Ecommerce is one of the industries that have the fastest growth regardless of the global pandemic. Residents have to stay at home 24/7 and purchase mainly online, making their lives almost tied to smartphones and the Internet. According to United Nations (UNCTAD), 52% of the consumers agree they shop online more since the pandemic COVID-19 began. Moreover, 53% claim that they will continue with online shopping habits after the pandemic. Ecommerce has become a delicious piece of cake for any merchant. To help you start your eCommerce journey, we will summarize the top 11 eCommerce business ideas in 2023.
Table of Contents
- 1. Introduction of eCommerce business
- 2. How to find the best eCommerce business idea for you?
- 3. Top 11 eCommerce business ideas
- 3.1. Cosmetics, pharmaceuticals – one of the most common eCommerce business ideas
- 3.2. Second-hand products
- 3.3. Smartwatch and accessories
- 3.4. Print on Demand apparel
- 3.5. Smart home systems and accessories
- 3.6. VA service (virtual assistant) – one of the most notable eCommerce business ideas
- 3.7. Entertainment service
- 3.8. Food delivery
- 3.9. Online courses and eBooks
- 3.10. Creative services – one of the most impressive eCommerce business ideas
- 3.11. Solution in payment
- 4. How to make eCommerce business ideas come true?
1. Introduction of eCommerce business
1.1. What is an eCommerce business?
E-commerce is a term used to refer to business activities, purchases, and sales of products or services taking place on the Internet, especially through websites. E-commerce activities can take place between businesses and businesses or between businesses and customers.
E-commerce has soared in popularity over the past decades, and in this way, it displaces the companies that operate in an actual store. Ecommerce allows you to buy and sell products on a global scale, 24/7 without incurring the same costs as running an actual store. To combine the best marketing and best conversion rates, an eCommerce venture also needs a physical presence, which is known as a business that sells both online and offline.
E-commerce includes two primary elements:
- Online shopping: Including all the necessary information to provide customers, providing a reasonable buying solution. This concept can also include product review & purchase actions of customers.
- Online purchasing: Including technological infrastructure for data exchange for transactions and purchases on the Internet. These are the systems that make the activities/purchases on the Internet go smoothly.
1.2. Types of eCommerce business
In general, there are two types of eCommerce merchants:
Physical product sellers: It is the buying and selling of physical products through electronic devices. For example, you can sell products from any of the following niches: fashion, accessories, home appliances, toys, etc.
Digital Products Store (downloadable products): If you have ever bought an online course, this is a digital product category. As a general rule, if the product must be accessed through the online membership area or if it has to be downloaded, it could be a “digital product”.
1.3. How to divide eCommerce by groups of subjects
Ecommerce is divided into several categories such:
- B2B (Business to Business): Participants in e-commerce activities are usually large businesses/companies. Understandably, the buyers and sellers in this model are both businesses.
- B2C (Business to Consumer): Participants in e-commerce activities include business sellers and consumer buyers (customers).
- C2C (Consumer to Consumer): Participants in e-commerce activities include individuals; both buyers and sellers are individual businesses.
- There are also G2C (Government-to-Citizen), G2B (Government-to-Business), etc., but these forms are less popular and less used.
2. How to find the best eCommerce business idea for you?
2.1. Choose the things you interest
If you care much about your products, you can understand their weakness and strength and generate sustainable business success. When you really like something, you will have the motivation to overcome the challenges of running the business.
Using your hobbies, interest and passion as the starting point for your research. You should refine your ideas and conduct in-depth analysis on each one using search engines and social media. Determine what kind of items and sectors are gaining popularity online right now and whether they may be a successful eCommerce offering.
2.2. Consider your ability and resources
This is a vital factor when you establish a business. There are three main elements you have to considers: human resources, finance, knowledge and experience. If you have small capital, it is better for you to start a business with small-scale and inexpensive products. It is the same goes for a newbie with less experience and knowledge because you will face difficulties and problems as poor-quality or expensive products, vendor fraud or even scammers pretending suppliers.
If you don’t have many employees, the most useful solution for you is cutting down stages when running a business or downsize your scale. You can spend money hiring employees when having more benefits.
Analyze the market
Customers, competitors and trends are things you must notice if you want your business long-lived.
As you know, the market is a customer-oriented playground for all businesses. Wanting to grow more sales? The only solution is to focus on customers: targeting and reaching the right segment and satisfying customers. That is why you have to analyze their behaviour and find out the solution for you. If you choose a niche that is too hard, it will be difficult to gain sales. But if you choose a common or large niche, you have to confront with tons of competitors. Thus, merchants should care for their targets.
