Ecommerce & the Current Ecosystem
In the wake of technological progress and the integration of the internet, many ventures across the globe are adopting the e-commerce business model. The majority have reportedly stated e-commerce as the future of acquiring a larger chunk of the target audience and propelling establishments to capture a bigger share of the market.
There is no doubt that e-commerce is more than often termed as a great choice to makes online sales and earn money through the digital realm. In this post, let us offer you some of the best ecommerce business ideas that you can consider for investing in 2020. So let’s take a quick look at each one of them.
Best Business Ideas for 2020
Private Label Products
The most widely accepted business model for private labels without question is apparel products that include t-shirts, caps, hoodies, and the list goes on. You can find several examples of new start-ups hitting big and making a name for themselves in a quick succession of time. The golden rule is to never compromise on the quality of products and timely deliveries. While initially, you might face hurdles and challenges in meeting orders that exceed your production capacity, with the time you can invest into in-house resources where printing, embroidery, and even cutting and sewing experts can be hired to become a part of your venture, thus drastically reducing your overhead costs. Furthermore, intelligent software like CS-Cart Multi-Vendor can be used to create an efficient online marketplace for your business allowing you to sell various products using a single storefront.
3D Assets Store
A 3D asset store’s product range can be from anything in between video animations to actual models printed with the help of a 3D printer. You can grow your followership by offering online communities to buy 3D models from you or download the files for free. The major cost here is for printing a 3D model and setting up a 3D printer at your workplace.
There are a lot of online gamers, geeks, and fans of various franchises who may be interested in ordering their own predefined or custom models from you. The basic idea is to let your targeted audience know about your services and charm them with outstanding samples that show a high-quality finish and end product.
Beauty & Health Products
To be socially acceptable and able to turn heads by your good looks is perhaps the single most significant factor that feeds the vanity of billions across the planet. In every culture and tradition across the world, you will find the definition of beauty evolving and transforming. People of all ages want to appear attractive, and this makes beauty and health products a very lucrative venture. With the rise of athleisure and general awareness of fitness amongst people, health products are also seeing strong demand from consumers. With proper guidance and understanding of regulations, you can start your own cosmetic line without any difficulty. According to the survey conducted by Reuters Plus, the global beauty industry is worth around $532 billion. As you can see, the numbers say it is one of the most successful and proven ecommerce business ideas.
The fashion industry has always been in the spotlight where billions of dollars are spent every year just so that people can make themselves appear trendy and hip. There are various levels within the fashion industry, ranging from socially acceptable brands to those that are purely based on luxury and only affordable for those in the elite circle. Fashion, in this sense, has no limitations or boundaries. Within fashion, you will find the traditional jewelry inspired by different cultures seeing a lot of hype in recent years. Not only are they quite distinguishable from the rest due to their peculiar designs, but the ability to make your customers stand out from the rest is always appreciated. According to the findings of McKinsey.com, annual global sales for the jewelry industry are expected to reach €250 billion by the end of 2020.
Toiletries & Kitchenware
Every home needs a kitchen, and for every house, a nice bathroom is extremely important. What compliments them both are adequate items that can make your customers experience all the more enjoyable. Product offerings can range from traditional and homemade soaps and ointments for the toiletries section to delightful hand-knit mittens to become a part of your kitchenware product line. There is a cook inside all of us, and with your own line of pleasant-looking products, you can quickly capture the market share first starting from locals and then gradually introducing yourself to a larger audience. All you require is some research based on your local demographics to get a clearer picture. Perform research as expert academic writers do when they are requested by a higher education student to write my dissertation.
Home Décor and Ornaments
We are gradually moving towards the era where millennials and centennials are making quick progress and moving towards a common life decision to become new homeowners. Plus with the population growing the demands for new settlements is also quite visible. As such, you can find a lot of customers who are looking to decorate their homes and beautify their interiors and exteriors with décor that inspires and carries emotional attachments. The youth nowadays is more concerned with generally buying an eco-friendly product. Hence offering them green products can be another niche that you can introduce in your online store. The Allied Market Research reports Home Décor Market to garnish $664.0 billion by 2020.
Industrial B2B Products
By simply removing the middle man and having your own logistics deliver industrial products can offer you relatively high margins. With businesses booming across the planet, there is a greater need for the supply of industrial products. With the right connections and market research, you can set up your own online B2B store where procurement managers can approach you for different raw materials. However, your business networking for this model needs to be spot on, plus you should seek out long-term relations first and then gradually building upon increasing your customer base. Repeat sales will help you reach breakeven sooner, and then you can think of expanding your venture to cater to new prospects.
Online Pawn Shop
While a traditional pawn shop can be often labeled as an intelligent scam to get people to pay more for more than what they buy or sell at your venue, we would like to offer you a different angle. Consider it more as a vintage shop that can even deal with second-hand products. While still a niche in its own right, you can propel your online pawnshop to unprecedented heights with the right approach. Simply knowing your market or targeted audience is not enough; instead, you need to have a keen understanding of local communities that might be genuinely interested in it. According to the NPA (National Pawnbrokers Association) of the United States, 85% of pawn stores are independently owned.
Pet Shop & Supplies
People love to have pets, and with veteran services improving over time, many people consider keeping pets and treat them as the extension to their own family. Pets nowadays even have social media accounts and fan followings that can even make a seasoned local celebrity feel humbled. That is why an online pet store or shop that deals with essential supplies for common pets seems like a very good idea. Cats and dog supplies are probably going to take a bigger share of your supplies. However, as you make progress, you might come across some really fascinating customers that own exotic pets and on the lookout for a store that offers them with reliable supplies for their domesticated animals.
Running an online business is perhaps every individual’s dream that seeks financial independence. Not only can it offer you a status of having more than enough to pay for one’s living expenses, but it can also help you get out of employment early on. While a small setup can be a good source of passive income, however, with partnerships and proper investment, you can find that e-commerce is undeniably the future for all businesses across the globe. A handy knowledge of SEO (search engine optimization), web analytics, and SMM (Social Media Marketing) can potentially help you to increase your returns on investment at a radical pace. These were the best ecommerce business ideas in my opinion. If you have more ideas, you’re very welcome to comment!
Claudia Jeffrey currently works as a digital analyst at Assignment Assistance where higher education students in the UK can buy dissertations to receive professional assistance from experts specializing in their field of study. In her free time, she likes to read and indulge herself in the latest contributions that pop culture has to offer and blogs at Word Count Jet.