E-commerce is a booming industry and this fact is clearly evident if you look at the Forbes Fortune list. Numerous eCommerce companies have not only been able to find a spot in the list, but also been able to compete with giants in the energy sector. Due to the recent meteoric growth in the number of internet users, there has been exponential growth in the online shopping market. According to Statistica reports, the market value is estimated to reach $2.3 trillion by 2019.
Most to-be entreprenuers get lured by these jaw dropping statistics and may want to startup in this space. However, it is important to note that there is a lot of competition in this space. It is going to difficult to not get consumed by the industry giants, who have almost monopolized the market in their respective niches. But there’s a bright side, in fact many of them. There are hundreds of opportunites that are yet to be tapped. Keeping early stage startups in mind, we have designed an infographic which illustrates the trends of eCommerce growth and gives you insights on choosing a market.
From the infographic, it is intuitive that there are a lot of opportunities in third world and developing countries. For instance, China and India have the highest growth rates in terms of eCommerce market cap. In fact, 3 of the largest eCommerce websites are based in China. Even though the internet penetration is less when compared to USA, the large population measures up. The infographic also stresses on the importance of market evaluation. It is vital for any startup to test the waters before actual sailing.