If you want to take a chance in the Ecommerce business world by starting your own online store, you must have an e-commerce business idea, to begin with. You can do your research through books and guides on how to begin your venture. However, every entrepreneur must begin at the exact same place, which entails one major question to answer: what are you going to sell?
It all begins with your product and the rest like social media reviews, marketing, and customer loyalty will follow. All of these will be much easier if you have a strong product that will not require hard selling. To save you time and effort, we collated some ideas from the industry’s most reputable and successful minds. These expert entrepreneurs, researchers, techs, and marketers share their insights on what online business opportunity has the most potential to succeed in 2019.
1. Niche Fashion Business
Marketing expert Philip Kotler describes a niche market as a specific group with a more narrow meaning. It usually refers to a particular market whose needs are not served well. Players in this group have the same set of traits. This involves a deep comprehension of the customer’s needs as well as the capability to maintain engagement with the customers.
Catering a niche enables businesses to concentrate on meeting the needs of a particular group of customers. The ideal niche market must consistently come up with innovative and high-quality products. Business owners who spot a direct link between the size of the market and the likelihood of success often fail to serve health niche markets. Niche marketing does not only offer startups the chance to successfully launch their business but also help them grow into major players in a much bigger market.
LeadDyno Co-Founder and Marketing Director Brett Owens said that millennials would appreciate a high-quality brand that specializes in simple apparels. He added that this demographic is looking for clothing that they can wear minimally.
2. Digital Health Services
Another interesting e-commerce business idea is online digital health services. Almost everything today is done online including health services. Today, you can set up an appointment with your physician, get tests, and even get a prescription online.
Digital health services could mean an online business for patients to buy items that were previously sold in the office only. Digital health service could also mean providing products that aid people in preventing health issues from occurring. This includes offering education about health.
PayWhirl Founder, Ryan Pfleger, thinks that it would be great if you could create an online store that offers personal trainer sessions online as well as online courses. Cognoa Director of Demand Generation, Sweta Patel, believes that the digital health market is the most underserved market niche.
3. Go Industrial
If you want to achieve higher margins and minimal competition, go for industrial products. Creating B2B or industrial e-commerce is tough because it requires a high barrier to entry. However, you also get higher margins while spending less on marketing your products.
According to 10X Factory Co-Founder Eric Carlson, there is a big opportunity in e-commerce that is in the construction supply. He believes that there decent margins and very minimal players in this kind of market segment. Foundation Marketing Founder, Ross Simmonds claims that the most underserved segment in e-commerce is in B2B.
Because B2B clients become younger, more B2B brands are given the chance to market their products online and make e-commerce a practical platform to market their brand online. Most often, B2B brands treat themselves as regional businesses. However, with the help of technology, there is a better chance to reach new market segments by simply using a website, shipping orders, and understanding how people are now using Google to find answers to their problems.
4. Think About Micro-Niche
Earlier, we discussed the Niche market segment, this time we are talking about a segment within a niche segment. This concept believes that the more niches you get the better the opportunity. Using the targeting power of the social networking site, Facebook, you can spend less to ideally serve a unique segment that no one else is paying attention. Freelance writer Kaleigh Moore claims that the recent online business market is lacking this kind of segment. Founder of Shopping Signals Ryan Bemiller thinks that there is a greater chance to succeed if you combine two or three niches into a distinct and highly-specialized micro-niche.
5. Online Store For Tech Savvy Retirees
There is a growing trend of technology savvy people who are retiring. Gone are the days when our retirees would prefer to stay on their beds or sit on their wheelchairs. Nowadays, retires are enjoying technology at their fingertips and would do their shopping online. According to Emil Kristensen, CEO and Co-Founder of Sleeknote, the older generation niche is greatly underserved. He added that most of the retirees have grown accustomed to using computers at work and are now comfortable doing online shopping.
This particular demographic will grow in the next five to ten years and will definitely shop online. You can offer them a gift card that they could use to avail discounts online. They can also send the gift card to their loved ones online so they too could avail discounts from their old folk’s favorite online stores. Also, older segments are fond of yarn; you can set up an online store that sells this kind of things to your older customers.
In starting your online business this year, it is important that you determine which idea has the greatest potential. What you sell, how you plan to sell it, and to whom you are selling it are just some of the essential questions to design and build your E commerce business. Concentrate on the quality of your product and in addressing the needs of your customers.