“How and I shop and where I shop are fundamentally different than my parents.”
-Aspiring millennial fashion blogger.
The U.S. online retail sales are up 15% since last year, and are expected to hit $370B by the end of 2017. Technological advancements and changes in consumer behavior have created an unprecedented opportunity for new e-commerce companies. This is especially true with digitally savvy millennials, who will make up the majority of online consumers in the coming years.
Unlike physical retail stores, e-commerce companies are much more capital efficient because they don’t require brick and mortar stores and have a direct distribution channel to their end customers. With online shopping platforms like Shopify, Magento, and Bigcommerce, the cost and time associated with getting an e-commerce store online has decreased significantly. Additional platforms like Symphony Commerce and Shipwire help with outsourced fulfillment and managing logistics when your company scales. Never before has it been easier to bring an e-commerce business to life. As a result, these companies can focus more time on building their brand and connecting with customers and less time worrying about logistics and infrastructure.