I don’t know if you’ve been paying attention to the great success story happening over at Walmart, that’s got its stock making great gains and being a bright light in a challenging economy.
The big success story at Walmart is largely because of their success in the ecommerce space. Here, they’ve long played a distant second fiddler to Amazon and its ecommerce success, but the times are changing.
Thanks to big investments in tech and innovation to aid their ecommerce product for consumers, Walmart has seen massive growth in ecommerce revenue. Their 22% growth rate for ecommerce is far ahead of Amazon, and indicates what’s ahead. In other words, Amazon’s longtime ecommerce dominance is facing increasingly stiffer competition from Walmart and others.
This raises the good question of: what’s your moat, really, in ecommerce? If it’s just being an early mover, there’s nothing stopping the big giant Walmart from eventually making strides to catch up and being able to actually draw away consumers with a similar offering.
And that’s something that everyone in ecommerce should give a thought to. The way to really compete is to have a unique brand or product that the competition can’t just copy. Look at the success of smartphone early mover Apple and their iPhone. To this day, they’ve managed to survive the onslaught from Samsung, Huawei, and tons of other competitors because they built a unique brand, an almost cult-like following around the iPhone. As a result, the masses still don’t want the new stuff, they want an iPhone.
And if you’re considering what side hustle to launch for a second income, ecommerce is still a great space to be getting into!
I have 3 free resources you should check out that can help you get a lot more sales of your products or grow your online business.
- You can pick up my free Solopreneur Profits Bootcamp to grow your business:
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- Download my book for free to learn the ninja productivity hacks that helped me become a more effective entrepreneur. Get the book for free, “Unleash The Ninja Version Of Yourself”:
