Even before the recent global pandemic, eCommerce was rapidly growing in popularity.
The appeal of online shopping continues to slowly diminish the need for physical stores.
In fact, eCommerce sales rose by 27.6% in just 2020. Furthermore, the world of eCommerce reached an impressive estimated amount of $4.28 trillion (NetSuite). With eCommerce rapidly growing as a preferred method to shop, established business owners are scrambling to establish a prominent online presence.
In addition, many aspiring business owners are choosing to now enter the eCommerce scene for the first time. As this industry is ever-changing, these new business owners are seeking advice about the optimal place to start. Similarly, established eCommerce businesses are scrambling to stay updated and relevant in 2024.
The Present and Future of eCommerce
It's no secret that most people enjoyed the work-from-home experience during the height of COVID. As it turned out, the appeal of setting their own hours and working from home was enough to make many reconsider their career path.
Consequently, many individuals have quit their day jobs in what has quickly become known as " The Great Resignation ."
While many choose to apply for corporate work-from-home positions, others are deciding to pursue a career in eCommerce. Along the same lines, COVID gave consumers the push they needed to become accustomed to primarily shopping online.
Gone are the days when we had to rely on brick-and-mortar big box stores for our every need! Unsurprisingly, it is projected that eCommerce sales will reach around $6.4 trillion within the next two years ( Oberlo ). As the world of online shopping expands, the competition for business owners also grows. More so now than ever, it is important for eCommerce owners to choose a specific niche for their business.
Niching Down for your eCommerce Business
Easy checkout processes and fast shipping gives consumers the ability to freely shop at different online shops with little added cost.
Therefore, it is important for eCommerce businesses to choose and stick to a specific niche.
You see, there isn't much need any more for one-stop shops. In fact, spreading yourself too thin and offering a wide range of products could hurt your business more than help it. Think about it! Which scenario sounds like it would end in success?
Would you want to become an eCommerce store known for 1-2 specialty items? Or, would you prefer to carry many different items hoping someone chooses you over the shops that chose a niche? Niching down will also help your business appear more prominently when your products are searched on Google.
Honing in your advertising and SEO efforts will help your eCommerce shop become renowned for your chosen niche. Furthermore, it will help you build a loyal base of customers who return for your signature products.
As you may know, Increasing Customer Lifetime Value (CLV) is pivotal in the success of every business! In addition to these benefits, there are many other reasons why an eCommerce business would want to choose a niche. Check the top reasons why it is recommended for 2024 eCommerce businesses to choose a niche!
Less Competition
Corporations such as Amazon have the world covered if consumers want to purchase from a one-stop online store.
Their free and almost-instant shipping options paired with their household name makes it nearly impossible for other businesses to compete. To carry a wide variety of items in your eCommerce store would be to compete with bigger online corporations. That's right; you would be competing with online stores such as Target, Walmart, and even Amazon!
Nowadays, consumers are actually choosing at increasing rates to shop at individual eCommerce stores for specialty items.
For example, let's say a consumer wants to purchase individual containers of handcrafted slime for their team at work as a fun gift.
Nowadays, consumers are more likely to purchase these niche items from shops that specialize in that specific product. Although another eCommerce shop may carry slime amongst other products, it may not be known for its trending slime products. Therefore, the shops that only sell slime are more likely to get that sale. Consumers would much prefer to purchase high-quality products from shops renowned for those items.
It's almost as if purchasing from a niche store heightens the shopping experience.
You'll Become the Authority
Choosing a specialty product or service will also increase the likelihood of your eCommerce business becoming an authority in that niche.
Across the Internet, eCommerce businesses are taking to social media to build their reputation.
Notably, they are creating fan followings on platforms such as Instagram and TikTok. By narrowing their focus and choosing a niche, these businesses also narrow their target audience. This is actually a good thing, because it allows them to focus on creating content that speaks to that particular group of consumers. Of course, this subsequently leads to more sales.
As an example, let's say a bride wants to purchase jewelry for her bridesmaids as a 'thank you' for their efforts.
Since that bride has been scrolling on "Wedding TikTok" for months now, she has come across quite a few eCommerce businesses in the field.
Notably, she remembers a business creating lifestyle content about their beautiful initial gold necklaces.
The bride heads straight to TikTok to rediscover a video she had "favorited" weeks ago from that company. She is led to their website, where she purchases five gold necklaces. Of course, she goes on to recommend the shop anytime someone asks her about her dainty gold necklace. In this scenario, that jewelry shop is slowly becoming an authority in the field of bridal jewelry. This most likely would not have happened if that same shop had not chosen a niche.
