Economic recessions are known to disrupt our normal, cause fear, precariousness, and predictable human habits triggered by tough times. However, some people still manage to reap huge benefits amid all the panic.
That may be the case for the entire eCommerce sector, led by Amazon, as hinted by previous performances in various product categories.
There are strong reasons to expect an explosion in online shopping as more and more product categories grow, and people adopt the stay-indoors lifestyle.
Should I launch an eCommerce Right Now?
Well, you may think Danny Carlson, Boss of Kenji ROI, is crazy or just a big-risk-taker for advising entrepreneurs to dive in now.
However, in his defense, Carlson presents a list he’d compiled–in it, a group of top-ranking companies that sprung in the 2008/2009 recession.
Have a look.
Still, the expert believes confidence must be accompanied by in-depth market research, a proper plan, patience, creativity, and persistence.
Carlson insists that times are evolving, and entrepreneurs who embrace change faster may adapt to new markets and thrive.
He also reminds entrepreneurs that some customer habits will stick even post-pandemic, and given the surge in online shopping, many product categories will likely survive and grow.
Though sales for many non-essential products and services dipped in the heat of the pandemic, Carlson believes this impact is short-term.
Strive to Build a Long-lasting Brand
Still, entrepreneurs must think of the long-term prospect of their startups.
As the market revolutionizes, merely relying on price cuts and marketing tricks may mean immature business death. It takes much more to earn a permanent spot in the industry.
And while that may expose the other side of launching a startup now, Carlson thinks this kind of disruption will eliminate bad players leaving ethical brands to thrive.
Growing Shopper Base
In the coming two months, millions of consumers will be making their first online product purchase.
Many non-essential items, like luxury products, e.g., clothing and Jewelry, will make a comeback as Coronavirus fades. Such products were indeed not essential amid health concerns but will soon be on high demand as people get ready to welcome the festive season.
The decision to launch now or not rests on many other factors. Entrepreneurs must look beyond a promising market and weigh their preparedness before acting.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of bestpaymentproviders.com merchant accounts. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.