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Setting up an eCommerce business might seem so last decade. But even in the 2020s, there are still markets to be explored and profits to be made.
Do you dream of becoming your own boss? Here are some of the reasons you need to open a new store online right now.
eCommerce Shipments Are Expected To Grow Between 13 and 25 Per Year
Shipping from China to Amazon FBA warehouses is about to get a heck of a lot more popular. The reason? Economists predict that global shipments increased by around 15 percent per year over the last five years and that that rate of growth will continue – the current pandemics notwithstanding. The market was about $1.8 trillion at the end of 2018. It will likely grow between seven and eight times faster than the rest of the economy.
Operating in a growing industry is always a good strategy. A rising tide lifts all boats. The eCommerce sector certainly fits the bill.
You Can Make Money Without Moving From Your Couch
You might think that setting up an eCommerce business would cost a lot of money. But if you observe how entrepreneurs in this space spend their time, you soon see that many of them lead a life of luxury. They’re not in the backroom packing boxes. Instead, they’re pursuing other business opportunities – or enjoying themselves on holiday.
It turns out that you don’t need to be physically involved in your eCommerce company to make money. You can outsource practically everything to other agencies and then just skim off the top.
You Don’t Have To Spend Ten Years Setting Up
Twenty years ago, setting up an eCommerce business was a significant technical challenge. Now it is no more difficult than creating a social media profile. Developers improved the tools for eCommerce companies dramatically over the last few years. Now they are functional and easy to use, even if you don’t have any technical background at all.
The most challenging part of the process is finding products to sell. You can make your own, of course. But most people become resellers, pushing the products on behalf of manufacturers.
You Have A Captive Market
Sorry to bring it up, but the current viral pandemic means that eCommerce businesses have a captive audience like never before. People simply don’t have the option to “pop down to the store” for the things that they want. If they’re looking not sold by a grocery store, they have to go online. They don’t have a choice.
If you know that people in your community need something but can’t get hold of it, then that’s your chance. Do a little local SEO, set up your shop, and start selling.
A Lost Sale Isn’t Always A Lost Sale
Finally, abandoned shopping carts don’t necessarily mean you’ve missed your opportunity to sell online. New technology means that customers can return to their shopping baskets later to complete the transaction. Reduced friction like this is vital for keeping your business moving.