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When is the best time to create an online store?

October 27, 2020

Has the market shift left you behind?

The year 2020 has been a memorable year for many reasons; not the least of which were the exceptional lows many businesses underwent during multiple weeks lockdown in the Spring.

And so a question surfaced, when was the best time to create an online store?

The answer? It should have happened before 2020.

Purchases in online stores (more popularly known as ecommerce websites) have grown in popularity over the years but became a necessity after the general population endured periodic lockdowns starting in spring.

Due to this, e-commerce markets outperformed the previous year and businesses who already had online presences likely benefited. Look at the graphic below to see how the sales growth of some markets.

Year-to-year sales growth of some ecommerce markets (sep 2019 - Sep 2020) Previous year-to-year growths for e-commerce markets were on average between 12-17%.

It's also worth noting that for the first time, a younger demographic became the top buyers in several ecommerce markets — a trend that is expected to continue over the next 30-50 years.

Year-to-year sales growth of some ecommerce markets (sep 2019 - Sep 2020) A lot of businesses experienced, and are continuing to experience, hardships this year and an online component to their businesses can certainly relieve some pressure. For many, the prevalence of ecommerce was inevitable and the current global pandemic just made the inevitable become true faster.

But that's not to say that you should jump in head first into creating an online store. Building an ecommerce site takes preparation and time to execute successfully, otherwise there's a large possibility of wasted resources.

For some more information about creating an online store, don't hesitate to drop us a message and we'll be happy to speak to you about your options.


sources:
https://www.irpcommerce.com/en/gb/ecommercemarketdata.aspx
https://ec.europa.eu/eurostat/statistics-explained/index.php/E-commerce_statistics_for_individuals