With the world moving towards the digital age and the reckoning of covid strikes, it becomes quickly apparent as to why interest has moved towards ecommerce as a growing trend.
As the world realizes that ecommerce is here to stay, the digital migration commenced in their hordes. Over 2.14 billion people worldwide are expected to buy goods and services online this year according to Statista. With that many people shopping online it's no surprise there is a plethora of money to be made. In 2019 alone over $3.53 trillion was spent shopping online and that's expected to exceed $6.54 trillion in 2023. So the real question is, is it too late to join now?
Firms such as Blue Oak Empire based out of the financial center of Hong Kong who help people prosper in Ecommerce said, it's certainly not too late.
"You're essentially not too late. It's as the old saying goes, when's the best time to plant a tree? 10 years ago. When's the second best? Now. With the growth rate that ecommerce is experiencing and predicted to continue, there's still room to get in and make a decent income. You don't need a huge market share to make good money using ecommerce"
So the question then becomes. What does it take to succeed online? Well, according to experts in the field, the key is trying to find products with a high search volume, low competition and that you can source at a competitive price. With so many products around the world, trying to find those diamond products certainly can be done, but you need to know how to source them.
"A lot of people come into this space very naive. They think you can just find any old product, throw it up and sales will start. Like the old expression 'Build it and they shall come'. That simply isn't true in this space. It requires real research. It's a real business"
Gone are the days of being able to quickly carve out a portion of the market and dominating the space. It may have worked 10 years ago, but not these days. The marketplace is far more competitive. Firms like Blue Oak Empire hire professional analysts to find products, SEO (search engine optimization) teams to rank the products on Google to help sales, another team for order processing and customer service. Individuals trying to move into the space alone find it a lot tougher alone.
"If you're going into the ecommerce space in 2021 you need a team. It cannot be done as an individual. Even logically, if you have 100 sales a day coming in, you cannot manage it as one person. If you want to try to do it without a firm, you'll need to build your own, unless you just want to do it as a hobby. You're not in competition with individuals anymore. Ecommerce is now getting taken over by larger companies with huge teams"
Large money has moved into the space as the industry has grown. Similar to real estate, it used to be much simpler and cheaper to invest. But as the market grew and more and more money piled in, large financial firms dominated the market. We can see this has already begun with ecommerce, but it's still in its infant stages. Getting in now could be akin to buying real estate in New York 50-100 years ago. The difference is the speed this industry has grown. With the speed of internet connections getting better and more reliable around the world, ecommerce only has one direction to go.
So, is it too late to get started in ecommerce in 2021? No. Has the landscape changed drastically? Yes.