E-commerce is a vast market. It’s driven primarily by three types of online transactions: digital banking; buying and selling digital goods; and buying and selling physical goods.
The market is predicted to grow from $4.9 trillion in 2015, to just over $8 trillion by 2020. Adding to those figured are massive online events, like Cyber Monday, which generated $40 billion in online sales in the U.S. this holiday season.
Clearly, it’s good to be in the e-commerce business. However, as with other tech sectors, the e-commerce business is largely profiting white men; they are the ones at the head of most successful e-commerce ventures.
This is why FSAstore.com, a New York City-based e-commerce site, is currently creating buzz. The site is unique in that it lets users shop for FSA healthcare products online. FSA (Flexible Spending Accounts) are employer-based programs that allow consumers to set aside tax-free dollars to purchase medical products and services.
Customers can show for over four thousand products without having to guess which ones can or can’t be used with FSA dollars because on the site, all products fall under FSA eligibility. Products are wide in range and include simple items such as bandages and baby thermometers to more urgent care needs including blood glucose monitors and smart pill reminder devices.
In addition to being a unique e-commerce site, Founder Jeremy Miller has also made building a diverse team a high priority. Just under half of all employees are women; 21% are Asian; 13% are Hispanic; and 11% are African American.
On building a diverse company, Miller says, “You begin with diversity. Here, in New York, we have a large and very diverse pool to choose from.”
He then outlines a series of steps to increase diversity and keep it on track:
- Grow organically.
- Find people to fit the need.
- Assign people to work across teams.
- Promote from within.
- Build on that diversity with referrals.
FSAStore.com was named 156th on Deloitte’s Technology Fast 500, which is a list of fastest growing high-tech companies proving diversity works.