The global eCommerce market is thriving, with some experts expecting it to be worth $5.4 trillion by 2026. This success can be attributed to the many entrepreneurs starting eCommerce sites from the comfort of their homes and working with 3pl fulfillment centers to provide high-quality goods at affordable prices. It also doesn’t hurt that a significant number of smartphone users purchase goods from mobile-friendly websites.
If you’ve seen the expected industry growth and are eager for a slice of the pie, you might want to weigh up your eCommerce store options. Here are some of the best countries in which to begin a new eCommerce venture.
The future is looking bright for eCommerce businesses in Japan, so there’s every reason to believe you could also launch a very successful business in this country. Japan has one of the fastest-growing eCommerce markets in the world, contributing 29% to the global growth rate.
They are also just behind the United States regarding total revenue, which is expected to reach over $143 billion by 2025. Many factors contribute to Japan’s success in this industry, such as its urbanized population, fast-growing economy, and high internet use.
Interestingly, Japan used to be a country associated with predominantly business-to-business transactions, but the consumer market is fast catching up.
Over half ( 52.1%) of all eCommerce sales worldwide are from China, which has the largest eCommerce market in the world. It’s believed that having the largest manufacturing industry contributes to China’s eCommerce success. Of course, it doesn’t hurt that they have 800 million internet users, 70% of whom made at least one online purchase in 2018.
With an internet usage rate of 92% in South Korea, it’s not surprising that the country boasts one of the largest eCommerce markets in the world. If you were going to launch a new eCommerce store anywhere, South Korea would be near the top of the list.
During the first year of the COVID-19 pandemic, which saw the country locked down several times for extended periods, eCommerce transactions rose by over 20%. They rose again by more than 25% in 2021.
Starting an eCommerce business in South Korea is also generally considered quite easy and profitable since it’s one of the most technically advanced economies in the world.
Since it’s home to significant players like eBay and Amazon, it won’t be surprising to learn that the United States is an ideal country in which to set up your new eCommerce business. Here, companies can enjoy lower corporate taxes and a generally business-friendly environment compared to other countries.
The United States also has no shortage of online shoppers to purchase your wares. In 2020, there were approximately 256 million digital buyers, with that figure expected to increase by at least 35 million by 2025. If you were to set up an eCommerce website and align yourself with reliable dropshipping and fulfillment companies, there’s potential for significant success.
If you haven’t yet decided which country you’d like to start an eCommerce business in, consider exploring the United Kingdom. The UK market is one of the top three in the world, with sales reaching $99 billion annually.
The UK also makes company incorporation straightforward and stress-free, which can be desirable for non-residents wishing to benefit from their tax system. Knowing how profitable the eCommerce industry can be, it makes sense to explore your options so you can launch a successful business. Perhaps one of the countries listed above will offer the desirable business environments you’re seeking.