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It’s a new year and like most business owners, it’s likely you’re looking for ways to increase your annual revenue come 2016. In fact, you wouldn’t be a very ambitious business owner if you weren’t.With increased profitability top of mind, you could search the internet for countless articles on how to scale smartly and successfully in order to reach your goals. However, let’s also remember the number one reason startups and small businesses fail, even after raising venture capital: scaling prematurely. It’s most often self-destruction, rather than competition, that draws the line in the sand between whether your brand becomes a household name or merely another statistic.
It isn’t enough then, to scale. You need to scale at the right time, in the right industry and with the right product and services offering.It isn’t enough then, to scale. You need to scale at the right time, in the right industry and with the right product and services offering.Whether you’re just starting up a new venture or looking to diversify your current online store, Bigcommerce’s Ecommerce Report can help guide you in the right direction. Below, we break down the best performing industries based on average growth in annual Gross Merchandise Volume (GMV), growth in GMV per store and growth in average order value. Tens of thousands of online stores were analyzed. Industries can score between 0-5.Here’s the breakdown:
- Computers & Electronics: 4.25 stars
- Lifestyle & Home: 3.75 stars
- Automotive & Industrial: 3.5 Stars
- Wholesale: 3.25 stars
- Outdoors & Health: 3 stars
- Fashion, Beauty & Bridal: 2.75 stars
- Hobbies & Travel: 2.75 stars
- Business & Education: 2.5 stars
- Entertainment: 1.5 stars
- Smartphone and tablet cases
- Drone equipment
- Camera equipment
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