Some trends nowadays emerge and persist over time, while others do not. As a result, you must stay current with the trend and determine which trend to invest in.
One suggestion is to follow the YouTube channels and blogs of influencers and knowledgeable professionals. They will advise you on trends and how to make your products more appealing to consumers. Reading the news will also benefit you because it is updated daily and can provide you with precise and valuable information.
The more competitors in the market, the fewer opportunities come to you. There are not only current competitors but also new entrants you should keep an eye for. Searching their strategy, business activities and their solution for customers, question yourself what you can do to serve customers better than them. And If you are choosing an eCommerce Business idea, you should select a medium niche that is not too large or too small.
2.3. Learn from others
Reading books, news or blogs is good for you, but the advice in these sources is general and theoretical. Starting a business is not an assignment. It is hands-on, and you have to prepare some practical tips. Thus, it is better for you when asking and learning from others who have more experience and knowledge in your industry. You can participate in some virtual communities and exchange information with them. If your idea has a problem, members will suggest some solution to improve eCommerce business ideas or recommend a new one. I assure you that you will get more beneficial tips for your eCommerce store.
3. Top 11 eCommerce business ideas
3.1. Cosmetics, pharmaceuticals – one of the most common eCommerce business ideas
It can be seen that cosmetics and pharmaceuticals are currently the two areas with the highest sales in the world while also attracting the largest number of customers on both online and offline channels. For online channels, or more specifically eCommerce platforms, business owners are often young entrepreneurs since more than anyone else; they are the most suitable people to run this product line.
All you need to do is focus on providing a better user experience because customers will actively seek your brand. Thanks to the explosion of today’s social media and the effects of the COVID-19 pandemic, people are increasingly interested in their beauty and health. Therefore, this will be an opportunity for all the cosmetic and pharmaceutical brands to grasp.
3.2. Second-hand products
The trend of exchanging used goods is not new with buyers nowadays. However, it is growing since the explosion of technology and the rapid release frequency of new product lines. It is common to be attracted to newer models after using which we just bought a few days and it produces a dramatic increase in the volume of products becoming second-hand while still having good quality.
In fact, not everyone can afford to buy new items or are willing to pay extra just to own a shiny product like 100% new. Instead, they pay more attention to use products that are still good quality. This is opening up the opportunity for platforms that sell second-hand online to be more profitable. Just make sure you are following the rules about selling second-hand and have a checklist to regularly check the items for sale.
Not only selling conventional products, but many other platforms offer products such as Credit Cards, Online Software, etc. You can refer to famous platforms such as Capital One, Ahrefs & Shopify, etc.
3.3. Smartwatch and accessories
Not only smartwatches but all the accessories related to them are receiving the attention of many people on e-commerce shopping platforms, from popular products (normal strap) to the smartest categories with the most advanced products with full features on the market.
People use smartwatches for many different reasons, from tracking daily sports activities to planning each day, viewing messages, receiving and answering calls, etc. For both of these different needs and preferences, sales of smartwatches and related accessories are expected to reach $73 billion by 2023.
As a result, this type of growth makes watches and smart accessories one of the most worthy eCommerce business ideas this year.
3.4. Print on Demand apparel
T-shirts are probably the first apparel item that comes to mind when you think about print on demand. This is the apparel having the largest amount of customers. Just typing “T-shirt” with the words describing the one you want, you will find millions of results may be print-on-demand T-shirts.
Because the t-shirt industry is saturated, having a specific target demographic will increase your chances of selling. One of the most popular eCommerce niches is lifestyle items. With print-on-demand lifestyle clothing, you can simply capitalize on an existing community or trends. There are some large niches you can choose from:
In each niche, you can choose a smaller one that is suitable for you. For example, If you want to sell something relating to fitness, you can target the basketball niche that has customers loving basketball.
3.5. Smart home systems and accessories
The Internet of Things (the network of things connected to the Internet) has been around for a long time. This innovative intelligent system is not only being adopted on a large scale but also reshaping the way retail businesses do business.
There are a few simple examples of IoT such as automatic garage door opening systems when you drive home, automatically ordering food online, or robot vacuuming and cleaning house automatically.
Despite increasing customer interest and demand for IoT-related products, the number of retailers offering this product line is still very limited. Therefore, this will be a great eCommerce business idea for retail businesses in the coming year.
