eCommerce business is the type of business that is primarily conducted over the Internet. By now, almost everyone, who has access to the Internet, would know the term eCommerce accurately. At some point would have also considered doing the same. The eCommerce business landscape is growing at a fast pace in the last few years. To add to it, the global pandemic has also accelerated it to a certain extent. In this blog, we will see why this is the best time to start an eCommerce business.
- According to Indian Brand Equity Foundation (IBEF), the eCommerce business indistry is expected to grow to US$ 200 billion by 2026 from US$ 38.5 billion as of 2017.
- The eCommerce market saw a growth of 36% year over year in just the last quarter of 2020.
- The subesequent lockdowns have helped many FMCG online businesses get their first orders. The lockdown has proven beneficial to the eCommerce business owners as restrictions forced millions of customers to shift to online shopping.
- Across the globe, there are around 12 million to 24 million eCommerce sites, which are perpetually growing every single day.
- 27.2% of the global population is shopping online. (Read: opportunity to work with 27.2% global customers!)
Current factors influencing the growth of eCommerce business
Scare of the virus
From March 2020, perpetual fear of the virus is lingering in everyone’s lives. The pandemic-induced lockdown has confined us to homes, rightly so, to curb the spread. The scare of going out in the masses will reduce only gradually. This has accelerated the growth of eCommerce businesses. People prefer shopping online from the comfort of their homes that is also packed with a sense of security.
eCommerce businesses have really helped us get all the things that we need in just a few clicks.
Increased internet penetration
In 2020, India had nearly 700 million internet users across the country. The number has jumped to 761.29 million in 2021. There has been a steady increase in the numbers. This is an indication that people from rural areas also have access to the internet. This works in favour of eCommerce business owners as they can get new customers every day.
Increased mobile access
According to a report published by Statista on 29th June 2021, 760 Million Indians have access to smartphones. By the end of 2021, the number could be 3.8 billion. Access to smartphones help boost the growth of eCommerce business.
The combination of increased internet penetration and accessibilty to smartphone acts as a catalyst. It has a lot more potential to explore, earn, diversify, and expand. The cumulative effect of all the factors makes it an ideal time to start an eCommerce business.
The eCommerce scenario has seen many major shifts in 2020, and it is extremely safe to say many changes are underway. An eCommerce business also offers a great flexibility and high return on investment. It can be run 24/7 and has a wider reach than a regular physical store. The best part is, full-stack eCommerce platforms like Dash101 help businesses to set up their online store in just a few clicks. With Dash101 you can create a website that is SEO-friendly and mobile optimized with an SSL certificate. An online store is easy to create, great fro business, and has lower overhead costs. Dash101 helps you to explore the world of online business with great ease and at no additional cost.
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