Wealth Assistants, an e-commerce management agency that helps people acquire, build, scale, maintain their online e-commerce businesses, published the results of their 2023 survey, The Accelerating E-Commerce Boom. The survey includes insights from over 150 entrepreneurs, all of which have either started or invested in a startup in the last 3 years, about how they’re reading economic conditions and how they’re considering E-Commerce as a way to grow their funds. Findings underscore the importance of choosing the right business model, with e-commerce business models coming out on top, and conducting thorough market research to increase the chances of success.
Many entrepreneurs are caught in the dilemma of wanting to start a business during times of economic volatility. Start-up costs, risk, funding constraints, and time to launch are all factors that play a significant role in this decision.
Why start an E-Commerce business during a period of economic volatility? During times of economic downturn, traditional businesses tend to suffer as consumers become more cautious with their spending. E-Commerce businesses are more adaptable to changes in consumer behavior and are able to quickly pivot to meet the needs of the market when the economy sours or evolves. Additionally, E-Commerce businesses have lower overhead costs, making them a more cost-effective option for entrepreneurs looking to start a business.
“As the economy struggles with high interest rates, inflation, and a potential recession, E-Commerce businesses may provide a more attractive option for entrepreneurs looking to start their own retail business,” said Jake Marfolgia, CMO of Growth at Wealth Assistants. “With lower overhead costs, a wider customer base, and greater flexibility, E-Commerce businesses have the potential to thrive in even the most challenging market conditions.”
Key Research Findings:
- 98% of entrepreneurs believe that E-Commerce businesses can adapt to changing market conditions more quickly than traditional businesses during recession.
- 94% of entrepreneurs see E-Commerce businesses as having lower overhead costs than traditional businesses with a slow economy.
- 95% of entrepreneurs see E-Commerce businesses as having the potential for higher profit margins than traditional businesses.
Additionally, the survey is compiled in a free and easy-to-read e-book that reveals the top trends that will affect E-Commerce businesses in the next 3 years, with a large focus on the increased focus on personalization and customization, as well as the increased use of AI in E-Commerce.
For more information on Wealth Assistants’ survey findings, please visit: https://wealthassistants.com/blog/lower-overhead-greater-flexibility-the-benefits-of-starting-an-e-commerce-business-in-a-down-economy