As the world moves online, the global e-commerce market is also currently experiencing rapid growth. Isn’t it the right time to launch your online store? In today’s guide, we’ll walk you through the most important e-commerce business trends in 2021, as well as provide a checklist on how to open an online shop.
E-commerce’s popularity is growing significantly. According to recent statistics, the size of the global retail e-commerce market is 4,891 billion US dollars and is projected to grow to 6,388 billion US dollars by 2023. Nowadays, artificial intelligence, a growing number of payment methods, mobile shopping, subscriptions and sustainability are among the key trends in the e-commerce market in 2021. Popular niches include men’s beauty products, home fitness equipment and books on politics.
In the following section, we’d like to give you some pointers on how to start an online business.
Before you actually go ahead with opening an online store, you should research the main competitors in your niche as well as learn about the market opportunities. It is very important to know the players with whom you will be cooperating or competing, as well as the general landscape of the sector in which your future e-business will be operating.
A business model is the framework of your online store, and a good one will provide an effective foundation for your shop. Investigate different existing business models, analyse them, and try to find the one that best suits your e-commerce business.
When starting an online shop, you need to determine what some of the biggest expenses might be, research and compare different services, what taxes you will need to pay and what are the essential aspects of the business. Don’t forget to maintain a financial cushion to avoid bankruptcy in the event of unexpected expenses.
An e-commerce platform is where you can sell your products. It is software that enables the commercial process of buying and selling over the Internet. There are three main types of e-commerce platforms: software-as-a-service, platform-as-a-service and on-premises platforms. So, before starting a webshop, find out which type of platform will best serve the needs of your online store and then choose the best one for you.
Finding a reliable payment solution for an online business is another crucial aspect to the success of any online store. A payment provider is a third party that provides clients with services to accept electronic payments in various ways. Keep in mind that payment providers can offer you a wide range of services. Also, depending on your industry, payment history and experience, a payment provider may decline your request to work with them, so choose one carefully.
We hope that you now have all the information needed to start your online store. Feel free to use this brief guide if you’re deciding whether to open a webshop. However, don’t forget that every e-commerce business needs reliable credit card processing solutions. You can find more information on how to open a merchant account, what the requirements are and how to properly manage your online transactions in our previous articles, or by contacting us directly!