Today’s shoppers prefer digital experiences over the hassle of shopping in physical stores. The internet is bigger than any shopping centre. Ecommerce as an industry is worth over a trillion dollars and expands at a double-digit rate annually. Merchants no longer have to maintain storefronts with expensive overhead, making the barrier to entry for a retail entrepreneur lower than ever.
While the opportunity represented by ecommerce is indisputable, the competition can’t be ignored. There are over 100,000 ecommerce companies generating meaningful income today, and nearly a million trying to reach that level. There’s a true 1% in ecommerce, with the top 1% of ecommerce sites controlling over a third of all online spending.