Illustration: Shoshana Gordon/Axios
E-commerce has boomed across the country in recent years, but perhaps nowhere greater than in Columbus.
Why it matters: Online transactions aren’t just favorable for shoppers, but are increasingly lucrative to our region — a “sweet spot” for industrial development.
Driving the news: Digital payment processing company Stripe released a report this week showcasing the dramatic expansion of the internet economy since 2017.
- Online spending was already rising but skyrocketed during the pandemic, Axios Cleveland’s Sam Allard writes.
- Stalwarts like Amazon grew even larger, while the relatively recent accessibility of digital commerce helped traditionally offline industries begin embracing the platform.
What they’re saying: “A diffusion of talent and investment capital … has paved the way for the rapid growth of the internet economy beyond traditional tech hubs and major metropolitan areas,” Stripe’s report reads.
Zoom in: Columbus saw online transactions using Stripe increase 40-fold over the past five years in industries like clothing, specialty retail and dining.
- More than 150 local businesses launched on Stripe every month on average last year.
- Both Columbus and Dublin are home to businesses using Stripe that collectively processed over $100 million in 2021.
The big picture: Columbus is helping satisfy the demand for more distribution centers to process the wave in online orders.
The bottom line: Put it together and our transformation into a Midwest e-commence hub happened gradually, but all at once.
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