There is no shortage of business suggestions today. You can browse and you’ll find thousands of websites with innumerable business suggestions. But, to know which ideas work the best for you and which would not be tough. With above 1.92 billion online shoppers, an ecommerce business holds quite a lot of potential. There is no perfect time to start with an ecommerce business. Although many people are eager and willing to launch their ecommerce business due to the endless benefits it offers, they are not able to start one due to the lack of business ideas and most importantly, the limited knowledge in the products to be sold. The fact is, there is no one idea fits all when it comes to ecommerce business. You need to find out the ideas and suggestions that work best for your business, interests, and skills. In this article, we will be providing you with some good ecommerce suggestions for 2020 that can possibly be of great help to ecommerce businesses of all kinds.
Profitable business suggestions for 2020
Starting with an ecommerce business right now is undoubtedly the best thing to do right now. The online industry is flourishing at an unimaginable speed and efficiency. Whether you wish to start a fresh ecommerce store or you wish to sell products you already have, anything can bring to great profits. With the new way of living in the four walls of our homes to curb the spread of COVID-19, anything and everything can be purchased online. People are gradually falling in love with the process of shopping online. The offers and discounts offered by the majority of online websites, more and more people are getting attracted to online shopping like never before. Moreover, if you are selling the right products to the right set of audience, you are already running a profitable business. We have researched and compiled a few ecommerce business suggestions to ease your process and save your time. Below are some good ecommerce business suggestions for 2020:
Online Learning Platforms
You might have heard that schools and colleges are closed for operations since the eruption of the deadly virus in many countries. However, education is not at a standstill. Teachers and professors are striving to conduct online classes. Moreover, the significance of online learning platforms has doubled or even tripled beyond imagination. Although there are many online learning portals available in the market, there is still scope for the evolution of the industry. All you need to find is the students who require online courses and choose your way of teaching, your niche, and sub-niches to start your business.
Integration of Subscription Model
Something is convincing about subscription models that more and more businesses are integrating it into their business models. Studies have found that more than 800% of growth rate was found in the companies that have integrated the subscription model. The subscription model can work for various kinds of ecommerce businesses. This model functions in a way that the customer agrees to pay a lump sum amount charged by the company on a monthly, quarterly, or yearly basis. Once the amount is deducted, the customer is delivered with the physical product(s), digital product(s), or can get access to online platforms. The subscription model is a great way to earn recurring money. Moreover, it is great for customers who require products on a regular interval such as their day-to-day essentials. Some digital services include online streaming services such as Netflix, Amazon Prime, YouTube, and so on. You can make as well as save a lot of money while gaining newer customers in a cheaper way than the traditional methods.
Digital Health Services
As mentioned earlier, people are sceptical in going to public places due to the spread of the novel virus. Especially when it comes to hospitals, the chances of getting exposed to the virus doubles. Due to this reason, people now prefer digital health services wherein they can get consultations, prescriptions, and medical advice while in their homes without needing to step out. Moreover, the healthcare services today are primarily focusing on the increasing cases of coronavirus, eventually paying less or no attention to the less severe medical conditions. If you help people get the medical attention they need in the hour, your business will be quite rewarding. You do not need to be a doctor to start this ecommerce business; all you need is some good connections with qualified doctors. Your job is to connect the people in need of the doctors through your digital health space. However, you need to be additional cautious to connect the people with the right doctors and if you provide medications, you must be sure to deliver the right ones. After all, medicines have the power to make as well as break lives.
Affiliate Marketing
Affiliate Marketing is one of the lost-cost ecommerce business suggestions we offer this year. If you have already established a strong online presence, this suggestion can be truly beneficial for you to boost your revenue. It is a type of marketing that lets an individual represent other companies. The affiliate programs are also termed as referral programs wherein you need to sign up with the brands that regulate with the interests of your audience. For instance, a food blogger can partner with a good restaurant and promote their food. The blogger can share any content describing the delicacies of the restaurant through his/her website or on their social media platforms. While marketing about the restaurant, the blogger can even share links from where people can order the food and even offer discount codes in the same. An affiliate marketer can track the number of clicks and sales given to a company and earn a commission from them. This method would be a cakewalk if you already have an ecommerce business. Contrary to this, you can imply this method to earn more profits.
Smart Home Appliances
People are spending more of their time inside their homes that nearly didn’t happen from a long time in the hustles of life. With time, not only people adapt to the situation, but also bring innovations to the place they spend the majority of their time to make it more comfortable and attractive. Also, making things easy-to-do is always humanly, isn’t it? Although there is an increasing demand for smart home appliances, not many websites and companies are selling them online, giving you scope top flourish your business. This business niche is constantly loved and searched for by people from around the world. It would be a great idea to start selling innovative home appliances and for this, the world can be your audience.
Online Business Consulting
Every business needs a business consultant to make it more appealing. Especially with the new upcoming businesses every day, the need for business consulting is growing. If you are good at this niche, you can consider creating a business consulting campaign, or provide a space for a consultation to create awareness about the right way to manage businesses, as well as help businesses, generate more revenue. You shall need to pay attention to the content of the business on various platforms and hone them to deliver the right message to their customers. You can also show ways to market businesses and establish brand identity. Once you successfully help businesses grow, you’ll automatically earn loyal customers for the long run.
Online Grocery Delivery
The people who lined up in malls and stores to buy their monthly groceries are today sitting at the comfort of their homes and groceries are being delivered to them, right at their doorstep. People now trust online grocery delivery more than their nearby provision stores. However, there are thousands of online vendors today and the number is continually rising. Therefore, the chances of customers hopping from one vendor to the other are pretty high. In order to gain trustworthy customers for the long-run, you need to deliver quality products at an acceptable period. With the increasing demand for online groceries, this business niche has great scope in the coming years as well.
Conclusion
At the beginning of the year 2020, it was expected that ecommerce sales shall represent 12% of the total retail sales. However, with the coronavirus outbreak, more and more people are moving online and therefore more than 12% of the total retail sales can now be expected from the ecommerce businesses. You are not confined to these ecommerce business suggestions. There are plenty of ecommerce business suggestions in the market. Some are worthy and some are not. It is on you as a business entrepreneur to find out the ones you must try in 2020. You can consider these suggestions, innovate them, and bring the best of your talents through your ecommerce business. That was all from our list of some good ecommerce suggestions. We hope that you find these helpful and imply these in your ecommerce business.
