The Rise of Online Businesses: Key Success Factors for Small E-Commerce Startups

Abstract

The last 20 years have seen a significant change in the global business environment, mostly due to the rapid development of digital technology.  Once a specialized phenomena seen only in industrialized nations, e-commerce is now a worldwide force that is changing how organizations and consumers conduct business and purchase.  Statista estimates that worldwide retail e-commerce sales reached over USD 5.8 trillion in 2023 and will rise to USD 8 trillion by 2027.  These figures highlight how prevalent internet access, mobile devices, and consumers' increasing need for convenience have all contributed to the strong momentum of online shopping.  In addition to selling goods, companies of all sizes are also using digital platforms to interact with consumers and establish global brands, upending conventional retail models and changing consumer behavior globally.