Best Ecommerce Niches 2020 With Massive Growth Predictions
After watching tons of Gary Vee videos and listening to hundreds of podcast episodes about entrepreneurship, here are the top two secrets I have discovered about successful businesses.
The secret of successful entrepreneurs #1: They all predict the next big thing and capitalize on their predictions before it becomes the next big thing.
So, the timing is crucial here. If you predict a future trend but are late to act on it, that trend will be all over the place.
The secret of successful entrepreneurs #2: They niche down when starting their business.
Amazon started as a book store and then later scaled up and grew to be the biggest eCommerce giant we know today. The secret is to niche down as low as possible. When you go niche, you’re targeting a smaller audience but you’ll have a better understanding of those people and so, you’ll do a better job at targeting them. Your sales and marketing strategies will be better targeted for that specific audience.
When there is a big crowd out there, it’s always better to talk to that one person in the fifth row wearing a red hat than all the people in the crowd. Because when you create a message for that particular person wearing the red hat, there is a big chance he will listen to you instead of a generic message meant to appeal to everyone.
So, if you’re thinking of starting your own eCommerce business, keep these two secrets in mind when deciding what to sell.
Charles Lazarus – the founder of Toys R Us, predicted a big baby boom in 1948 as veterans from World War II, returned home to their partners. Taking the right action at the right time, he started a small baby furniture store in Washington DC, which later scaled and grew to be a global household name.
Here are some of the best eCommerce niches for 2020 that have massive growth predictions in the future.
1. Bicycles Store
Whether accounting for the growing awareness about climate change or the rising obesity and health concerns, the global market for bicycles is predicted to reach $34.6 billion by 2027.
A store selling bicycles and related accessories have massive potential, as Gen Z grows up and enters the workforce. These are the people who grew up celebrating Earth Day and being told that our planet is in distress. And so, they are determined to take action to reduce their carbon footprint, which means bicycling their way around town.
2. Plant Delivery Service
The plant industry suffered a blow in the wake of the pandemic as per capita disposable income declined. However, as coronavirus abates and the economy recovers from its effects, the industry is again projected to come back to healthy growth levels. A study speculating the top 100 trends in eco-friendly businesses included many green product ideas like canopy-covered house designs, living walls, and more.
On top of that, another study revealed that people are spending more on home improvement in the lockdown situation and will continue that post-COVID. And so, the potential for an online plant delivery service remains enormous.
3. DIY and Home Improvement Products
A poll about shopping habits by Bank of America revealed that 70% of 1054 respondents had taken on home improvement projects during the shutdown and planned to continue that in the coming year as well. This gives enormous potential for the DIY and home improvement industry as people, especially millennials, are spending in bulk to improve the aesthetics of their home – the place where they are bound to right now.
4. Subscription Box of Pre-Planned Meals
As people become more conscious about their health but still want convenience, a unique eCommerce niche gets the room to grow. In a subscription box of pre-planned meals, people receive ingredients of healthy meals delivered at their doorstep. Consumers cook the meals themselves using fresh, quality ingredients that you provide, so they don’t have to run to the grocery store before preparing dinner.
Subscription boxes are all the rage these days, from razors to personal styling. However, the niche of pre-planned meals in a subscription box combines the two most profitable industries – healthy meals and subscriptions.
5. Weight Loss Products
As gyms and parks closed down due to COVID, it took a significant toll on people’s health and their body weight in general. Whether you’re selling products related to the newest fad diet or some herbal weight loss product, your business will have massive growth potential in the coming years. Market analysis of the weight loss products market has revealed that the industry is predicted to grow at a rate of 8.95% and reach $408.36 billion by the end of 2024.
6. Organic Skin Care
Gen Z is more conscious about everything, including what chemicals they are putting on their skin. That’s why organic skincare has become a fast-growing trend in the beauty industry. If beauty and style are what you’re passionate about, niche down, and start an online store selling organic body lotions, sunscreens, and scrubs.
The organic skincare industry is expected to grow massively at a rate of 8.5% and reach an estimated $25 billion by the end of 2025.
7. Organic Groceries
Grocery shopping is a headache for everyone out there. But the new generation of buyers out there don’t just want to solve the grocery problem, they want to solve it in the healthiest way possible. They are seeking everything organic including the staples in their kitchen.
That’s where the organic grocery industry gets the room to grow. If you give these people a good cost advantage and high-quality organic groceries along with a monthly subscription service that delivers them all the kitchen staples at their doorstep on auto, there is no reason why the idea won’t fire up.
See this post on how to make your WooCommerce products subscribable.
To back it up with numbers, the organic food and drink industry is experiencing a growth rate of 16.4% from 2015-2024 and has already crossed the $100 billion mark in 2018 in terms of its market value.
8. Homemade or Natural Pet Food
These days, people aren’t only conscious about what they put in their bodies but are also aware of what they are feeding their pets. And with most supermarket brands of pet food loaded with chemicals and preservatives, there is massive potential for homemade or natural pet food. On top of that, pet adoption has increased in recent years due to the nuclearization of families.
And so, if you’re passionate about these adorable creatures, an eCommerce business selling homemade or natural pet food is undoubtedly going to be an exciting endeavor.
The global market for natural pet food has already grown at a rate of 12% from 2014-2019 and is expected to grow further as awareness about chemical-loaded formulas and their effect on pets’ health increase.
9. Online Courses
Companies like Google and Amazon have long eliminated college degrees from their job requirements. Instead, they are looking for talent and real skills acquired outside the formal college textbooks. Add coronavirus to the situation, and you see people turning to online learning opportunities to make the most of their time.
This has paved the way for massive growth in the online course industry. The market is projected to be worth $325 billion by 2025.
And so, if you’ve nothing to sell except knowledge gained from life experience, starting an online store selling video, live, or pdf courses can be a profitable business for you.
10. Home Office Equipment
As shutters worldwide dropped down and everyone became home-bound, remote working was a norm for most people. And even with the world slowly reeling back to normal, remote working is here to stay. A study by Gartner revealed that 80% of Company Leaders said they are going to continue partial remote working even after the crisis ends.
This gives an opportunity for entrepreneurs to seize the demand for home office equipment and target that niche.
Conclusion – Best Ecommerce Niches 2020
Want to start your own business and get on the exciting journey of entrepreneurship? Hopefully, the above eCommerce niches will give you a kickstart in coming up with a brilliant product idea for a successful business venture.
Once you’ve got that amazing product idea, don’t wait too long to act on it. Good luck comes to people who do the right thing at the right time.
Consult Codup for eCommerce development services and launch an online store before it’s too late!