You'll Spend Less on Resources
If you have fewer products to create advertisements for, you'll spend less money on advertisements.
It's as simple as that! In addition, you won't have to try as hard when it comes to advertising. This is because you won't have to spend so much time figuring out what works for a bunch of different products. Instead, you'll be able to hone in your efforts on your chosen niche. By narrowing your focus, you also won't need as many staff members to help you out.
Each product you carry takes time and effort. The less variety you carry, the fewer man-hours spent sorting, organizing, etc. While the aim is to reduce the amount of help you need to run your business, it's understandable if some help is required. Legiit is a freelance marketplace created with the wellbeing of businesses and freelancers in mind! If you are in the market for an extra helping hand from a virtual assistant or even a social media manager, Legiit is the optimal place to start!
Lower Risk of Waste
Especially if you carry products that expire, you may want to consider niching down for your eCommerce business.
Selling products with an expiration date is quite risky in the world of eCommerce. Therefore, it is wise to niche down so you can focus on selling the stock that may go bad one day. This same concept can go for products that may go "out of style" in the future. Items such as clothing, jewelry, and even phone cases are suspensible to this.
Choosing a niche can help you reduce the risk of carrying items that could, in the future, be irrelevant and unsellable.
Top eCommerce Niches for 2024
Questions to Help You Choose a Niche:
- What new products are currently trending?
- Are there items I can sell that are considered "timeless"?
- Can I sell products that stand out from the larger eCommerce corporations?
- Can I connect with an audience interested in this niche through social media?
Fidgets and Slime
We will kick off our list of successful eCommerce niches with an example we had previously mentioned.
Fidget items such as toys and slime have been all the rage since 2016 (StudyBreaks)! And, it seems as though they are here to stay! Initially, people purchased their fidgets and slimes mostly from retail stores in their area. Then, as eCommerce grew in popularity, the demand for more custom fidgets and slimes rose. This market was originally geared towards children and teenagers. However, this trend has quickly spread to adults who also benefit from the use of fidgets and slime. Every entity ranging from corporate environments to grade schools, have been known to order mass amounts of fidgets and slimes. After all, they make fun and quirky gifts for both children and adults! Although there are a few prominent eCommerce shops on the market that sell personalized fidgets and custom slimes, the competition isn't overly saturated.
Coffee and Tea
There is one thing for certain. The world will never get enough of caffeinated beverages such as tea and coffee.
Therefore, this makes coffees and teas two very safe eCommerce niches! The more people get into their coffee and tea, the more they desire to purchase from a shop with an appealing aesthetic. Why purchase coffee from Walmart when you can get your shipped in from an eCommerce shop based in the mountains of Colorado?
While it may seem silly to some, millions of people choose their coffee and tea brands based on the aesthetic of the business.
When drinking their coffee, people want an immersive experience. They want to feel as though they are drinking something of cherishable value.
Choosing to sell coffee beans or tea leaves through your eCommerce business could be quite profitable! You could even pair these beverages with niche-specific products to increase sales. Mugs, tumblers, and even t-shirts with your printed logo are all items a loyal target audience would go for!
Natural Bath Products
Bath bombs, soaps, bath oils, body scrubs, etc., will always be in demand! Since the beginning of time, people have enjoyed taking a relaxing bath with products that make them smell good. And, they're not going to stop now! In recent years, there has been a slight change in preference when it comes to bath products, though.
Now that research has come out about certain ingredients leading to severe health conditions, there has been a huge movement towards more natural products.
You can choose to hand-make your natural bath items as an added perk. Or, you can choose to purchase your items from a manufacturer and rebrand them for your business. Either way, bath products are an easy eCommerce product with great potential to help you level up your business!
Technology Cases
Computer cases, phone cases, and even AirPod cases will always be needed as long as technology is needed.
These items can be outsourced to an outside manufacturer who can print your custom designs on the products. This makes this eCommerce niche very easy to break into! Keep in mind that certain designs or even case sizes may quickly become less popular as technology advances. Proceed with caution to ensure you don't get stuck with products you may not be able to sell.
Candles and Wax Melts
Like bath products, candles and wax melts are products that will always be in demand.
Consumers enjoy spaces that smell good and are on the constant lookout for the next hit item to purchase for their homes. People aren't interested in the normal candles and wax melts they can just pick up at the store, though. Rather, they would prefer handmade items with beautiful jars and add-ins, such as lavender petals and scented oil. So, if you want to enter into the world of candle and wax melt eCommerce, you'll have to step up your game to give your target audience something different.
