Grow global with
WorldFirst: Ecommerce opportunity and
innovation in 2021
In 2020, ecommerce become more important than ever. The adoption of digitisation was not only a great opportunity for SMEs, but also their accountants, bookkeepers and advisors.
I
n 2020, ecommerce became more important than ever. With government enforced lockdowns meaning people have to stay at home, the coronavirus pandemic led to a significant shift in consumer behaviour, as more people turned to online services to acquire what they needed. This change in consumer behaviour inevitably pushed UK SMEs to rethink their business models and pivot to a digitalfirst approach. This adoption of digitisation was not only a great opportunity for SMEs, but also their accountants, bookkeepers, and advisors. Despite the unprecedented events of last year, Satista research reports that ecommerce retail is forecast to reach
$6.54 trillion by 2022. With the pandemic driving ecommerce last year, 2021 is set to follow suit, but with so many global ecommerce stores, competition can be tough. This means brands will have to think carefully about how they pivot to a digital-first strategy. Getting started selling online If you are thinking of selling online for the first time, there are a number of important factors to consider. First of all, you will need to determine if you are going to sell via a marketplace like Amazon, or via your own online specialist storefront. You will also need to consider localisation, if there is enough demand for your product or category in your chosen market, and cross-border shipping options.
@WorldFirstLtd
Simon Smallwood, Accounting Channel Lead, WorldFirst UK Before joining WorldFirst Simon worked for a number of years with an SME and Accountancy focused Fintech business, having previously spent 8 years working for an Internationally focused UK based SME that he co-founded and is still running today. This provides Simon with a great insight into the benefits technology can bring to SMEs in managing their finances and the opportunities for Accountants, Bookkeepers and business owners alike.
Here are some key steps in starting to sell online via a marketplace: 1. Product restrictions: there are some restrictions to selling certain products through online marketplaces, so it is worth checking what they are first. 2. Selecting a selling plan: there are typically two options – will you opt for a basic or a professional plan? Remember, each has different benefits and cost implications. 3. Register your products: to register your products you’ll need to provide personal and business information along with additional details. The final step is to provide bank account details to complete payment transactions. 4. List your products: how you list your products is dependent on what selling plan you opt for. 5. Start selling: once your products are listed, you can get ready to start selling. For more information, take a look at the WorldFirst guide, ‘How to start selling on Amazon’. Which online marketplace should you sell on? As ecommerce sectors become increasingly global, more and
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