Setting up an online shop is now a painless process thanks to web design companies. However, problems arise when individuals do not know what business niche would suit their interests best. This is where you turn towards your peers for help. But a small consultation session with unprofessional people is useless as they often lack the required knowledge to help you make an informed decision.
Jumping into any niche just because it is what everyone else is doing is not going to help you either. You need professional guidance which is exactly what you will find in this article. So go through the 7 mentioned niches and stick with one that you think will rake in the most money!
1. Oils and Serums
Face oils and facial serums are a thriving market and the coming years will only see an increase in its overall growth. Serums and oils are created with natural and organic ingredients that are advertised towards the aging generation. Such products are marketed as something that can deal with wrinkles, fine lines, acne or other problematic areas. Because of this, many women who are 25 or above are leaning towards such products to counteract unpleasant skin conditions.
The ingredients for face oils and serums can be expensive, which directly impacts the final price of the product. Also, you may have to send a few free packages to social influencers to build a fan following.
2. Organic Personal Care Products
Personal care products are a diverse market ranging from toiletries, perfumes, hair care, to other beautification items. The markets and general stores are filled with such products. However, the problem with them is that they contain harmful synthetic materials that can wreak havoc. Because of this, more and more people are leaning towards the organic range.
This niche has the potential for extreme profit in the future since the market is expected to reach a whopping $716.6 billion by 2026. Moreover, the use of herbal extracts and anti-oxidants are further fueling this niche’s growth. With that being said, the shifts in raw material rates and the extensive human labor that goes into its production make it expensive.
3. Baked Goods
If you have your grandma’s beloved carrot cake recipe, now would be a good time to earn profits from it. The bakery industry is an ever-increasing market that will have an estimated value of $75 billion by 2023. Moreover, the endless birthdays, wedding parties and baby showers are facilitating the growth of this niche as well.
The increasing threat of obesity and other health issues i.e. diabetes are compelling many people to take on a healthy diet by cutting refined flour and sugar from their diet. The perishable nature of various food items poses a problem. But you can tackle this issue by offering a range of organic, gluten-free, and vegan, made-to-order options.
4. Rent Designer Pieces
Not many people have the budget to rock a Gucci dress but they do have the budget to rent a designer piece for a few days. Many entrepreneurs have already tapped into this market and are driving maximum profits. This is true since the rental clothing industry is only expected to climb higher in the growth charts.
The concept behind this niche is simple; buy designer pieces and then put them online for rent. However, it is easier said than done. You will have to hire an e-Commerce web design company to help you build a great website. After this, you need to invest money in buying dresses and keep a tab on all the customers that have rented your dresses. It is a difficult niche to break into, but nevertheless, a profitable one.
5. Smoking Accessories
The constant growth in youngsters’ marijuana use has given many businesses the opportunity to drive revenue from this ever-increasing trend. In addition, the legalization of cannabis across various states has made it a considerably attractive niche.
Just like its community, the smoking accessories are diverse, ranging from various types of bongs, pipes, puff kits and whatnot. Also, investing in an online setup is more profitable since it allows the buyers to purchase cannabis accessories by keeping their identities hidden. Moreover, just like the cannabis industry, the e-cigarettes and vape pens also hold a bright future for online businesses.
6. Beauty Subscription Box
Subscription boxes are the delivery of goods belonging to a similar niche. It is a marketing strategy that targets customers by catering to their specific interests. The subscription market is not showing any signs of slowing down. Because it is a popular e-Commerce idea, subcom is getting crowded. But you can stand apart from the crowd by offering gender-specific subcoms.
Since many of these boxes target females, you can earn a profit by delivering products that can be utilized by men daily. From after-shave balms to moisturizers, from bread oils to colognes; the options are endless.
7. Organic Food
The growing numbers of health enthusiasts gave rise to the organic food market, so much so that this niche is expected to earn $30 billion by 2021. Although this niche is a favorable option, it is not without some heavy work on your behalf. First, you will have to deal with local farmers to secure products or items. Second, your geographical location may restrict you from delivering the items to far-off places. Also, let us not forget that food items are perishable. If you can easily deal with these obstacles, you can earn around 20-40% off of the actual profit.
Start by targeting local customers and once you have earned their trust (and enough money) you can take your operation to the international level.
Conclusion
This is our take on the profitable niches that you can explore for your next e-Commerce idea. Although these niches hold some potential, you can also explore other sectors that you think would work better with your resources. Regardless of what you choose, always remember that good marketing is the key to success.
Your profits and potential client base depend on how well you market your e-Commerce business. Invest in your marketing efforts just like you would in your online set-up to see favorable results!
