eCommerce business is booming today. Here are ten eCommerce niches to build a thriving online retail business.
Accelerated digitization during the COVID-19 pandemic provided an amazing growth opportunity for eCommerce brands as more people started shopping online for safety and convenience. The trend that got fast-tracked because of lockdown and safety measures continued its massive boom due to convenience. After all, 93.5% of internet users globally have made online purchases. Furthermore, it is also estimated that by 2040, 95% of purchases will be through eCommerce.
You must understand that eCommerce business might be similar to retail stores, yet the competition in selling your products online is massive. It’s a myth that all eCommerce businesses are thriving. With the changing consumer behavior and expectations, you need to offer specific products that might help you beat the competition.
What is eCommerce Niche
Today a huge variety of products are sold online, facing massive competition, which is why all brands selling similar products cannot sell at the same pace. Staying competitive in this landscape is a herculean task yet mandatory for a thriving business. An eCommerce niche is a unique market offering that includes a diverse range of products.
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It can be anything from affordable daily-use products to high-end luxury consumer goods. However, these products are based on consumer behavior, interest, and demographics.
Ten eCommerce Niches
Now, as we have seen eCommerce industry is a booming industry, growing at 23% every year; here are ten profitable eCommerce niches to consider for a flourishing business:
- Pet & Pet Products. More people are now looking for good pet products, such as pet supplies, pet food, pet toys, shampoos, and others. After all, pet owners want to keep their furry family members healthy and happy. Businesses with knowledge and experience handling pets can go for these products and position them in the market.
- On-Demand Subscription. Today subscription model is one of the most popular trends in the eCommerce and online landscape. In the consumer-centric market, subscription models enable customers to make their choice as per their requirements or wants which encourages stress-free purchases and availing of attractive deals.
- Home Office Equipment. Since the global pandemic made work-from-home [WFH] popular among the workforce, home office equipment and related accessories have seen a surge in demand. As the rise in remote work, WFH, and hybrid work models are here to stay, these products can be a profitable eCommerce niche.
- ReCommerce. Reselling of products has become a trend in the online landscape lately, especially with products such as books, jewelry, or electronic goods. Some popular items in the reCommerce space include automobiles, especially electric vehicles or luxury clothing. It can be promising as multiple consumers want to fulfill their dream of high-end products.
- Eco-Friendly Products. Today, consumers are more aware of their environmental responsibilities and are eager to promote sustainable businesses. Today 70% of searches online are for environment-friendly products compared to the last few years. So, it certainly deserves a thought when selecting your eCommerce niche.
- Health & Wellness Products. Demand for fitness products have seen an upsurge in recent years, with customers getting more aware of the significance of staying healthy and fit. It can be a lucrative eCommerce niche as consumers now do not shy away from making good investments for physical wellness. So, a smart move will be to start your eCommerce journey with micro-niches and then expand based on your progress.
- Educational Toys. During the long days of pandemic-driven lockdown and homeschooling emerging as the only option, it was difficult for parents to keep children accustomed to studies. Thus, the demand increased for educational toys for children of varying ages, and the trend is here to stay thanks to some complimentary products such as learning toys or stem toys.
- Online Educational Courses. The disruptive time of the Covid-19 pandemic contributed to an upward surge in digital or online courses as there was an emergence of a requirement for upskilling and cross-skilling of workforces. This difficult time, however, forced people to realize their potential with these online courses coming to their aid.
- Beauty Products for Men. Gone are the days of prejudice when cosmetic products were only for females, and men were considered effeminate if they even thought about improving their appearance. Today is the time for metrosexual men who take good care of their looks and leverage cosmetic products to enhance their appearance. So, you can develop a flourishing eCommerce business in this segment if you offer something truly competitive.
- Home Gym and Fitness Equipment. During the pandemic-driven lockdown, when gyms were not accessible, demand for home gym and fitness equipment increased. Even though public gyms might have started to reopen, people getting used to their home gyms are not going anywhere. So, it can be a profitable niche if you study the market and carefully select your range of products, such as weights, bikes, treadmills, and protein supplements.
In the end, you have to do some hard work before you are ready to start your eCommerce business. Understand the market trends. Check what people are looking for using Google Trends. Hold group discussions and survey market demand to ensure you are thorough in your research before taking the plunge. Even after all the research, begin with a small investment and venture at a smaller scale to understand consumer behavior and expectations. Once you succeed in creating demand for your products, you will be ready to expand your horizon.
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