Home Office Supplies and Decor
More so now than ever, people are working from home and spending more time in their home offices.
Therefore, home office supplies and decor is on the rise! Since the beginning of 2020, people have been finding new ways to make their home working environments more personalized and comfortable. Items such as stylish cup holders, staplers, desk mats, and even lamps are wonderful eCommerce niche options! You could even go a different route and sell items that make working from home easier, such as wireless keyboards or laptop stands.
Workout Gear and Supplies
According to RXResource, only around 5% of people participate in 30+ minutes of exercise each day.
Despite this low number, most people think about exercising on a regular basis. This means that most individuals think about working out more than they actually put those thoughts to practice. Anything you can sell to help motivate people to get off their buts and exercise is a great eCommerce niche idea! Water bottles, headbands, duffle bags, headphones, and trending workout clothing are bound to be profitable in a society that puts a lot of emphasis on body image.
Crystals and Semi-Precious Stones
Although the practice has been around for centuries, there has been a recent uptick in people incorporating crystals into their spiritual practices.
Concepts such as manifestation and pulling positive energy from crystals have sent many consumers online to find the perfect stone to bring home.
Amethyst, tourmaline, smoky quartz, rose quartz, and even moss agate are just a few crystals that are currently trending. Don't worry!
You won't have to mine these semi-precious stones yourself. Typically, eCommerce businesses reach out to distributors to obtain their crystals. Before launching into crystal eCommerce, you may want to brush up on your knowledge about stones.This will empower you to be able to pinpoint phony or "fake" stones. The target audience for crystals are well-versed in spotting fakes, so you'll want to make sure you sell what is advertised!
Wine and Liquor
People are always looking for a way to expand their wine and liquor collection! For this reason, wine and alcohol subscriptions have recently been highly sought-after.
If you know a thing or two about wine or different types of alcohol, you may want to enter into this untapped eCommerce niche idea. As you know, wine and liquor do not expire and often only get better with time. Therefore, you do not run a high risk of wasting product with this eCommerce niche. In addition, wine and liquor can come with a wide range of price tags.
This means that your eCommerce shop can easily display lower priced items as well as higher priced items. Therefore, there is great potential through his eCommerce niche to connect with a broader target audience! Of course, you'll need to make sure you have the right systems in place to sell alcohol as a means of keeping your business and consumers safe.
Build an Efficient eCommerce Business
Part of building an efficient eCommerce business is making sure that the moving parts of your company can function without you.
Outsourcing much of your business' tasks to freelancers is a great way to save money while also making your business highly profitable. The more successful your business gets, the more you'll want to hire and outsource the work to credible workers. Some would argue that hiring outside help in the beginning stages of your business will help you avoid a rough transition later on.
There's no doubt that hiring someone else to do the workflows you've mindfully structured for your business can be scary.
However, hiring the right freelancer for the job can take the added weight from your shoulders. Imagine how much more you expand your business if you just had a bit more time in your day! Whether you need assistance with customer service or just another professional to manage your emails, there are freelance experts ready to help you. Head over to Legiit to discover the right freelancers to take on those added eCommerce tasks that just take you away from what is really important.
Social Media Management
Establishing a social media presence is the key way any eCommerce business can connect with its target audience in 2024! Although there are other modes to gain customers, social media is by far the best way to drive traffic to your eCommerce site. Top Social Media Sites for Businesses:- TikTok
If you aren't already signed up, you should really consider creating accounts on each of the social media platforms listed above.
Hiring a social media manager will eliminate the need for you to become a quick expert in each of the social media platforms.
Therefore, you won't have to spend that precious time stressing about algorithms, comments, clicks, and views. In addition, a social media manager will assist you in creating a strategic approach to reaching your target audience. Instead of taking a shot in the dark, you'll have an expert on your side giving you advice on what has been proven to work. SocialSEO is known on Legiit for helping businesses organically grow their Instagram followings! Many business owners shy away from the camera and hate the idea of being the "face" of their business. Professionals like AshleyKelley235 can be that representative and create compelling TikToks for your growing eCommerce business!
Search Engine Optimization (SEO)
Making sure your eCommerce site appears easily in searches is important to the success of your business. Freelancer FreddyEdmonds is an expert in researching the right keywords for businesses to include in their site.
As you may already know, incorporating the right keywords into your site is one way to ensure you get noticed in searches.
