Ecommerce is bound to grow even more rapidly in the years to come.
Retail eCommerce sales across the world totalled 1.336 billion dollars in 2014. This number is projected to go up to 6.54 billion dollars by 2023.
The number of digital buyers is increasing, as more and more people discover the benefits that eCommerce brings to the table. In 2018, 70 percent of internet users from different parts of the world had engaged in some form of online shopping. By 2040, 95 percent of all purchases are anticipated to occur online.
What do these numbers mean for entrepreneurs?
Ecommerce is bound to continue growing. Identifying a profitable niche right now can contribute to massive, sustainable returns.
Niche selection is one of the biggest essentials for ensuring the stability and success of an online business. A good niche has to be specific enough to attract a targeted audience. At the same time, it should have the capacity to grow and evolve.
Are you wondering about the best niches to target with your eCommerce business establishment efforts? Here are some of the most profitable evergreen niches, as well as some trending opportunities that could become big in the years to come.
6 Most Profitable Ecommerce Niches That Can Grow in the Future
As far as evergreen markets go, the pet niche is one of the biggest and most profitable. It does have a relatively big number of established players but going for further specialization or creating added value for your clients can help you rise to the top.
People are emotionally attached to their pets and the number of people who take care of at least one animal is growing.
Due to the emotional attachment, pet owners are willing to spend sufficient amounts on the purchase of care items, grooming products, toys, accessories, clothes, and other pet products.
Statistics show that the global pet market will reach a volume of 202.6 billion dollars by 2025, registering a CAGR of 4.9 percent over the period. Technology, the internet, and eCommerce will play some of the biggest roles in making this market grow.
One of the easiest things to do is start an eCommerce website offering products for a certain pet type (guinea pigs, reptiles, amphibians, parrots) or for a certain popular breed. This way, you’ll do niche specialization without limiting your ability to grow the business in the future.
Dating and Relationships
People will always be looking for love. This is why the dating and relationship niche is anticipated to continue growing in the years to come.
An eCommerce business in this field can be based on many kinds of products.
An online dating website based on a subscription model is just one example. Don’t go for general online dating, however. There are already lots of such websites out there. Choose an alternative like religion-based dating, dating based on interests or even professional occupation.
Selling digital products that provide assistance to people looking for love is another good idea.
Drones and Gadgets
As technology evolves, the niche is bound to see extensive product development.
Drones entered and dominated the market pretty fast. The same applies to action cameras and wearable devices.
On top of selling the gadgets themselves, you can also look for niche specialization. There are so many accessories and maintenance items for drones, wearables, personal and activity gadget. You don’t really need to target all of these products in order to develop a successful, specialized business. Just choose one field or one product type and research the latest products and the most successful new entries to the field.
The Kardashians made shapewear very popular. While some believed these undergarments to be only a fad, they’re still here today.
While the market is quite saturated already, there are still opportunities to launch a successful business.
The market is anticipated to continue growing beyond 2020. There are various types of shapewear, allowing for eCommerce specialization.
You can address the needs of active women, those who exercise and want to do waist training, bigger women or women looking for a bit of body shaping while still remaining comfortable.
Once again, you will have to do market research. Identifying the best brands or even launching your own product will depend heavily on understanding the preferences of consumers and offering something that few others are capable of delivering.
As millennials are becoming more engaged in ensuring their fiscal stability, the personal finance niche is thriving.
Millennials are much more committed than their parents and grandparents to be financially independent throughout life. Hence, they’re more interested in investment opportunities and tools that allow for better budgeting.
The personal finance niche enables the creation or the promotion of dozens of products.
Mobile budgeting and micro-investment apps are on the rise. Micro investment refers to setting aside a very small sum aside each month. Apps and tools manage the investment of these funds and deliver a satisfactory return on investment.
Books, courses and investment portfolio management opportunities are also in high demand. If you have the knowledge and the niche skills to create a valuable product (or to identify one worth promoting), you can soon have a quite steady and loyal clientele.
If you are going to rely on a product supplier, you will have to do a careful analysis of the opportunity first.
The personal finance field has numerous spammy and even scammy products that promise quick returns and unbelievable gains within a short period of time. If you commit yourself to promote or sell such a product, you can quickly cause the demise of your business.
Subscription boxes also seemed like a fad in the very beginning but their popularity has remained high.
Since 2014, the subscription box market has grown by the astounding 890 percent! The types of products people are most interested in when it comes to purchasing a subscription box include food, beauty products, apparel, lifestyle products, pet products, and kid products.
You have these broad niches and you can choose a specialization area.
Beauty subscription boxes targeting men, for example, have become quite prominent. This market targets women by default, which is why the male audience offers excellent opportunities.
Ecommerce business development in today’s world promises excellent returns. What matters the most is choosing the right idea.
Do your research and pick a niche you feel comfortable with. Being passionate about the products you’re selling can also help you get the message across and inspire your audience.
The amount of time dedicated to the preliminary phases of launching a business is determining the long-term stability of the idea. Do the work, take enough time, brainstorm and identify your niche. Once you do, you’ll find it much easier to begin monetizing your idea.