The Love for eCommerce has soared throughout the years, and today it is somewhat of a thriving industry. We thought it would be interesting to delve into the heart of eCommerce and provide you with a bit of history about it and why it is such a great option for now and the future.
In 2019, online shopping accounted for 19% of total retail sales in the UK, with consumers spending over £180 billion online. This fact alone proves just how much eCommerce is a booming industry, and with predictions that it will facilitate 95% of retail purchases by 2040, there is no stopping its success!
In simple terms, eCommerce represents the buying and selling of products through a screen, over the internet. It is a process which was initiated many years ago, in the 1960s, however only began to take hold during the 90s. During the 1990s, online retail and internet transactions started to become extremely popular. When PayPal launched in 1999, people became hooked on this new and innovative way of buying and selling products.
With advancements in technology, the number of people who used the internet grew. It provided individuals with an easy and convenient shopping experience like never before. Before long, consumers had become somewhat obsessed with the internet, and online shopping was a new and thriving habit among society.
For many people during the early stages of eCommerce introduction, security was a major concern. People were unsure about this new and exciting way to shop and found themselves avoiding it in case their private information gets stolen. However, once PayPal introduced much safer payment processing which was advertised to consumers, more and more people chose shopping online over shopping in-store.
As technology continued to improve over the years, it meant the technology surrounding eCommerce also developed further. The ease of shopping and selling online became effortless and as well as the increased popularity of people buying online. There was also a huge boom in people beginning to sell products online. It wasn’t just large established companies who found themselves offering online products, but also smaller, independent shops which turned to the internet to start their online businesses.
Today, it is the quickest and most comfortable it has ever been to start an eCommerce business. Vast amounts of money don’t need to be spent on online storefronts, and with business models such as dropshipping, you don’t even have to store your products. We are dealing with an industry which has been thriving since the early 90s and has only continued to grow, develop and thrive, for decades.
Starting a dropshipping business with companies like us here at Vincofy means you can sell incredible products without even touching them yourself. We can link you with your ideal supplier; saving you time by making connections, vetting partners, and streamlining the sales process.
Using dropshipping as your business model for an eCommerce business is one of the best ways to start. It is incredibly efficient, relatively risk-free and saves you a lot of extra time and unnecessary cost. One of the most prominent factors is the fact dropshipping cuts overhead costs. Opposed to needing to store products in a warehouse, dropshipping means a separate supplier will take care of all the handling and shipping, meaning all you will simply need to do is sell them.
Having a professional and experienced supplier to work alongside you, means you can spend more time on marketing the products, processing orders and delivering an exceptional customer service experience which is going to draw people back to your site again and again.
With that being said, in terms of the cost of running a dropshipping eCommerce business, marketing and sales will, therefore, be your main costs. You also have the security and comfort that no money will need to be paid to suppliers or manufacturers until a product is bought from your site and the money from the purchase is paid into your account. A huge benefit of the entire process!
This brilliant way of selling products come with so many more positives. It means you can sell products wherever you want, across the world, in the comfort of your own home. It also means your store can be run all day, every day, with the potential to gain sales and profit at any time, 24/7. Additionally, with eCommerce majorly cutting overhead costs, spending will be kept to a minimum, is a significant factor and opportunity, particularly for those looking to start. With advanced and detailed technology, your site can be personalised to best suit your products. It works as the perfect marketing tool to draw people in and offer consumers an exceptional customer experience.
With us, you can quickly begin your eCommerce journey by starting an online store and commence your selling without needing a substantial upfront investment in inventory. We take the risk out of starting a business by vetting suppliers to ensure all our entrepreneurs can be confident in the products they sell. So, when it comes to having a successful and long-lasting future in eCommerce, the experience is vital. Here at Vincofy, we can help you in building your skills and developing your dropshipping qualities for you to have a prosperous and wealthy future in eCommerce, with us.