This is a user generated content for MyStory, a YourStory initiative to enable its community to contribute and have their voices heard. The views and writings here reflect that of the author and not of YourStory.
6 Business ideas to Explore in the Booming eCommerce Industry
This is a user generated content for MyStory, a YourStory initiative to enable its community to contribute and have their voices heard. The views and writings here reflect that of the author and not of YourStory.
The eCommerce industry has grown out to be one of the most promising entrepreneurial opportunity in modern times. Regardless of the country, eCommerce has registered staggering growth all over the world. The penetration of mobile phones and the internet has further accelerated the pace of eCommerce growth.
According to eMarketer, eCommerce industry will reach a level of $5 trillion while registering a near 20% annual growth rate. At the same time, the share of eCommerce in global retail will also increase.
Clearly, the era we are living in is one of the most promising times to start an online business. All an entrepreneur needs is a profitable business idea with the right team to sail through the threshold of growth. In this post, I highlight some interesting eCommerce ideas that you can ponder upon for launching a successful business.
Promising eCommerce Business Ideas for New Age Digital Entrepreneurs
Internet is a great business facilitator that allows entrepreneurs to quickly launch and scale business operations, without a huge amount of capital. If you understand the dynamics of online economy, you can launch one of the following online businesses and succeed in a short time:
Grocery eCommerce Store:
Online grocery delivery is a fast-growing segment in developed and developing countries alike. With demanding careers and fast-paced lifestyles, individuals find it hard to find time for buying daily essentials. A grocery eCommerce stores plug the gap by providing doorstep delivery of groceries, essentials, fresh fruits and vegetables, etc.
Be it a grocery aggregator, marketplace, or a standalone online grocery store, the segment is gaining immense popularity owing to the benefits. Though there are several players in the industry, still, the sheer demand for grocery in the country makes it an amazing growth opportunity for someone who wishes to start his/her online grocery store.
Online Cab Booking:
This is one of the stellar segments where the likes of Ola and Uber have already become a worldwide startup sensation. Online cab booking platforms serve as an aggregator between the cab drivers and the riders, thus earning a commission in between.
Being a booming segment with low requirement of capital investment, this one is increasingly maturing with newer business models, refined technologies and customer-centric business propositions. Surely, the online cab booking industry gives a visionary entrepreneur the right environment to set up, scale and grow organically.
On-demand Food Delivery Business:
The on-demand economy is on the rise. Customers like the idea of convenience and fulfillment of their orders at the touch of a button. From groceries to on-demand professional services, food delivery to premium salon services, customers are hooked to the on-demand ecosystem. In such a scenario, launching an on-demand food delivery business is a good idea.
The business model is already tried and tested by global and national players and there is still room for new entrants in the dynamic food delivery market. By bringing local restaurant, cafes and delivery chains on-board, you can launch your operations and engage customers with your service offerings.
Fashion & Cosmetics eCommerce:
Fashion and cosmetics e-tailing has been on the radar of big guns in the startup sphere from the beginning. By solving the problem of logistics and delivery even to the remotest corners in the country, eCommerce startups are introducing global brands to aspirational customers.
Starting a fashion or cosmetics online store is a great idea if you understand the market and can quickly pick up trends. Using a readymade eCommerce platform like Quick eSelling, you can set up an eCommerce store and launch your mobile app in minutes with all modern features that a customer looks on an eCommerce platform.
Online Product Rental Business:
Peer-to-peer lending and renting is a relatively new concept that has gained traction and has a huge demand in the market. From specialty goods to furniture, automobiles and more, modern individuals love the idea of renting a product for a short while. The shared P2P economy is growing more than ever.
In this scenario, you can think of launching your own P2P marketplace where people can list their products for rent and interested individuals can get in touch and rent the products. This model is quite popular in the west and over time has entered the Asian markets, too.
Online Tutoring & Consultation:
Online education and tutoring domain have grown phenomenally in the last 5 years. From global platforms like Coursera to localized MOOC platforms, this model of online education is becoming quite popular. You can also launch a professional online student-tutor marketplace like Studydraft where students can submit the details of their academic challenges, essay, or other writing needs to get offers from professional academic tutors.
Or, you can also think of launching an online language learning platform like WeYakYak where learners can learn different languages such as English, Russian, Spanish, French, etc. online from native speakers around the world.
Wrapping Up
The online opportunity is growing with each passing day. Don’t just keep thinking about an idea. Make a move in the eCommerce domain and experience the phenomenal business growth cycles for yourself. Hope the above business ideas gave you something to ponder upon so that you can also start your online business as soon as possible. All the best!