Be In The Know: 5 Types Of Ecommerce Business Models That Lets You Thrive In 2020

by Kim Yazi Mobile App solutions

The 7.7 billion people across the globe making online purchases from around 24 million websites and out of them, just less than 1 million Ecommerce stores are selling more than $1000 a year.

It’s a sign there is a ton of room for growth in the Ecommerce landscape that’s growing at an astounding pace.

Nearly 25% of the world’s population, that’s 2.05 billion will be digital buyers in 2020 and expected to hit a massive of 2.14 billion by 2021.
The Ecommerce sales account for 15.5% of retail sales worldwide in 2020 and expected to make up 17.5% by 2021.
Shockingly, nearly half of the small businesses in the USA don’t have websites to sell online.

The alarming facts prove that there are a lot of potential customers and it’s the best time to jump on the Ecommerce mobile app development bandwagon as it’s expanding in every direction and becoming a part of the consumers’ life worldwide.

The lucrative opportunity appeals to every new entrepreneur, but the success in dividends can be achieved only when the right business model is chosen. You might be puzzled with the business model term because an Ecommerce store means a platform where the suppliers and buyers can make the transactions. Well, the basic concept is right, but the buyers are not always end-customers. They can be business, government, or customers.

Let’s understand primary Ecommerce business models: