How easy is it to find people online? Very!
How easy is it to turn them into your customer? Depends..
..on how good your business idea is!
Yes..even before the ‘how’ of running a business comes a ‘why’ (read, purpose!) and that’s where the idea plays a make or cripple factor to a business. In 2021, retail e-commerce sales amounted to around 4.9 trillion U.S. dollars worldwide. This figure is forecast to grow by 50 percent over the next four years, reaching about 7.4 trillion dollars by 2025.
While we’ve already stressed enough on the foolproof way to get started with the app development process once you have finalized an app idea..but realized we haven’t talked about the best of ecommerce business ideas yet! So..here goes the comprehensive list of top contemporary ecommerce business ideas that can be your desired shortcut to e-success!
Here’s some good news for you - the Conference on Trade and Development (UNCTAD) states that many consumers expect to continue their digital habits adopted during the covid-19 outbreak? The COVID-19 pandemic has accelerated the shift towards a digital world! The changes we make now will have lasting effects as the world economy begins to recover. If you want to launch a successful ecommerce business, you’ll first need to grasp the fundamentals so before diving into the ideas let’s get our categories right. Based on who you want to deal with your business can be categorized under four broad categories:
As the name suggests, B2C refers to targeting your offerings directly to the end consumer. Have a quick look at the B2C traits!
B2C order transactions are larger in number and are usually lower value making the decision-making process shorter.
The B2C business sees a shorter sales cycle due to lower costs and impulse buying.
There is huge competition in this segment which makes customer retention difficult.
In the B2B business model, the businesses sell their products and services to other businesses. The business at the buyer’s end can be the end-user or a reseller.
B2B transactions are comparatively lower in number, but the order value is usually higher.
B2B transactions generally have a longer sales cycle but there is a higher probability of more recurring purchases.
B2B selling is gradually becoming more prominent in the online space.
C2B is a fairly new business model, where the consumers sell their products or services to businesses. This is the reverse of the typical business-to-consumer model.
It is a new concept that is gaining momentum in today’s market.
C2B became popular more recently due to the digitization of our society where consumer-generated media and content have changed business processes and created great value for them.
This model is not just a trend confined to the lifestyle industry but it could potentially be considered an extremely common phenomenon like freelancing for a software development company. You can take the success of freelancing sites like Upwork and Fiverr for example.
It is a business model where consumers buy or sell products and services to or from each other on a platform usually called an ‘online marketplace’.
The service providers usually make money by charging listing and transaction fees or showing advertisements.
Online marketplaces like eBay and Craigslist are great examples of the C2C business model.
Now that we have our basics right, let’s quickly jump to the best eCommerce business ideas without any further ado :
Online education isn’t an entirely new concept as it was on its footprint expansion phase till 2019 but with the outbreak of Covid-19, it was soon to become the ‘New Normal’!
Continuing school & university studies without physical attendance? Checked.
Learning a new skill in free time? Checked.
Mastering the new programming language making it to every employer’s preferred skill list? Checked.
E-learning checked all the above boxes and many more with its approach that makes the convenience of learning meet a self-chosen pace. Looking at that as well as the stats that indicate that the e-learning market size surpassed USD 250 billion in 2020 - the online education platform surely makes for a brilliant business idea with its enormous potential for now and the future!
How to make your e-learning business stand out ?
Here’s a list of features you must incorporate in your e-learning business to make your mark in the current education market quicker :
Self Registration provides concrete security to user data without having them pass through a dozen steps just to register
Integrating the popular learning tools for added convenience
Intuitive user interface for easy navigation - so they can get familiar with your platform without going through lengthy tutorials
Custom Report Generation to visualize progress & compare theirs with fellow e-learners
If you’re not familiar with any of these features or require more details then we would be happy to sit with you for a free consultation and provide any support you may need!
Be honest, who likes to stand in long lines at supermarkets wasting their precious time buying boring grocery items? We all would much rather spend our free time having fun with our loved ones! Starting your online grocery store is a great idea because an increasing number of people are becoming really busy and conscious about how they spend their time. Today’s consumers are adopting and appreciating the ease of buying essential commodities online.
As more people become dependent on the internet and their smartphone devices, getting groceries and essential commodities delivered to their doorstep is going to become the new normal. We are already observing many big players betting on the potential of this industry but there’s still a lot of space for new and emerging players. For example, you can sell niche grocery items that are slowly gaining popularity in the market like gluten-free, vegan, and organic alternatives to establish your Unique Selling Point in the market. Along with that, the coronavirus pandemic is thrusting online grocery into the spotlight in the US.(source : Business Insider) So, I don’t know what you’re waiting for? This is the right time to make the most use of this opportunity!
