Times are uncertain, so is it really the right time to start a business? Well, the perfect time to start your business will never exist, but it certainly is a lucrative time to start your own eCommerce business. With shopping habits changing drastically and more consumers shopping online than ever, the opportunity for earning online is proven by these 10 surprising statistics.
According to Statista, eCommerce sales are expected to see a huge spike in the next few years. The study shows a staggering 390% increase in less than 10 years from 2014 to 2023.
It’s not surprising that more customers are turning to ecommerce for their shopping, and COVID-19 has only accelerated this switch.
If this statistic shows anything, it’s that eCommerce is the future and now is the perfect time to take advantage of this spike in demand over the next coming years!
This study shows that it’s not just PPE and medical equipment that has shot up in demand over the past 12 months. More time spent at home and less time in the shopping centres has shown a huge increase in demand for clothing, entertainment items, shoes and consumer electronics amongst other popular categories.
According to this study, that’s a 14.1% increase from 2019. Online shopping is rapidly catching up to retail, and with the continuous innovation and convenience of eCommerce, it doesn’t look like it will slow down anytime soon.
It’s also important to consider the time and cost of setting up a brick and mortar store compared to an eCommerce store. With this rising demand, it seems like the most profitable option is to launch your idea into the virtual world.
Customers are becoming more comfortable with online shopping, after years of online merchants battling with the untrustworthy reputation that some online stores created.
This is a great sign for anyone looking to start an online business as you can target customers across multiple devices and you can capture users on social media sites to complete a purchase.
Social commerce has also seen a big increase in demand and users have shown that they are willing to buy whilst browsing their favourite content.
Yes, there has been general growth across a lot of different categories, but there are some niche sectors that have seen incredible growth in sales.
You can probably predict which categories they are considering the current circumstances; virus protection-related products and toiletries which have grown in demand by a whopping 807% and 217%.
According to this research, gym equipment has grown by 55% over the past 12 months and demand for home improvement products has increased by 13%.
Doing some research prior to launching your online store could direct you into a very lucrative industry considering the spikes in particular categories.
Shoppers feeling uncomfortable going into physical shops is the perfect opportunity to market your eCommerce business. There’s never been a time where customers are so reluctant to go into actual stores and it’s with good reason.
This feeling of uncertainty is going to be around for a while, according to this study. Even by 2021, only 19% of participants said they would feel comfortable going into a store.
So if you have that idea for a store brewing in your mind, the eCommerce route is your best bet for success.
And 25% do more than 90% of their shopping on the web, according to this research. Further proof that eCommerce is on the path to take over retail. Who really knows what the future of shopping will look like, but it’s certainly heading in that direction!
With government restrictions and contamination fear, the majority of consumers have majorly switched up their shopping habits.
It could be argued that this switch to online may be temporary and shoppers will go back to brick and mortar stores when COVID 19 is a thing of the past, but:
Consumers are getting ready to shop for their Christmas hauls online this year, which is sure to wipe out plenty of stock across eCommerce businesses over the holiday season.
More than 70% of shoppers are planning to spend the same in 2020 on holiday shopping compared to 2019, which is a positive sign as this year has seen significant financial struggle across the UK.
So with all this shopping looking to take place online, it’s the ideal time to launch your eCommerce store.
Research shows that consumers are shopping more frequently, according to this study. This has risen from 28% pre-pandemic. The same study showed that 28% of participants will continue to shop mostly online even after the pandemic. So, this rise in demand for eCommerce is certainly here to stay.
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