem will be essential for streamlining processes, positively resolving the supply chain up to the final consumer, and freeing up teams to handle the most complex processes in the simplest way.

It seems that many loose ends remain, and I invite you to read the reflections of Commerce Society AI below and interact actively with it.

Stay tuned for the next publications because if we have traced a sort of historical line so far, with crucial milestones and momentums for the digital ecosystem, we will soon delve into some anecdotes—funny, overwhelming, and even filled with very technical concepts—but experiences that help reconstruct our journey through 25 years of this ecosystem with real events.

The content you’ve just read is alive, meaning that the information will be continuously updated. If you believe you have any data, testimonials, cases, anecdotes, studies, or research that could enrich the shared knowledge on the genesis of the digital ecosystem to add to this or future books in this collection, you can complete the online form at genesisfuturo.digital.

Finally, I recommend subscribing to notifications to stay informed about updates or the release of upcoming books, and as many of you already know: we remain online.

Upcoming Momentums

Genesis of a Digital Future is not just a book; it is a living testament to the moments and contributions of the key pioneers who have shaped the digital ecosystem in Ibero-America. Through firsthand accounts and deep research, this project documents the 25 momentums that have marked the evolution of e-commerce from its inception to the present.

Each momentum is an invitation to navigate the ever-changing and evolving digital ocean, riding the waves and eTsunami that marked a before and after for the ecosystem, recognizing each step taken by the visionaries and pioneers who shaped the e-commerce industry, and discovering the latest technological innovations.

The living book offers a unique learning and discovery experience that provides a comprehensive perspective of the past, present, and future of the digital ecosystem in our region.

Explore the upcoming momentums that reveal the secrets, challenges, and triumphs behind the world of Digital Commerce in Ibero-America:

  • The Digital Takeoff: The Beginnings of E-Commerce in Ibero-America
  • About the Pioneers and Visionaries of E-Commerce in Ibero-America: Exploring the Legacy, Minds, and Cases Behind the First Visions of E-Commerce in the Region
  • The M-Commerce Revolution: Discovering How Mobile Devices Transformed Digital Commerce
  • From the Dot-Com Boom to the Dark Ages: Analyzing a Period that Shaped the Character and Adaptability of the Digital Ecosystem
  • The Rise of Mass Convenience Events: A Look at How Digital Events Changed Our Way of Shopping
  • The Era of Marketplaces: Exploring the Impact of Marketplaces on the Digital Economy
  • Global Trends and Their Influence: Unraveling How Global Trends Shaped the Current Unified Commerce Landscape
  • The E-Commerce Boom: A Journey Through the Key Moments of E-Commerce’s Explosive Growth in Ibero-America
  • The Fulfillment, Logistics, and Last-Mile Challenge: Analyzing the Importance of Operations and Logistics in Efficient Product Delivery
  • The Entrepreneurial Ecosystem and the Push of New Initiatives: Discovering How Entrepreneurial Spirit Drove New Initiatives to Become the Engine of the Ecosystem
  • The Deja Vu of Regulations and Legal Challenges: Navigating the Chaotic Regulatory Landscape Surrounding the Digital Ecosystem
  • The Transformation of Payment Methods: Exploring Innovations and Changes in Payment Methods, Digital Transactions, and Fraud Prevention
  • On Diversification and Market Penetration Towards Global Selling: An Analysis of How Companies Expanded Their Horizons into New Markets Through Cross-Border E-Commerce and the Globalization of Their Borders
  • The Flywheel Effect in Digital Marketing Strategies: Analyzing the Evolution of Strategies That Drive Brand Success in the Digital Environment
  • The Consumer, User Experience, and Focus on Interface and Usability: The Historical Importance of Customer-Centered Culture in the Evolution of the Digital Commerce Ecosystem
  • The Data Revolution in the Age of Big Data: Discovering How Petrodata is Transforming Decision-Making in Unified Commerce
  • The Transformation of B2B/D2C/B2B2C Value Chains: Analyzing the Business Dynamics Between Companies, Direct-to-Consumer, and More
  • The Era of Networks and Brand-User Interaction: Exploring the Revolution in the Relationship Between Final Consumers and Brands
  • The Development of Super Apps and the Links That Connect the Commercial Chain: A Look at the All-in-One Applications That Are Revolutionizing the Chain and Value Proposition to the Consumer
  • The Arrival of Exponential Technologies and the Transformation of the Ecosystem: The Technological Innovations That Are Reshaping How We Do Business and Interact with the Final Consumer
  • Unified & Collaborative Commerce Models: Understanding the Collaborative Models That Are Redefining Digital Commerce
  • Unlearning to Relearn: The Importance of Team Development, Training, and Transformation, and the Development of a Unified Commerce Culture
  • The Development of the Retail Media Network: Navigating the Third Wave of Unified Marketing
  • Profitability and Sustainability: Challenges and Solutions to Ensure the Long-Term Viability of Unified Commerce
  • Perspectives and Reflections: A Look at the Future of E-Commerce in the Region, Projecting the Next 25 Years

 

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