The increased use of mobile phones and internet in the world has made a positive impact on ecommerce. At least 40% of the world population has purchased either goods or services online. It is predicted that as mobile and internet penetration continues, more people will interact with ecommerce. This presents an excellent opportunity for both existing and future businesses to tap into the advantages of ecommerce. If you are thinking of venturing into ecommerce, here are some ecommerce business ideas for you to consider.
1) Consumer Electronics and Accessories
This category of ecommerce business is quite popular. While there are established businesses selling electronics online, there is still a huge potential for success. You only need to provide affordable quality goods and you will eventually carve your niche in the market.
2) Apparel and Accessories
If you start an online shop offering belts, ties, clothes, hats, and other similar goods, you stand a high chance of succeeding. All you need to do is offer unique products that are different from those offered by existing businesses and you will earn your profits.
3) Automotive Parts and Accessories
There is a large number of automobiles on the roads, both in developed and developing countries. This presents an excellent opportunity to deal in automobile parts and accessories. Accessories like steering wheel covers may fetch handsome profits without the need for heavy capital investment.
4) Jewelry and Accessories
There is a huge potential for success if you deal in jewelry and accessories as these will always be sought after especially for weddings. To compete with existing dealers, you may need to get your supplies from new and upcoming designers making quality items.
5) Merchandising Platform
As a new entrant into the ecommerce sector, you may face some challenges such as inadequate funds to buy supplies. The problem is compounded by the suppliers’ general reluctance to work with new and unestablished retailers. Operating a merchandising platform puts you in a better position because you will not have to deal with inventory. If anything, you will be simply a broker connecting online retailers with suppliers.
6) Escrow Payment Solutions
Escrow payment solutions entail holding money on behalf of a party to a transaction only to be released for specified reasons. Parties to an ecommerce transaction require the service of an independent third party who can hold the funds to be released to the seller on certain conditions. Ecommerce involves parties who may be strangers to each other. As such, the seller will not want to part with the goods without an assurance of payment and the buyer will not want to part with the money without an assurance that goods will be delivered.
7) Online Business Consulting
You could become an online consultant giving your clients strategic services to help make their brands more compelling. This will involve creating online campaigns for clients and generating awareness.
8) Health and Beauty
Health and beauty is a very lucrative sector. You can always bet that the sector will continue thriving as more people get concerned about their health and look.
9) Online Rental Portal
Many people are preferring renting items as opposed to purchasing them. Operating an online renting platform will see you get a commission on every transaction.
10) Online Bookstore
With everybody moving from hard copy to soft copy books which are more portable, starting an online bookstore will definitely pay. There is a huge market made up of students and other people who read for fun.