Likewise, SuperstarSEO has quite a few proven SEO tricks up his sleeve. His Social Media SEO Campaign service is a great one to start with! Search Engine Optimization is a very specialized freelance niche. Read more to make sure you are Hiring an SEO Freelancer the Right Way!
Content Writing
From blog posts to advertisement copy, you'll want a freelance content writer on your side to take care of these time-consuming tasks! Since these freelancers write every day, they are able to complete these tasks in a fraction of the time it would take the average person. Contentellect is celebrated on Legiit for her SEO written content and reasonable prices!
Likewise, SEOAmber has an impressive track record on Legiit, with many glowing reviews about her writing skills.
For more information about how to hire an SEO copywriter, check out this in-depth article!
Customer Service
Answering emails, issuing refunds, and settling any issues are all time consuming tasks every business owner has to face. Instead of spending their day on these less important tasks, wise business owners outsource the work to capable freelancers. Now, I know what you may be thinking. How can you effectively portray what needs to be done to an online freelancer?
How is it possible for them to do the job as well as you can? Keep in mind that expert freelancers have made a career out of helping businesses thrive.
They are used to adapting and applying their expertise to foster positive results. For example, Amitlrajdev is a virtual assistant capable of wearing many hats! From customer service to data entry, he has proven to be an asset to many businesses. With over four years of experience, Peterson08 is a virtual assistant known for his ability to complete tasks quickly and efficiently with little guidance. Check out these 5 Best Tips to Outsource eCommerce Customer Service to help you get started!
Explainer Videos
There are a variety of different types of explainer videos and even more reasons why businesses choose to use them.
Some businesses choose to use explainer videos to describe how to use their specific product. Others use explainer videos as an engaging way to aesthetically advertise their items. For more information about the different types of explainer videos, review this article about What Is Explainer Video Outsourcing And Why Your Business Needs It! Hamid_Jan is known for his excellent Whiteboard Animation Videos, as they are an interesting way for businesses to advertise. Using compelling background music paired with enthralling images and video, Deigitallndiaa is also a great freelancer for explainer videos!
Selecting the Right eCommerce Niche for You
It's easy to establish a business with just money on the mind. However, that isn't conducive to a happy or sustainable future! Choosing the right eCommerce niche for you should be a decision you make considering more than just money. To help you make the right decision, we've put together a list of top things to consider before choosing your eCommerce niche.Fulfills Your Passion
What eCommerce niche would make you feel passionate about your career as an eCommerce business owner? Think about the website you'll create, the social media content you'll post, and the target audience you'll engage with. Believing in your niche and the products you sell are important to avoiding future burnout and dissatisfaction! Keep in mind that your niche will become a huge part of your workday.Foreseeably Sustainable
It can be difficult to pinpoint what eCommerce niche will be foreseeably sustainable. However, there are some things you can consider to ensure you make a wise choice. Is it a niche that has a consistent target audience? Or, is it a trend that will fizzle out one day soon? Before you nail down a niche or products to sell, try to reflect on if you would be able to easily pivot in the future if that niche became irrelevant.Resilient and Self-Aware
To become a successful eCommerce business owner, you must possess a personality trait that many do not have— resilience. Are you able to flow with the times and adapt when needed for the sake of your business? Or, do you become easily overwhelmed and shut down at any sign of adversity? While these questions are harsh ones to ask yourself, they are very revealing when you answer truthfully. Before you pick an eCommerce niche and launch a business, remember that every ongoing business must be flexible and adaptable to survive.Key Takeaways
It is anticipated that the world of eCommerce is only going to grow. Soon, this industry may even completely overcome brick and mortar stores.
As such, it is important for businesses to adapt and begin establishing an online presence by connecting with their target audience. To better reach potential customers, successful eCommerce businesses narrow their focus and niche down. Essentially, this means that they create a memorable brand and aesthetic by becoming a known authority for their chosen niche.
While there are a vast amount of eCommerce niche ideas, it is crucial for new business owners to take into consideration what will be successful in 2024 and the future.
Many eCommerce niches build on what has already been popular for centuries. However, it is important for business owners to ensure their products are elevated compared to those found in big box stores. Not every successful eCommerce store has to offer customizable items. However, personalizable or handmade items that cannot be found just anywhere are always a hit!
Here at Legiit, we are dedicated to bringing businesses and quality freelancers together! Sign Up today to begin your journey of outsourcing those pesky tasks that take up too much of your day. For ongoing information about today's best practices in eCommerce, we invite you to follow our Blog. Here, we post regular content aimed at helping businesses streamline their processes for a more profitable future.
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