By Agosh Baranwal on 3/31/20 11:27 AM

    Most Profitable eCommerce Ideas for 2020

    E-commerce has transformed the way business is done across the globe. In India, while 2019 has been an amazing year for online businesses the industry is expected to grow to US$ 200 billion by 2026 from US$ 38.5 billion as of 2017. Much growth of the industry can be attributed to the increasing internet and smartphone penetration throughout the country. In this fierce competition, people are exploring new areas of products to sell online to penetrate unexplored markets and make people's lives easier.

     

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    Here we will discuss what efforts go into creating an e-commerce website and how to choose a profitable niche. Developing and selling new products requires educating and training yourself on new ways of doing things which requires a lot of discipline and perseverance.

    Chieu Cao, Co-founder of Perkbox defined these qualities in actionable terms as:

    "Don’t try to do everything by yourself, but try to connect with people and resources."

    Start with automating your processes to free up your time and resources which will help you to invest more in growing your business. Make it a goal to stay at the forefront of new innovations in the business world by embracing new technologies or incorporating new ideas from your people. Also, it is always a good idea to do a market background check before entering into any industry.

    We have listed 5 trending e-commerce products in India that will drive profits for you easily:

    1. Organic Food on Demand:

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    Product(s): Organic Jams, Unsweetened Peanut Butter, Roasted Seeds, Protein and Granola Bars, Dry Fruits jars, Dry berries, etc.

    The trend of healthy eating seems to be on an ever-increasing slope. Amidst all the hype, delivering organic food on demand to clean and healthy eating enthusiasts can turn out to be a gold mine. Pre-packaged gluten-free food and ketogenic diets have seen a meteoric rise in national and global sales in the recent years.

    Here’s why this will work: It’s no secret that health consciousness has been on a rise worldwide like never before. With the Indian organic food market anticipated to grow at a CAGR of over 25 percent in the next three years, there is tremendous scope and opportunity for venturing in the business of organic food and organic farming. Practices like Keto and Intermittent fasting have become very common.

    Promotion ideas: Organic food has truly exploded in the Indian market, but there are still many challenges ahead that a new entrant should be aware of. Consumer consciousness of natural, healthy and safe foods is on the rise, new food safety legislation is also working towards improving the safety standards of food and at the same time consumers are increasingly willing to pay for organic foods as their disposable incomes rise. This generation is educated and smart; thus they prefer to eat healthy and spend on healthy food than spend on medical treatments. With health becoming a priority, MRP has taken a backseat when buying organic. With better spending power and with growing awareness, these products are not just becoming popular but are finding a sure place in the buying baskets. Fill your social media with health awareness posts, informative content and product highlights.

    2. Beauty Subscription Box for Women and Men:

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    Product(s): Beauty Subscription box

    In the last three years alone, the subscription boxes selling websites have seen a whopping 800% increase in their sales. Even in areas with established players, you have a chance to make an impact because of the simple fact that people crave novelty. Subscription boxes add this factor to the lives of many people who often opt for multiple subscriptions in different niches.

    Here’s why this will work: Since people are willing to pay more today for quality beauty products, you will have a sustainable business model from start. Every subscriber you get is a stable source of income.

    Promotion Ideas: Highlight the ease and convenience of your subscriptions on your social media. Make your subscription box attractive and capture the joy and surprise of every happy customer you make.

    3. Hot new tech and innovative products

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    Product(s): smart watches

    Smart wear is all the rage these days, and people want more than just analogue and digital watches. People use smartwatches for a number of reasons, such as fitness and planning their entire day. They have become so popular that their sales are expected to reach $53.2 billion in 2019. This makes them one of the top e-commerce business ideas to try.

    Here’s why this will work: Despite the rise in the demand for smart products, not many e-commerce stores are selling these products. According to market research firm IDC, 753,000 smart speakers were shipped to the Indian market in 2018. In 2019, this is expected to reach around 1 million. The Indian smart home market is expected to be around $6 billion by 2022, a two-fold increase from $3 billion estimated in 2020, according to Statista. Now is the time to plan your online presence in this exciting niche.

    4. Handmade Jewelries for women

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    Product(s): Oxidized, sterling silver, fashion, temple jewelry, etc.

    Handmade jewelries is a niche product field that has been around in India since forever. Trends say that it will always remain strong regardless of any business. Having said that while the year 2019 saw more niche e-commerce stores popping up, for 2020 the projections are even higher. The local e-commerce niche segmentation will surge because of dilution in overall quality of products in the market resulting in customers searching for new places to buy.

    Here's why this will work: Online customer behavior and buying habits have revealed that it’s a great time in India to introduce specific styles of jewelry that appeal to a wider audience.

    Promotion ideas: The Indian consumer mindset often is not ready to adopt the new. Niche brands offering the best price point with trustworthy quality is what they go for. Keep your product images high resolution and sophisticated, use portraits of models to showcase your jewelries. Use your social media to highlight how your product fits in with the latest fashion trends.

    5. Gifts

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    Here’s why this will work: Sending gifts to your loved ones is now easier with the numerous gifting e-shops. The good news is, this industry is low on competition and high on demand. Gone are the days when people went through all-purpose online stores for gifting purposes. They are built to cater to a wider audience and their needs. They confuse you from your gifting ideas and often end up selling you unnecessary products. On gifting websites people are ready to pay a higher price for the same product since they now have a better chance of getting the right gift while not investing much time and energy.

    Promotion ideas: Roll out gift combinations and fresh options on festivals. Categorize your products for occasions. Feature human emotions linked to your product on social media.

    As you can see, you can sell plenty of things online (almost anything), from health and beauty products to toys and games for children. Being able to open an online store is one of the great joys and benefits of living in the internet age, and you stand to make a handsome profit. With streamlined promotion, one can easily take a niche product to the nook and cranny of its potential consumer base.

     

     

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