A Look At Online Entrepreneurship

Ubot Studio put this infographic together with data they have compiled looking at the growth of ecommerce.  Ecommerce is now a $200 billion a year industry in the US, with projected annual growth rates of 15%. Venture funds put $242 million into online retail start ups just last quarter. UBOT also looked at the growth of crowd sourcing and API’s as tools that are helping to give greater access to more people to grow their online business.

The Future of Ecommerce [Infographic]

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  • Tristan June 30, 2013, 7:18 pm

    Amazon obviously played a huge role in this. They put all the fears people had buying online at ease… trust (fear of getting scammed + Amazon is always on the customer’s side), fit (clothes, shoes, etc. – sizing charts), quality (reviews), speed (free 2nd day shipping), price (Amazon’s price match guarantee), and most importantly returns & refunds.

    I remember reading somewhere that online sales of clothes/shoes are up because people have started buying multiple sizes, keeping the ones that fit, while returning the other items free of charge.

    Its funny how when you buy stuff like clothes, shoes, electronics, etc. on Amazon they now expect you to return the item and send you a list of similar items a few days later.

    While the ECommerce market is exploding, I would never go back in it. No one can compete with Amazon, not even retailers moving online. Its going to be great (for the customer) to see what retailers are going to do to get a piece of the growing market. Morgan, I admire your plunge into Fashion/Ecommerce, but I could see (I hope not) people just using sites like yours to find shirts that fit them and then buy them elsewhere.

    The only thing that is somewhat of a “threat” to online retailers (mostly Amazon) is the explosion of fake reviews. Look at the reviews for any item on Amazon with reviews, and in many cases at least half will have fake reviews. You see it a lot with books, cosmetics, health products, etc. Amazon has implemented the “Verified Buyer” sign for reviews but don’t think that’s enough.

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