The benefit of eCommerce businesses is that business owners are able to profit on a platform that requires very little physical investment. While eCommerce platforms are numerous, if you are looking to separate yourself from the competition and not just create something that is yet another online gift shop, you’ve got to start thinking differently. Niche businesses come in many different shapes and sizes, so let’s show you some of the most trendy eCommerce niches around right now.
Health and/or Wellness
It’s critical to differentiate between the two. Health is such a massive market, from PPE manufacturers and alcohol hand gel, all the way through to supplements, fitness, and everything in between. Health and wellness as an industry is expected to grow by 9.2% by the year 2026 because “health is wealth.” Many people are far more health conscious because of the pandemic.
This is why many businesses are still investing in PPE, but as Covid is still a real concern, despite there being lax regulations, this is where eCommerce businesses can find a gap in the market. Ensuring that organisations stay healthy can diversify into a number of disciplines beyond being covered and protected. When you recognise that there’s a variety of uncharted territories in health and wellness, you can find the approach to give your business the edge.
Subscription Models
If we have learned everything from streaming services, it’s that subscription models are the way forward. But they don’t have to be subscriptions to online platforms. Many online supermarkets are using the subscription model to keep customers. The most significant benefit of using a subscription model for your business is that you are guaranteed a specific number of customers.
This means you can start to focus on the quality of your services to generate revenue. Customers want a stress-free experience and when we look at something like Amazon Prime, which promises the same or next-day delivery and greater access to products and services, using a sustainable model for subscriptions can benefit in so many different ways. Knowing you have a dedicated customer base means that you have the luxury to experiment slightly with your services, either to make them better or to have more creativity.
ReCommerce
Another niche that has increased in popularity since the pandemic. ReCommerce involves selling previously owned items, from electronic goods to clothing and everything in between. As more people are looking to maintain a certain lifestyle while spending less, you can use this niche to have more dedicated customers. It can also tie into a more sustainable approach to purchasing products. Lots of people now rent out clothing to save on their expenses, so you can use this model to link in with the sustainability trend and appeal to budget-conscious customers.
Many businesses in the eCommerce sector are looking for ways to improve their relationship with customers by finding those gaps in the market. eCommerce is a greatly accessible model, which is why so many people use it, but we have to branch out and find our niche.
