E-commerce is big business in the United States with the online retail sales of physical goods amounting to $343.15 billion in 2019 alone, an increase of 16.4% from the previous year. Furthermore, this is set to rise to a whopping $476.5 billion by 2024.
Great news for e-commerce businesses?
Yes and no.
Of course, growth in any industry is a good thing as it shows that there is a demand for the product or service. Nobody wants to be working in a sector that is on the way out. That being said, there is a downside to trading in a thriving industry, and that is the vast amount of competition that you have to contend with.
Currently, in the United States, there are more than 1.3 million e-commerce companies, and this figure is only set to get higher as more and more consumers start favoring online shopping over making purchases in a physical store. Plus, with Amazon currently having an estimated 50% of all e-commerce trade, you not only have to compete with smaller businesses within your niche but the big guys too.