The global pandemic has changed many things including the way retail businesses work. The landscape is very different now and many believe these changes are permanent, or at least here to stay for a longer time than anticipated.
This is not hard to believe given the current state of affairs, and the retail industry is quickly moving from brick-and-mortar stores to more lucrative, convenient and wider online platforms such as Wilelink. The future has always been digital, and the retail industry is simply catching on due to circumstance.
So, what does it mean for new startups in the retail industry?
Is Starting Retail Worth It in 2021?
The simple answer is, yes!
Just because the pandemic disrupted world economies and our way of life, does not mean that the world stopped spinning. People still need goods, and they need retail businesses to provide those goods on a daily basis.
The only difference is that they need it through a different medium now, which is online. Brick-and-mortar stores are no longer necessary for retail and their market is currently evolving and changing its structure as we speak.
Until this restructuring is clearer, here are some reasons why starting retail in 2021 is still a good idea.
1. Boom
The major shift online in the retail industry means that online retailing is booming and will continue to boom . According to statistics, it will almost double by 2022 relative to 2019. The pandemic has accelerated this shift and now is the perfect time to ride this virtual wave.
More and more customers prefer buying online every day and you can benefit from this trend by starting to carve a slice of this growing market for yourself.
2. Costs
The biggest favorable factor for starting retail in 2021 is possibly the low costs involved. It is now considerably less expensive to start a retail business than ever before in history, all thanks to the internet and advances in technology.
Typically, online retail businesses do not need to pay money to rent physical stores, pay multiple employees or even pay for physical storage for their inventory. They mostly pay minimal amounts for an online store (website), marketing and the cost of business.
You can start an online retail business for even lesser capital if you opt to do it on a platform like Wilelink. You can simply join for free and start looking for global suppliers to provide you the products you wish to sell.
3. Reach
It is clearly apparent that online businesses have a much wider reach than other channels. There are currently more than 4.6 billion active internet users, or almost 60 percent of the global population, as of October 2020.
This number will only continue to grow as more and more people around the world get access to the internet. Starting retail in 2021 means you have the potential to reach larger and wider audiences through your online retail business than any other time in history.
Conclusion
We cannot think of a single reason why starting retail in 2021 is not a good idea. With a growing market, lower costs and incredible reach, 2021 is definitely the best time to start a retail business. If you want to avail all the benefits mentioned here for your retail business, then Wilelink is your best option.
Wilelink is the best online platform that serves as a global marketplace for buying and selling products. They have the widest range of categories and products, global suppliers along with reach, and costs next to nothing to set up and start retailing to the world.
For more information on starting retail in 2021, please visit the Wilelink website.
