10 eCommerce Business Ideas with Huge Growth Potential
The unexpected trail of events following the pandemic is not easy to get over. The activities of small and large businesses were so disrupted that many people lost their jobs or had to work in the “new normal setting”.
While the world is reeling toward recovery, the eCommerce business is resilient and has shown great potential during and after the pandemic.
Why Launch an eCommerce Business Today?
Here are some reasons to ponder why this is the best year to launch a successful business on the internet:
1 – An abundance of opportunities.
Because of the pandemic, many people have realised how powerful the internet is at getting things done. Companies were able to thrive with work-at-home setups, and many business opportunities also emerged to provide for the consumers’ needs.
These include home delivery services, online courses, shops, and other online business platforms.
Many eCommerce business tools for startups can help you manage a business without setting up a physical office. If you have new eCommerce business ideas, you can include in your plan how you can make it work even with a remote setup.
2 – It is easier to sell and buy things online.
An online marketplace makes it possible to shop and sell anything online virtually. Many people have come to appreciate the convenience of online shopping, so it is a great idea to make the best out of it and take your business online.
The best thing about it is that you will reach a broader range of audiences because the internet is a global service.
3 – Advanced technology.
The technologies that we have now are innovating by the minute. Starting your eCommerce business ideas is easier because advanced technologies support them.
Now is the best time to leverage technology and utilise all the tools that would let you open an online business and make it flourish.
Now that you know the importance of considering an eCommerce business this year. The next question is, what kind of business or eCommerce business ideas will you start?
How can you find the right eCommerce business niche?
One lesson you should learn as a newbie entrepreneur is that not all business ideas are great. Some would work, while many don’t.
You must carefully analyse the market space to see which eCommerce niches have great potential before choosing one for your business.
While it can be a long process to do some research, you can try answering the following questions first so you can finally find the perfect niche:
What types of products are you interested in the most?
You will experience many challenges as an entrepreneur; the only thing that will help you stay positive during the rough periods is your passion.
You need to choose products that truly inspire and interest you. It will be easier to research it, and you will have a fun time as you understand more about that product.
In return, the marketing process will be more straightforward because you are confident about it and will find it a breeze to communicate with the customers.
What is the current market trend for that product?
Google Trends is among those free tools that can help you discover trends in eCommerce business ideas. Use it to see how much interest there is in the business you want to start.
This process is like surveying your target market. You can also check the company’s social media pages in the same business.
You can personally interact with the customers through communities to get ideas about their needs, likes, and questions about the product.
Do the keywords surrounding that product has high search volumes?
Doing keyword research about your potential niche is rewarding to indicate profitability.
Higher search volumes of keywords related to your niche mean that the demand is high and that niche could work.
Is it profitable?
Determining the profitability of your niche is smart because it stops you from making harsh decisions. You must assess a market for your chosen niche and pay for your products.
Aside from studying the trends and keyword research, you can validate your data by reaching out to your networks interested in such business ideas.
You can start with friends and acquaintances, but you can also join online communities related to your niche.
Answering these questions does not guarantee finding the perfect niche that will work for you. You must remain flexible and remember that the eCommerce business is continuously evolving.
There is a need to adjust according to the circumstances that will happen. After all, what is an eCommerce business if it is not innovative, right?
10 eCommerce Business Ideas with Huge Growth Potential
There are thousands of online business opportunities that you can find today. There are so many eCommerce business ideas out there, which is good.
It only means that the digital buyer market is enormous, and you can partake in it. However, the path to finding the right niche for you is the most daunting part of this journey.
We have rounded up ten niches that show the most promising potential this year:
1 – Healthcare and Skincare Products.
The health and beauty industry is one of the fastest-growing industries online. There is a vast market for this niche because every person wants to stay healthy and look great while living.
It also helps that the market for healthcare and skincare products is steadily growing. This means that there are endless possibilities of products you can come up with and offer your target market.
2 – Cosmetics.
Still related to the skincare industry, the cosmetics niche is growing, thanks to the ever-changing consumer habits aggravated by the recent COVID-19 pandemic.