You may also want to check our take on : food manufacturing software development
Features that can give your online grocery store an edge over the competition :
[i] Easy sign-up process with the user’s social media or mobile number.
[ii] Faceted search with smart recommendations.
[iii] Save for later and wishlist options.
[iv] Push notifications and custom messages.
[v] Safe and convenient payment process with various payment gateway options.
[vi] Order tracking and status update feature.
Check out our ecommerce order management system developmet guide!
[vii] Customer reviews and feedback section.
[viii] IoT driven sensors to track purchase trends
Know More : IoT development guide continue the existing numbering
[ix] Membership and reward points feature.
For more details check out our blog on customer loyalty management software!
[x] Point of Sale & Inventory (systems that monitor inventory and buying trends can help retailers avoid customer service issues)
What was your New Year’s Resolution? Is it something related to getting more exercise and improving your overall fitness? Well, you’re not alone, my friend.
Here’s an interesting fact for you - About half of Americans wanted to start their year by getting in shape! (it’s a different discussion on how many actually went through with it)…but anyway I hope you’re seeing the business potential here!
It’s safe to say that the pandemic was a gym junkie’s biggest nightmare! Like with the gyms and fitness studios closed where would they get their daily fix of endorphins from? Well in all seriousness the pandemic really impacted our overall health and this is where the magical fitness apps and the trendy wearable smart devices came into the picture. And boy, did they take the market by storm! These apps have gained massive popularity since the lockdown which created a huge shift in people’s fitness and lifestyle habits and led to increased downloads and subscriptions to such fitness apps. Every other person you know was wearing a smartwatch and walking around to achieve their 10,000 steps target. ( yes I’m very much speaking from experience here..) And let me tell you this trend is here to stay, the global fitness app market size was valued at USD 1.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 17.6% from 2022 to 2030.
So let’s quickly have a look at what makes a great fitness app :
A good fitness app allows users to access workout routines, fitness advice, and nutrition plans to promote healthy living.
Features that allow users to set fitness goals, get personalized diet and workout plans, track their calorie intake and progress easily are great additions.
A fitness app that can work in conjunction with wearable devices to synchronize the user’s health data to third-party devices for easier accessibility can give your app a great advantage over the competition.
It takes a lot of planning, research, and a great team of developers (here's how to find developers effectively) to create a great fitness app with cutting-edge features. We have written a detailed article on How to Create a Fitness App - Guide : Cost, Features and More to give a more detailed understanding.
Ecommerce dropshipping is a fairly new order fulfillment business model where a seller doesn’t store the products it sells, instead, the store sells the product and passes on the sales order to a third-party supplier. This supplier is usually a wholesaler or manufacturer who has the order shipped directly to the customer. This model can give you a huge advantage to quickly scale up your offerings and sell a wide variety of products online. The global dropshipping market is forecast to grow at a compound annual growth rate (CAGR) of more than 27% during the forecast period from 2021 - 2027.
Now let me tell you why dropshipping is a good business model for budding entrepreneurs :
Running an online dropshipping store doesn’t require as much operational capital as the traditional retail model. You don’t have to open a physical store, maintain a warehouse and pay additional overheads.
You can just simply open an eCommerce business and concentrate on selling your products rather than maintaining inventory and warehousing your stock.
As we discussed earlier shipping the products efficiently to your customers can be a huge responsibility and when you outsource this responsibility to a third party you can reduce this burden.
When you’re able to offer a larger variety of options without thinking about storage and other overheads you are more likely to overcome fluctuating sales due to seasonal factors or other reasons.
So if you’re finding this business model interesting then you should read our blog on Ecommerce DropShipping - Guide to Answer Your Questions for more details on this topic.
Gone are the days when the beauty industry was controlled by retail conglomerates and their monopoly. The beauty industry has shifted online and is growing exponentially! (as so is its following on Instagram!) Cosmetic items, beauty tools, hair care, and personal care products are selling like crazy! The skincare segment in this industry is growing faster than any other division. You ask why? Well, we can thank the increasing awareness about health and personal hygiene, the rise in disposable income in the hands of modern women, and obviously the influence of digital media! If you’re not living under a rock then you already know about the potential of this industry! So the time is right to launch your online beauty store and establish yourself in the beauty industry!
Now let’s jump to the strategies that can help you start a successful online beauty store :
Keep your target audience in mind while building your website. Think about their needs and interests and incorporate features like :
Elegant and minimalistic web design.
Detailed product description with high-resolution images.
Creator section where influencers can upload their content made using your products.
Customers review and feedback section.
