1. The future of eCommerce is promising
It’s clear that eCommerce is on the rise, and it shows no signs of going away anytime soon. In fact, online retail sales of physical goods in the United States alone are projected to reach nearly $476.5 billion by 2024. Further, experts believe the global eCommerce market will reach $6.07 trillion by the same year!
Some of the factors contributing to the growth of eCommerce include the following:
- The use of mobile wallets is becoming more popular across the globe.
- Younger generations, like millennials, have a higher preference for shopping online.
- The number of smartphone users around the world is increasing every day.
Ultimately, there’s a lot of evidence that we’re moving further and further into a digital-first world. And with that comes the shift toward eCommerce.
What this means for you: The long-term outlook for eCommerce is bright. And as technology evolves, this method of buying and selling will only become more popular. So, if you want to break into eCommerce and start selling products on Amazon, you can feel confident moving forward.
2. Amazon remains the largest eCommerce retailer in the U.S.
North America is one of the biggest eCommerce markets in the world. And in the United States, roughly 82% of the population buys products online. Although Amazon operates in various countries around the world, its largest market just happens to be the U.S. In fact, based on recent data, the company has a staggering 38.7% share of eCommerce sales in the United States.
Despite other retailers experiencing eCommerce growth, Amazon continues to be a top performer. And the company is expected to keep its position as the largest and most popular eCommerce retailer in the U.S. After all, Amazon has been around long enough that people know and trust it.
What this means for you: To improve your chances of eCommerce success, it’s well worth tapping into the U.S. market. And if you start selling products on Amazon, it becomes much easier. By launching your own FBA business, you’re able to take advantage of the platform’s existing—and sizeable—customer base in the U.S.
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3. Consumer shopping habits are changing
There’s no question that the COVID-19 pandemic has had a huge impact on every aspect of our lives, including our shopping habits. Earlier this year, people who’d normally shop at brick-and-mortar retailers had no other choice but to go online. According to research conducted in May, 52% of U.S. adults shopped more online this year.
Online shopping has been on a steady incline over the years. However, the pandemic led to a dramatic boost in eCommerce sales. And while it seems like things are looking up, the experience has no doubt changed how people interact with brick-and-mortar stores. Chances are a lot of consumers won’t be going back to their in-person shopping habits (at least not to the same degree).
- Some may not be comfortable going to stores in person.
- Many enjoy the variety of product offerings available online.
- A lot of consumers appreciate the convenience of online shopping in general.
What this means for you: Over the coming year, more people will continue to shop online or make the switch. As a result, you can reach a greater number of people than ever before. So, if you want to start selling products on Amazon, rest assured you won’t be lacking in potential customers. (As long as you select the right ones to sell…)
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4. Amazon itself is growing tremendously
Amazon has experienced huge growth this year. In fact, the company is now worth $1.54 trillion. But that’s not the only way the retailer has grown. Amazon has also invested heavily in additional jobs and employee advancement.
The company created 400,000 jobs this year alone. And it has promoted more than 35,000 people across its U.S. operations in 2020. Further, Amazon announced plans to create 100,000 new permanent jobs in the U.S., along with 100,000 seasonal jobs in the U.S. and Canada.
What this means for you: A big part of why people start selling products on Amazon is that the FBA program comes with several benefits. The company handles storage, packing, shipping, and customer service. And the more the company grows, the more support it will be able to give your own business.
5. There’s high demand for quality products
As mentioned before, eCommerce is on the rise and more people are shopping online. So, it may not surprise you to learn that new eCommerce businesses pop up every day. However, they’re not all winners… In fact, there are a lot of entrepreneurs who start selling products on Amazon without giving any thought to what consumers want.
As a result, there’s a high demand for quality products. People want to know they’re getting the most for their money. And those who go to Amazon will look through listings from third-party sellers to determine which one has the best option available.
What this means for you: There’s still plenty of room for businesses that offer high-quality products that their customers want. If you do your research, select a well-made product people want, and demonstrate its worth, you can stand out from the crowd.
Recommended Reading: How to Create an Automated Amazon Business (in 3 Basic Steps)
Conclusion: Why Now Is the Best Time to Start Selling Products on Amazon
eCommerce is here to stay. And we know there is still so much untapped potential to this market, especially for those who choose to act now. To recap, here are five reasons this is the best time to start selling products on Amazon:
- The future of eCommerce is promising
- Amazon remains the largest eCommerce retailer in the U.S.
- Consumer shopping habits are changing
- Amazon itself is growing tremendously
- There’s high demand for quality products
However, there’s another reason to start selling on Amazon now, and it’s a simple one…
Procrastination is a dream killer. If your dream is to run a successful eCommerce business, then you need to start today. Otherwise, you’ll just continue to put it off. And as a result, you’ll never see your dream become a reality.
Now’s the time to get to work!