Over the last year, amidst the pandemic, there has been a surge in online sellers and marketplaces as businesses attempt to deal with the restrictions placed on everyday life.
More than 85,000 businesses launched online stores or joined online marketplaces within the first four months of lockdown. According to research, since then, many more online stores have sprung up as both new entrepreneurs enter the market and established businesses build successful e-Commerce offerings.
From this increase in online stores, the United Kingdom is now the third-largest e-commerce market worldwide.
But, throughout the years, more and more consumers have been shunning high streets and retail parks for online marketplaces and shops.
So what are the benefits of operating an online sales business?
One notable benefit is the lower cost of operating outside of towns and city centres. Then there is the ease of scale-up.
However, there are several things that both new and established businesses need to consider when setting up shop online, such as the following:
- Setting up an online sales business
- Bookkeeping and accounting for online sellers
- Pricing models
- VAT on online sales
- Selling to customers overseas.
At R Johnson, we have helped several clients set up new online businesses and helped new owners to navigate the complexities and opportunities they face when launching their company.
Additionally, we have helped existing businesses to diversify into the world of e-commerce, either through their current company or by helping them to launch subsidiaries.
For more information or advice on setting up your business or selling online, please contact our experts at R Johnson today.