Friendly and helpful customer service.
Smart recommendations using users’ personal information.
In the present times, one of the major contributors to the decision-making process of buying beauty and personal care products is social media. Content sharing platforms like youtube and Instagram have completely changed this industry. Take advantage of this opportunity and build a strong social media presence for your brand to increase your website’s traffic.
With the rise of self-made ‘influencers’ and ‘beauty gurus’ more and more consumers are turning away from traditional media and are instead putting their trust in their favorite influencers. Collaborate with beauty influencers and offer their followers special discounts and freebies on your website. This can help you reach out to new customers and increase your brand awareness!
Today’s consumers are smart and well informed, you cannot deceive them, they expect brands to be transparent and responsible. From your ingredients, supply chain, promotions, and claims you have to follow ethical practices. Practices like using natural ingredients, being environmentally responsible and cruelty-free are gaining great popularity among consumers. Find a good cause that resonates with your target customers and incorporate that into your brand’s USP and personality.
Could you imagine how different our lives would be without electronics, smart devices, and the internet? Humans have become so reliant on technology that it’s become difficult for us to even imagine living one day without our smartphones!
Modern technology has revolutionized our lives by giving us versatile devices like smartphones, smartwatches, laptops, and other brilliant solutions. The consumer electronics market size is predicted to grow from USD 689.45 billion in 2020 to USD 989.37 billion in 2027. The rapid digitization of our society will keep driving the demand for consumer electronics and it’s a great idea to set up an electronics store online to tap into this ever-growing market!
Features that can give your online electronics store an edge over the competition :
[i] Product comparison feature where you can compare different products side by side.
[ii] Cart customization option where you can easily select different variations of a product.
[iii] Good customer service that can assist your customers with issues like warranty and registration.
[iv] Repair store locator linked to GPS.
[v] Order tracking section and live location updates.
[vi] Customer review and feedback section.
[vii] Automated chatbot and virtual assistance.
Here are some more Ecommerce Features from our experienced team of developers to help you set up an exceptional electronics store online.
Do you have any specific inquiries about setting up your online store?
Simply put, an online pharmacy is a business that sells medicines over the internet. It's similar to a brick-and-mortar pharmacy in the sense that you can buy both prescription and over-the-counter medications from the store. Since the Covid 19 pandemic, the no contact delivery model has become very popular, especially among the more vulnerable population of our society like senior citizens. Due to the convenience and competitive pricing of online shopping, e-Pharmacies have quickly earned the consumer’s approval. The e-pharmacy market is expected to witness a revenue of a whopping USD 136,160.27 million in 2026, with a CAGR of 13.84% from 2020 to 2026.
If you’re still not convinced about the potential of an online pharmacy, you can take inspiration from our favorite investor at ‘Shark Tank’ - Mark Cuban and his recent venture a digital pharmacy called Mark Cuban Cost Plus Drug Company (MCCPDC), who’s here to change the pharmaceutical industry for good (we hope!). So take a cue from the experts and commence your journey!
Wait! Before getting started make sure you tick-off this check-list below :
[i] If you’re interested in setting up your online pharmacy we would highly recommend you to conduct your market research and work on the necessary licenses and government documents required to start your business.
[ii] Figure out your logistics, suppliers, distribution, and warehousing as handling and selling medications is a serious responsibility.
[iii] A reputable pharmacy also has a U.S. state-licensed pharmacist available to answer any questions.
[iv] Remember you should NEVER sell prescription medicines without a doctor’s prescription.
[v] And last but not least, work with an experienced team of developers to create a reputable and functional online pharmacy.
Furniture and home decor items are selling like hotcakes online! They have become one of the best-selling categories on various eCommerce sites around the world. This is largely due to the pandemic and the growing digital influence on our society. Furniture and appliances ranks as the retail e-commerce category with the highest compound annual growth rate between 2018 and 2025, beating other key segments such as fashion or electronics. It’s evident that an online furniture store is a rewarding segment that has the potential for great returns!
How to make your online furniture store stand out from the competition?
[i] You should aim at designing your website in such a way that the customer experience is more convenient than buying furniture from a physical store. Keep the layout simple but use aesthetically pleasing images.
[ii] Upload high-quality images from different angles and give the product dimensions in pictorial format. The product dimension is a really important factor for any consumer who wants to buy a piece of furniture!
[iii] Provide hassle-free transport and setup services to your customers. One big deterrent for many new shoppers can be the complex task of setting up furniture themselves. Providing solutions for your customer’s pain points should be your biggest priority!