People are now becoming more concerned about having access to natural cosmetics that are better alternatives to the usual beauty products.
Such changing lifestyles have led to product innovations, and people are clamouring for cosmetics with natural ingredients and eco-friendly packaging.
3 – Eco-friendly Products.
There is hype going on about being committed to the planet. Buyers are looking for eco-friendly products that would support a sustainable lifestyle.
The “green market” still has low competition, but there are many possible products for an eco-conscious lifestyle that you can introduce.
4 – Pet Products.
Dogs and cats have dominated the internet. Our love for our furry friends is why the pet market sales are steadily growing, so the pet niche also grows at a tremendous rate.
As many people treat pets like family, the need for products and services to keep them healthy and happy also increased. Many companies have a niche in pet food, safety products, apparel, subscription boxes, etc.
5 – Fitness Products.
As more people become health-conscious, the fitness market has increased. The pandemic is partly to blame since many people cannot go out to get fit.
They are limited to alternatives, including having their own fitness equipment at home. Along with this is the opportunity to niche on related products, such as fitness apparel and other workout-related gears.
6 – Fashion Products.
There is no decrease in the demand for clothing, and there is no sign of coming down in the coming years. The global apparel market has a potential growth of up to 2.25 trillion dollars by 2025.
Fresh and innovative fashion designs will have a vast market, which could be an advantage if you think that fashion is your calling.
7 – Home Office Equipment.
The switch to remote work setups has steadily grown over the past years, even before the COVID-19 pandemic. This only means that a lucrative number of employed individuals are an excellent market for home office equipment.
The demand for this niche will continue as more companies have embraced the convenience and benefits of making remote-friendly work environments.
8 – Digital Art.
Having a flair for graphic design and other related digital art is perfect for the growing demands of visual designs in the eCommerce business industry.
Almost every company requires the services of a digital graphic designer. Many are also looking for freelancers to work on their digital art needs.
Aside from graphic artists, those in digital photography and digital painting niches also see a stable trend in the coming years. The interest in this subject is increasing, so it is also a tremendous entrepreneurial activity for those who want to sell digital art.
9 – Online Courses.
The education sector has also shown resilience during the pandemic and showed that learning does not stop during crises. Translating knowledge into online courses and training has become a hit, and the demand keeps increasing.
The shift to online education is now part of the new normal. Many people have come to enjoy the new learning methods, even earning a degree without leaving home for school.
The online learning market is forecasted for a total market size of up to $319.167 billion. This explains why along with the advances in technology, there are plenty of online platforms where people who have a knack for creating online courses can build their eCommerce business ideas.
10 – Subscription Boxes.
Subscription-based services, particularly subscription boxes, rose a few years ago and grew popular. It is great because you can get creative about the content of each box.
You only need to study which products are popular with your subscribers, and you can maintain and even increase the customer lifetime value.
You must consider shifting to the new normal if you start a business.
The pandemic has dramatically changed how consumers choose products and services. You have to think forward and consider supporting your online business ideas.
Payment processing, for example, has to be done online. You need to be armed with the technology to accept digital payments.
You must be ready to do the necessary work to start immediately when you pinpoint the niche you want to pursue. Using a subscription management service like Chargebee can help you easily scale your subscription-based business.
What’s Your eCommerce Niche?
Nobody wants to work hard for something that will not be rewarding.
Although it is impossible to predict your eCommerce business ideas’ success, there are things that you can do to increase your chances of success definitely, and finding a great niche is one of these.
As you can see above, many eCommerce niches can be profitable business opportunities. Ensuring that the niche you chose is for you and that you have come up with a data-driven approach to profitability is the perfect way to start achieving your eCommerce business ideas.
Author Bio: Yen Pedrajas – full-time SEO Lead at Removal.AI– an AI-powered background remover tool used to remove background from the image automatically. She is also an eCommerce and digital marketing enthusiast who loves sharing and writing new insights and perspectives about marketing and growth hacking for startup businesses.