You need a venture that generates passive income if you want financial freedom — everybody knows it by now.
Fortunately for you, there’s a whole slew of opportunities online that will enable you to step into the world of entrepreneurship. You can start a niche blog, bolster your personal brand through social media, get into affiliate marketing, and many more.
Sure, the startup scene isn’t always as pretty as most people picture it to be. But when it comes to eCommerce, there are a lot of reasons to stay optimistic:
Collect and act on NPS-powered customer feedback in real time to deliver amazing customer experiences at every brand touchpoint. By closing the customer feedback loop with NPS, you will grow revenue, retain more customers, and evolve your business in the process. Try it free.
1. B2B ECommerce Emerges
When talking about eCommerce, people typically focus on the B2C angle.
Understandably, B2C businesses represent the majority of the eCommerce space, but you shouldn’t underestimate B2B. Statista reports that, in terms of sales, it now dwarfs the B2C market by 234.78% — with a projected global revenue of $6.7 trillion by 2020.
Remember that deep customer engagement is required to generate B2B sales. That’s why they usually utilize 1-on-1 consultations or personalized demos to secure more conversions.
But with the growing potential of visual content in building trust and increasing buyer confidence, such a level of engagement is now easier to achieve even in self-service, digital selling channels.
2. Retail eCommerce will Balloon to $4.5 Trillion by 2021
Another study reveals that the retail eCommerce industry will balloon to $4.5 trillion by 2021.
This translates to a 246.15% growth from $1.3 trillion in 2014, which is nothing short of impressive.
Despite its showings, you still see a lot of skeptics that undermine the role of eCommerce in the world of retail — stating that physical stores still hold the future. However, the real winners are clearly the omnichannel sellers. These are businesses that leverage multiple points of sales, be it an eCommerce marketplace or a brick-and-mortar store.
3. 67% of Millennials Prefer Shopping Online
You may have come across sources that millennials would still generally pick a physical store over a digital one. This may have been true at some point, but the tides have since turned.
According to BigCommerce, 67% of millennials and 56% of the Gen X now prefer to shop online. In addition to the improving experiences that online stores offer, other advancements in security, payment gateways, and internet connectivity all contribute to the burgeoning popularity of eCommerce.
4. Shoppers Believe They’ll Get a Better Deal Online
eCommerce not only provides consumers with more convenient shopping options. It also gives access to information that can validate their purchase decisions.
For example, an online shopper normally turns to online reviews or the recommendations of their social peers before buying a product. The more they know about it, the bigger their confidence gets. In turn, they usually end up more satisfied as their expectations are met.
That’s why 71% of shoppers are convinced that they can grab better deals online as opposed to visiting in-store.
5. More Competitive Freelancing Marketplaces
Every day, freelancing marketplaces continue to grow the ever-increasing pool of global talent, including eCommerce-related positions.
Professional product photographers, virtual assistants, and web designers, for example, are always in supply for eCommerce entrepreneurs looking to get ahead in the competition. As a result, you should be able to make arrangements and form a remote team without shelling out a fortune.
To make the most out of your outsourcing, consider using online collaboration and communication tools, such as Basecamp, Trello, and Slack. These have free versions that can serve small teams for as long as they need.
6. It’s Getting Easier to Build an Online Store
The boom of eCommerce causes a ripple effect that compels services to improve.
Platforms like BigCommerce, for example, are relentlessly tuning their user-friendliness and cost-effectiveness to win over more brands. In fact, you should be able to launch a fully-equipped online store in one day by using themes and design templates.
BigCommerce also features an app marketplace that will allow you to integrate any form of functionality into your store without writing a single line of code. You can set up recurring payments, automate product reviews, enable store locators, and more.
7. The Rise of Drop Shipping
Finally, entering the eCommerce business always seemed like an intimidating decision, especially for first-time entrepreneurs. After all, inventory, shipping, and supply chain management aren’t skills you can simply pick up and be proficient within a short period of time.
Drop shipping, however, will help you cut through all these complexities and make it significantly easier to set up an online store from scratch. It is a fulfillment method where you, as the store owner, never need to physically possess the goods — rather, they get sent directly from the manufacturer or wholesaler to the customer once a sale has been confirmed.
The best thing about the drop shipping model is how easy it is to set up, thanks to various online directories. All you need to do is to browse their drop shipping catalog and import the products straight into your online store.
All in all, you’ll definitely have the odds stacked in your favor if you are to invest in eCommerce for the following year. Make no mistake, it’ll still be a long and rigorous journey, but at the very least, you’ll have no excuses and all the confidence in the world. Good luck!