Despite the trend of repurposing and reviving brick and mortar shopping malls, 12,000 retail stores were slated to close in 2019, and growth in the global retail market is predicted to be flat through 2023. Contrast that with ecommerce, which did $3.53 trillion worth in sales in 2019, a figure that is expected to double by 2023. For the small business owner, ecommerce offers the ability to make direct contact with customers, use and collect their data, and offer custom brands. The combination of this much control with low operating costs makes this an attractive industry for investors.
Online Businesses: Real Fortune, Virtual Setting
Do you understand the niche? Since you'll be involved in branding and marketing decisions, it's good to understand the service or product behind the website.
Is it a proven money maker? Ecommerce, social media consulting, and aflliliate marketing are among the top online businesses cited by Business News Daily.
Have you checked the metrics thoroughly? It's particularly important to look for consistent monthly revenue and traffic to the site.
Do you know what you'll be getting? An online business sale should at least include the domain, website, social accounts, and customer list.