Planning to venture out as an entrepreneur? With the internet being the biggest marketplace today, here are the most popular eCommerce business ideas to get started. Let’s dive in!
Over the past decade, the business landscape, especially for marketing and trade, has changed drastically. And with the number of internet and smartphone users growing exponentially, the potential of marketing through these ever-developing technologies has skyrocketed.
Statista records the number of internet users in India as of 2021 to be around 845 million, a huge leap as compared to 92 million back in 2010. These developments, in turn, have opened up a massive opportunity for eCommerce business owners.
eCommerce is much more than a buzzword, due to the various avenues it opens up, like easier accessibility, wider reach, better security, and the list goes on. This article will look to elaborate more on this model and also share insights on some of the business ideas that have and will continue to push the bar of eCommerce ever so high.
eCommerce, or “electronic commerce,” refers to commercial transactions taking place over an online service. To break it down, eCommerce is the buying and selling of products or services over the internet.
The industry really began to grow when advancements in internet services and digital technology began to accelerate. The easy availability and accessibility of smartphones meant an impressive surge in the number of people using the internet, and it also helped increase exposure to online commercial transactions.
Statista records the market value of the Indian eCommerce industry in 2018 to have been around $50 billion. That same value is estimated to grow to a whopping $200 billion by 2027.
eCommerce has allowed numerous businesses to establish a much larger online market presence by showcasing and selling their products and services to a much wider audience. eCommerce offers a very cost-effective yet efficient marketing channel as compared to the traditional business model.
With the lockdown impacting the operations of physical stores, businesses had to find an alternative in eCommerce and were pushed to invest in opening up their own online stores.
An online store is a website or a mobile application that showcases your products or services to internet users. Basically, a digital portfolio of the products or services you offer
The first step while planning your eCommerce business blueprint must be to set up your very own online store. Scaling up your business can be easily achieved through Growmore, an eCommerce platform that has allowed thousands of businesses to set up shop online and sell digitally.
The different easy-to-use features on Growmore help set up an online store in just three steps. You can create DIY advertisements using already-in-built templates. This platform can play a vital role in helping you reach your target audience and attract them to your online or even physical store.
Let’s look at some promising eCommerce business ideas to help you venture out!
Digital products are intangible pieces of media that can be sold repeatedly without the need to top up the inventory. Digital products can be MP3 or audio files, photos, videos, software, and software plug-ins.
Selling digital goods has always been a brilliant online business venture due to its ease of distribution and popularity. Many now-established companies like Sellfy and Sellwire began building their businesses around these digital products.
The other reason why it is one of the best ideas for online stores is due to the growing need among people. As the global population continues to transform towards a fully digitized world, the demand for digital products will only increase.
One of the world’s fastest-growing industries is the electronic products industry. In India alone, the electronics manufacturing industry is expected to grow to $152 billion by 2025.
As more and more people buy electronic smart items in their homes, businesses can see the benefits of launching their very own online electronics store.
During the pandemic, the online computer equipment store became a massive hit. With people under lockdown and in need of computer systems and upgrades that would enable them to work or study from home, this e-commerce store segment began to see an increase in demand. A study by Frost and Sullivan forecasts that the online consumer electronics and appliances market is expected to register a CAGR of 24.5 % from 2019 to 2025.
An online marketplace is an online hub that connects sellers to buyers. A simple example is that of Amazon or Flipkart. It is a portal that allows companies to showcase their products or services and ultimately sell them to potential buyers. In this model, multiple sellers offer their goods on a single storefront.
Owing to the development of artificial intelligence, building and running an online marketplace has become a lot easier.
Coupled with online shopping becoming the new normal, platforms like this and product exchange websites give consumers a much wider range of products to go through and select from as compared to physical stores.
In 2018, 59% of the business-to-customer retail spend came through online marketplaces, further showcasing the changing lifestyle trends. Nowadays, businesses and even entrepreneurs have launched their own online marketplaces for specific items like electronics, grocery or health products, or even educational courses.
Now, getting into a more specific segment—the online baking store The online baking industry in India is catching pace. While the demand for baked products, especially cakes and cupcakes, has always been high due to the need and demand for easily accessible foods that comply with the fast-paced lifestyle, providing this service online simplifies things.
The cake shop online ordering system has become a popular go-to for people as it not only saves time and fuel but also allows you to send festive and surprise cakes and cupcakes to your friends and family.
Moreover, it is these highly lucrative business ventures that offer new entrepreneurs a brilliant learning experience, as you can start off small with a very limited budget and slowly make a name for yourself.
Another venture in a similar vein to the online baking store is the online clothing store. Easy to set up and the most popular go-to among entrepreneurs, the online clothing marketplace opens up a brilliant eCommerce business for starters.
The fashion market is always on the rise; in fact, the global online fashion market is expected to grow to $765 billion by 2022, a massive 58% increase from this year.
Another online market that has shown stable compound annual growth is the children’s fashion market. A study by unicommerce showed that the kidswear segment in the online fashion market recorded a 200% order volume growth. The last five years have seen the largest growth surge within the sector. Ever since many established fashion platforms have begun to include kid’s clothing in their inventory.
Just like adult clothing, people are turning to buying clothes online for their children. Parents have found buying baby clothing online to be a lot cheaper as compared to physical stores. Due to the great offers and discounts they come with.
Gift cards, as of recently, have become a unique way of sharing presents with people. These cards are basically prepaid cards that come with a specific amount of money that can be used for purchases.
Cards are a go-to for a last-minute solution for a present. 33% of customers spend more money on a gift card than a traditional gift.
The demand is slowly on the rise, and the business is currently a $619 billion industry, with many online stores seeing them as a very powerful growth engine.
The idea and concept of eCommerce is simple to understand. However, the main effort goes into strategizing ways to push your business. To push it into the online business world and make yourself known. While most of it depends on how you adapt to the demands and trends around the world, the other most important factor is the platform you choose to do your eCommerce business on.
One such platform that has been consistently and effectively helping thousands of small businesses and entrepreneurs go online is Growmore.
Growmore aims to make eCommerce incredibly easy, and we achieve this by offering everything, from setting up your online store and advertising to promotion and managing employee credibility. You can also track sales and marketing campaigns in a very user-friendly and accessible way.
The easy-to-understand features of this platform make it brilliant. Features include design templates and themes to make your online store stand out, pre-built plugins to enhance the store, and pre-built customer lists to help connect with your specific target audience. Many other tools assist you in efficiently running, marketing, managing, and growing your eCommerce business.