[iv] Keep in mind that selling furniture online is a completely different ball game, you need a robust logistics and supply chain to fulfill your orders. This is where a great custom-made software solutions like supply chain management system and facility management software can really make your job easy. Automating and streamlining all your logistics - from procurement of raw materials to manufacturing and final delivery can make your business operations much more efficient!
Know what's the buzz about : IoT in maufacturing
Let’s talk more about your specific business requirements in detail? We’re always happy to sit with you for a free consultation anytime :)
The charm of a unique handmade product can never go out of style. A mass-produced piece can never replace something that is handcrafted with love and one of the beautiful things about living in the digital era is that we can easily discover new brands and businesses that are making a difference. So if you have a talent for making something beautiful and unique with your hands or you want to support your local artisans then you should definitely go for it.
How to set your business apart from the competition ?
[i] You can set your handmade business apart from the rest by understanding the current consumption patterns and implementing these practices in your business. With our society becoming conscious and responsible about their consumption habits, more and more consumers are supporting businesses that are conscious, eco-friendly, and community-driven.
[ii] Try to collaborate with local artisans and support your local economy in any way possible and create a dedicated page to highlight this in your website. This is an important USP for many handmade businesses.
[iii] Update your website regularly and offer your customers the latest trends and seasonal offerings like custom-made handmade gifting solutions during Valentine's Day!
[iv] Give your website a unique look and your personal touch. Make the website from scratch with your creative vision and layout. This will set your online handmade business apart from all the basic online stores made with boring templates.
I know I have been talking a lot about new businesses that have gained great popularity recently, but all our market research points towards the fact that these consumption habits are here to stay. Trust me, even the Millennials and Gen Z are digging it! (literally). Marketers have taken note of this fact and are coming up with various gardening kits and supplies to make the most use of this new hobby of ours. Hey, but we are not here to criticize! In fact, we really appreciate this new market trend - it’s good for our environment, our mental health, and overall well-being! I mean just look at this article On the benefits of Gardening, this must be one of those rare times when I could read an entire article by Healthline without having an anxiety attack! So now that we have established the fact that starting your online gardening store is a good idea.
Let’s go through the checklist that will help you make this process easier :
[i] Decide what types of gardening supplies you want to sell, your categories, and subcategories.
[ii] Do you want to focus on a particular niche like terrace gardening which is very popular in urban locations?
[iii]Where are you going to source your products from?
[iv] How to get your website up and running?
[v]How to integrate valuable features and offer a smooth experience to your customers?
Working with an accomplished agency that can understand your vision and turn it into a reality is a good idea. Your partners should be experienced, supportive and reliable to make this journey a success!
Last, but not least! We couldn’t really ignore this category. The online fashion industry is expected to grow at a rate pf 9.1% per year and reach a total market size of a staggering US$1.164,7 billion by the end of 2025! There’s a huge potential for this industry which is only going to grow. But with great potential comes great competition! All the big players in the fashion and apparel industry are entering the online marketplace, don’t mind the new giants like Shein and FashionNova. Choices are abundant and the market is becoming more crowded. The only way to succeed is to provide what the consumers want! value for money, latest trends, unique designs, great user experience, support, reliability, and a pleasing shopping experience! You have to include cutting-edge features, tools, and systems in your website to compete with your competitors.
Features that can give your online clothing store an edge over the competition :
[i] There are so many features that are important to incorporate into your website like for instance, it’s not enough to just provide clear product images and descriptions - now you should have a creator section where your customers or influencers can share their well-styled pictures in your product.
[ii] Again, you need to integrate a dynamic size calculator for different product types, consumer preferences, and other criteria to help your customers make decisions!
[iii] Also, you cannot do without 24*7 support for your customers which should be automated for the ease of your business!
[iv] And, did you forget about a good inventory management system for your website? I think not!
I could go on but wouldn’t it be better if we just sit and discuss this over a call maybe? We have experience in developing exclusive ecommerce websites for both "Fortune 50 Companies" & Cutting edge StartUps, driven by our team of engineers from Google & Amazon. So help me help you :)
Also, did you read our fantasy sports software guide yet? Though not from ecommerce industry - but totally makes for a hot choice in the current app market!
Now you’re ready to move ahead with your ecommerce business idea right? But just like starting any new business, you need to tread with caution. While there is not much doubt about how happening the ecommerce sector is, it is how you go about planning your footprint in this space that decides how much you’ll benefit from it. You need to be completely informed about what you’re taking up in this new voyage…so here are some really important points to remember before you begin!
