Find out why now could be a great time to start your own e-commerce business. Expert analysis.
We are all fully aware of the difficult economic circumstances many countries around the world find themselves in right now. The Bank of England has once again lowered the growth expectations for the UK for this year and the problems in the U.S. and the Eurozone are multiplying daily.
Linked to that is a very hard trading environment on our high-streets, with many established brands struggling to meet their sales forecasts and many even going under.
Why then, you may ask, would you want to start an online business at this moment in time?
The answer is in the recent e-commerce results, which are more than optimistic. The growth in this industry has been kept regularly at above 10%, which is a lot higher than many other parts of our economy. The number of people making online purchases also keeps on rising.
Latest data shows that books, magazines, clothing and plane tickets are some of the most popular items purchased online. According to comScore nearly half of all computers and 30% of other electronic goods sold in the U.S. are bought through the internet.
Experts say that this is down to the fact that consumers believe, that prices for the same products on the web are often lower than on the high-street. This is mainly because the cost of running an online business is relatively lower compared to a bricks and mortar one. There is no need to pay expensive rent for a strategic spot in shopping areas of towns and cities and overheads are also a lot smaller.
Many consumers will also use the Internet to research the product they are interested in before making a decision on a purchase and as they do that, they would often find it at a price they are happy with. The web has become a one-stop-shop for many of us, regardless of what we buy. Whether it is high or low ticket items, single or high volume purchases, we are now more likely to opt to make them virtually.
The problem of reach is also diminished as the Internet is accessible from pretty much anywhere in the world. This is why, even if what you plan to sell would not find the demand in your country, in the online world location is not an obstacle.
With a growing number of platforms which provide easy tools to build websites and online stores there really is no excuse for any business, however small, not to have some kind of online presence. Even if you are a complete start-up, you may find that making first steps in e-commerce business may be easier than starting a more traditional company.
Online payments are also becoming increasingly more secure and easy to integrate and consumers are becoming a lot more comfortable completing them.
Internet is a perfect tool for new and existing entrepreneurs to make a winning start with their ventures.
