The product selection plays a crucial role in every business niche. Every product category that you add in your inventory may not be fast-moving, but it can be more profitable. While selecting the best products for your ecommerce business, you need to make a separate list of products based on their service and popularity. This analysis will help you make the right count of inventory for in-stock products.
If you are a manufacturer, you need to connect with the raw material suppliers and keep its stock in season. Those of you who are already in the business know the product categories to target. The business enthusiasts who plan to get started or thinking to change the target industry can consider the below-listed product categories.
● Grocery business
People are shopping for everything online, then why not groceries? That same thought came in several businesses, and the nationwide lockdown due to COVID-19 gave a blow to this thought. It all started with grocery and veggies’ online delivery through an online medium to serve customers with fresh stuff daily, which transformed into the only source of grocery delivery in the last six months.
Suppose you already own a grocery retail store. In that case, you must register yourself for the ‘Local Shops on Amazon’ program and ‘JioMart’ to enhance your business’s local reach. The promising O2O business model helps you connect with the online market and the conventional business model. In India, the online grocery market gave a hit of 3 billion USD in 2020 alone. The e-tail sales of US in grocery shopping is expected to hit 30 billion USD by 2021. So, even if your grocery business is based out of the US, you can count on grocery business ideas. You can maximize your sales by launching your web store and mobile app at the same time, by registering yourself on Builderfly. With our DIY design editor, you need not worry about the technicalities and can design your store on your own.
● Electronics
Electronics is the primary category that crosses anyone’s mind when talking about online business. The credits go to margin and the consumption capacity of the market. There is fair competition in this business niche & that’s why you need to be very selective about the type of products that you must add to your store.
To sell this niche’s products, it’s best to partner for drop-shipment services or take the agency of renowned brands. However, to start your electronics business, you will need a hefty budget. That’s why you must have it planned.
● Trending Tech products
Aren’t you a big fan of Alexa or Google’s smart speakers? Yes, for sure, who doesn’t like to instruct the smart device to make a call or set a reminder rather than doing it on their own. You can sell these high-budgeted trending tech products like VR headsets, smart speakers, home automation devices, etc.
Target on developed countries like the US. There were 11 million VR headset users in 2017, and the number must already be double by now. The potential market is already there, and you need to hit this opportunity. People are crazy about many home automation things, and you can gain the benefit of this business without any worries.
● Jewelry
Jewelry is that entity that has always been in the market. Be it metallic ornaments, pure gold jewelry, silver one, or oxidized ornaments. There is still the need for ornaments that can enhance the beauty. Fashion accessories are the major category after the fashion that grabs the attention of everyone surfing online.
Though the jewelry market was accounting for 4-5% of total retail sales half a decade ago, it is expected to double by 2020. The niche of handmade jewelry is creating new trends in the fashion industry. That’s another astonishing opportunity for artisans to jump in the ecommerce industry. If you are typically a handmade seller, Etsy can be a good start for you; for professionals, Amazon Handmade can be the best platform to flourish your handmade business.
You can partner with the brands selling warrantied jewelry to purchase in wholesale rates & selling in the retail market via other platforms or your website.
● Apparels & fashion
A business that never goes out of style is that of fashion. The economic situations may get worse a little, but the fashion business will never be knocked out. The customers’ flow may reduce, but it will never vanish, and that’s where you will be on the win-win side.
Though initially, people were more inclined towards buying the fashion accessories only, now they buy everything from tip to toe via the online market. The fashionistas of the current generation who prefer to walk with the trend, prefer to shop online. The E-tail business of the fashion industry is expected to cross 153.6 billion USD in 2024.
The secret to thriving in the industry is to stay trendy. Keep your research going about the type of products that people are looking for. The change in trend is frequent, like changing the water’s direction, and you have to change that frequently to sustain and create your brand name in the market.
● Market tutorials
Online learning is a new trend in the market. Thought the culture was introduced a decade ago, COVID-19 made it the only possible way to gain an education. At present, all the schools and institutions are running online classes, and children are giving online tests with differently adapted methodologies.
Forbes stated e-learning would reach $325 billion by 2025, and the current situations can make you believe that the returns will be far more than estimated. It can be the collection of short tutorial videos or that of detailed tutorials, you can even launch e-books and start selling in the market. The digital courses are much easier to create and don’t need a lot of investment. It’s the best bet to start with a minimum budget.
Now that you have an idea about the best performing products with which you can start your business, create the list of that niche products. You can refer to the list of bestseller products on Amazon, Flipkart, Alibaba, and other marketplaces to better understand the products performing very well at present. Once you are done with the listing, register yourself at Builderfly and get your store ready within 10 minutes. Further, update your catalog and launch your store now!