The ecommerce industry is extremely competitive…
This is kind of obvious, isn’t it? This industry has huge potential and naturally, everyone wants a piece of it. The biggest players in the market are going all in! It’s becoming a Red Ocean market and you need to be prepared for throat-cutting competition! That's where the importance of having a good USP for your ecommerce business idea comes in, it gives you a better understanding of your target audience, industry, and the competition. Choose your USP wisely as it sets you apart from others and helps you bypass the stiff competition. Ensure your USP i.e. the idea you use to magnet your clients, ticks maximum, preferably all, from the below list to help your business grow :
For Example, do you remember Domino's Pizza’s USP: “We GUARANTEE - Fresh hot pizza, delivered in 30 minutes or less or it’s FREE!” It’s a brilliant example of a successful USP that assured customers about their service and as a bonus, it’s extremely memorable as well!
From pizzas to platinum jewelry - whatever you may choose to be your offering, chances are there that you're not the only provider of it in the market which gives your customers endless options to choose from. Obviously, the customers want great deals and quality products but you should not (at any cost) ignore your website! The customers equally value a well-designed and functional website. In fact, a recent study by Microsoft concluded that the human attention span has dropped to eight seconds – shrinking nearly 25% in just a few years. So trust me when I say this - nobody is going to have patience for a poorly-performing website that is slow or even worse, keeps crashing! Investing in your website and working with industry experts who can deliver a high-performance and engaging website is really important to turn your ecommerce business idea into a huge success! A faster working website will also help rank your website higher on Google according to professional SEO services.
We cannot stress more on this point. I mean if you were opening a brick and mortar store wouldn’t you have good locks, hire security and insure your business against any possible threats? (Right? exactly!) Similarly, it’s imperative that you have a secured website with safe payment integrations. Note that while dealing with sensitive information like credit and debit cards it’s your responsibility that your customer’s data is never compromised. So work with a trusted and reliable team where security is in-built in their development process and it’s not an afterthought.
Mind going into the nitty-gritties of API development? Because that'll help ace your ecommerce business better!
Maintaining your in-house IT infrastructure can be extremely expensive and inconvenient. It’s not just the significant upfront cost but the regular maintenance, upgrades, hardware replacements, and other utility costs that can prove to be a big struggle! We would instead recommend you to go for a cloud-based service provider like AWS where these technology giants ensure very high uptime and hassle-free service. Even, Gartner estimates that the annual cost of owning and managing software applications can be as much as four times the cost of the initial purchase!
So choose software development partners who are experts on Cloud-based platform development so you can concentrate on your ecommerce business rather than struggling to keep your infrastructure up.
Shipping is convenient for consumers, but it can be a nightmare for business owners. You need to choose the right shipping strategy for your ecommerce business idea depending on various factors like your product size, weight, price, location, and competition. Charging too little for shipping can eat into your profits while overcharging can lead to losing customers. You have to work with trusted delivery partners to ensure smooth operations. You need to make sure that the entire process from placing an order to delivering it to the customer’s doorstep is not only smooth but as quick as possible because nobody likes to wait these days! Implementing modern technologies can help you manage your logistics and shipping efficiently. Take Amazon, for example, one of the biggest reasons behind their success is their detailed and efficient delivery status tracking system which gives peace of mind to the customers compared to some random online store... where you are left completely clueless about the exact location of your shipment.
If you want to streamline your ecommerce operations then do check out blog on eBay Chrome Extension and decide whether it's the right decision for your business.
Looking for a custom e-commerce software development team that will provide extraordinary service and help you turn your business into a huge success?
BinaryFolks can undoubtedly assist you with this. Our skilled and specialized software developers have firsthand knowledge of delivering a wide range of projects for clients from various industries. With BinaryFolks, you can easily tap into the full potential of your online business and accelerate your company's growth graph.
So, here’s what to expect if developing your ecommerce website with BinaryFolks :
Driven by ex-engineers from Google, Amazon & Salesforce
101% Value For Money (+1 for Our Complimentary Consultation before You Spend Your 1st Dollar!)
Reviews That You Can Verify!
Safeguarded Business With An NDA
Eye For Details
Questions Galore (Until Your Requirement & Our Understanding are mirror copies!)
Insight-Rich Scope Enhancement
Intense Domain Expertise
Close-knit feedback loop
Quickly wrapping up now, this was our list of ecommerce business ideas with significant potential for growth and success. We have done a substantial amount of research and looked into the latest trends to come up with our suggestions. But, starting your own business is a big step and you should do your research and talk to experts who can help you with good suggestions and assistance in your epic journey!
I highly recommend you read our other articles on this topic as well. They are highly detailed and extremely informative pieces that are really going to help you.
Make the most of your preferred from the above ecommerce business ideas and don't forget to build an employee monitoring software to ensure your workforce is doing proper justice to your idea!