3.6. VA service (virtual assistant) – one of the most notable eCommerce business ideas
As an e-commerce business grows at an unprecedented rate, entrepreneurs need the help of their assistants to arrange their work. The tasks of these assistants include finding new products, writing descriptions, comparing, etc. Many organizations have taken advantage of the opportunity to provide assistant services at affordable prices for established eCommerce businesses.
In the beginning, you can “sell” your online assistant position at a softer price than the market to build a name, then you can increase your price and working hours depending on your business according to negotiation between the two sides.
3.7. Entertainment service
With the rapid development of technology, the demand for entertainment services is expected to increase in 2023. Especially for children, online toys and games have changed a lot and have huge investment potential. Many small business owners have already started a business with entertainment products and this is one of the top eCommerce business ideas for 2023.
3.8. Food delivery
One-time orders or payment models may be used to provide the meal delivery service. In a society that is getting extremely busy and busy, many workers can pay a little more money to make convenience. The most common food supplies are frozen foods, meal-making kits, and fresh foods.
You could find dedicated consumers and make a profitable eCommerce business idea if you can fill in a niche in the region (gluten-free, vegan, paleo, etc.).
3.9. Online courses and eBooks
Learning something new always requires quality learning and teaching. Especially when COVID-19 appeared, the demand for quality educational materials on online platforms was increasing more than ever.
The teaching content is also extremely diverse, from the curriculum of college students, high school students, etc. to home cooking courses, online art courses, etc. There are many options and niches for you to discover and sell your expertise through eCommerce platforms.
So businesses can take advantage of this appropriate moment to provide unique materials, expertise, and teaching content that viewers cannot find on other platforms, thereby creating different eCommerce business ideas for your business.
3.10. Creative services – one of the most impressive eCommerce business ideas
Usually, the best eCommerce business ideas are based on selling products.
You can also be successful by selling useful services online.
- Graphic design: Give your skills to startups trying to find their brand identity. You can get paid for logo design, typography, or branding instruction.
- Product design: If you are a seasoned expert in innovating goods for sale, looking for businesses that want to outsource this service.
- Writing: Set up a website that shows your flair with words. You can find copywriting deals in all industry categories, like marketing and retail.
- Interior consulting: You can fulfill both business and personal needs with this one. If you’re a qualified interior designer, sell that skill.
3.11. Solution in payment
The problem of online buying and selling is more and more familiar, but the issue of payment and delivery is still a challenge for both sellers and buyers. Many people lose large sums of money without even receiving the goods they purchased. If you have the knowledge and understanding of the field, you can create a payment platform, where you will act as an intermediary between the seller and the buyer. Your mission is to deliver the goods to the buyer on behalf of the seller and make the customers happy with the products and services you bring.
4. How to make eCommerce business ideas come true?
4.1. Research and explore niche markets
Without proper research, you cannot know the current market situation; therefore, it is necessary to start with real research. After researching and researching, you will discover the niche and find a path and eCommerce business ideas where you think you can build a foothold on your own and show your strengths to the world.
4.2. Choose a business name and consult a legal professional
The name a person chooses identifies themselves and their company; therefore, you need to pay due attention to choosing an innovative and unique name that makes you stand out from other companies in the same niche. You may also need to consult a legal expert to help you build the legal structure of the business.
4.3. Choose an eCommerce platform and create a unique website
The most important thing when starting an eCommerce business is choosing an e-commerce platform. To develop an e-commerce store, much attention should be paid to choosing an e-commerce platform to help businesses with website management, inventory, sales, operations, and marketing.
This platform is like comprehensive software to take care of your online store management requirements. The website is the face of the business and you have to create a unique website that is different from other competitors’ websites.
4.4. Sourcing or listing products
This is also one of the most important aspects of running an eCommerce business. Traders can manufacture their products or choose to source products through distributors, or they can simply list their products and services on the business website.
4.5. Marketing activities
Once the website is ready to run, to grow, traders must promote the marketing of that business effectively.
Lists of marketing strategies like social media advertising, word of mouth, Google advertising, and many other online marketing strategies and techniques can help online businesses grow and move closer to their business goals.
It can be said that eCommerce is the future of commerce. Nowadays, many businesses are running the company only through a smartphone, and the form of mobile payment is no stranger to everyone. All of the above examples are the best examples of eCommerce business ideas for the future.
As a result, there will be a wide range of opportunities and challenges open to all small and large businesses. Hopefully, the above article will help businesses grasp the business areas that tend to boom in the market in 2023.
If you want to get more useful information about eCommerce business ideas, subscribe to our newsletter now!