E-commerce has changed the way of doing business in India and is a part of the ongoing digital transformation. India is the second biggest online market across the globe. The e-commerce business in India is growing exponentially. The total internet user base in India will rise to 829 million by 2021.
While starting any business, a proper business plan is essential to run the business smoothly. It helps you to set clear goals and also with budget planning, which is crucial for any business. The significant component of an e-commerce business is critical thinking and problem identification.
To start your business, we think these questions might help you define the e-commerce business you want to build.
- What type of e-commerce business do you want to start? (products)
- How do you want to deliver your product to customers? (operations)
- Through which channel do you want to sell and market your product? (marketing-online, social media sites, auctions)
This blog will help you with some of the best profitable e-commerce and drop-shipping business ideas.
#1. Home Automation Products:
Home automation products’ scope is increasing steeply because of the availability of smart technology and cheaper internet. An individual can offer services like cameras, digital doorbells, sensor lights, among others. Other business services include consultation services.
The first step in this business can be small, like a business to sell sensor lights, doorbells. The next step for the expansion of this business can include dishwashers and electronics for entertainment. Collaboration with builders and construction companies presents the best opportunity for boosting marketing and sales.
#2. Smart Watches:
The smartwatch business is booming because everyone is becoming health conscious. Smartwatches are trendy because they are multipurpose meaning they can measure time, number of footsteps, number of calories burnt for starters.
Smartwatches can be of different types like classic watches, watches for athletes, and some watches with a call facility. Any business can use social media or sponsored advertisements to attract customers or clients. The crucial aspect of a smart business is the marketing and differentiation strategy.
The smartwatch business must have an intelligent approach that must be continuously updated to run successfully in the market.
#3. Beauty and Health products:
The beauty and health products are an industry on the rise, and they require excellent e-commerce marketing skills. Any business owner needs a good understanding of customers and a unique network to sustain the business in the market.
The first step in this business is a collaboration with a well-established company to gain market attention. The natural beauty and health products with different ranges like organic drink mix, nutrition supplement, herbal hair oil, full treatment range, and facial masks are the basic requirements of any beauty and health product business to compete in the market.
Additional services in this business include selling artificial jewelry.
#4. Phone Accessories:
The phone accessories business is an evergreen business, and it has the potential for high sales in the market. Any phone user uses a phone-cover and an electrical charger as a bare minimum. These are frequently lost or worn out, providing an excellent sales opportunity.
To start a phone accessories business, one needs a lot of market research to identify the target market and customers. The age group of the customer defines sales opportunities and the size of the business.
Based on the income, the small business is always ready for expansion with proper investment. Products like neck phone holders, magnetic charging cables, Bluetooth-speakers are all additional products to boost business sales.
Products like waterproof phone and tablet covers, phone holders for cars and streaming devices can provide novelty to the business.
#5. Subscription Boxes:
The business of subscription boxes is growing exponentially. Streaming content is on the rise, and watching recorded television is on the decline. The subscription box business needs market research to identify your target customers.
Some subscription content ideas include beauty, food, books for kids and adults, and activity-based content for children, among others. Any business can create their content or telecast content created by other people.
Marketing plays a vital role in the subscription box business, and this can be sponsored or via social media. Pricing of your box also plays an essential role in the subscription box business.
#6. Kid’s Toys and Games:
The video games and toys business is a business for all seasons in the market because humans are always going to have kids. The kids’ age group determines the content of the video games and helps increase scope and demand for the business.
A small investment is enough for creating a video game for kids under the age of five. For older kids and teenagers, figuring out which toys and video games are popular is necessary because they are moody. Research in the likes and dislikes of kids can determine the plan for business expansion.
Educational toys, electronic toys, action games, action figures, adventure games, and puzzles are excellent ideas for starting a toy and video game business. The other options include electric scooters, skateboards and hoverboards for older kids.
#7. Repair Equipment:
The demand for repair equipment business is increasing day-by-day because everyone wants to try and repair things on their own. Starting a repair equipment business requires a thorough understanding of different kits and their usage. Market research to identify customers and competitors in the market is necessary.
The marketing strategies and tactics to sustain the business in the market are decided based on market research. The first step in the repair equipment business is providing repair equipment for bikes, home appliances and multipurpose repair tools. The next step for business expansion is selling or renting repair equipment for cars and bigger vehicles.
#8. Stock Trading:
The stock trading business is a fantastic business opportunity, and it does not matter if you are working from home. Knowledge of stocks, stock exchange, risk and management are the essential points for the stock trading business.
A business capital, a registration with the stock exchange, and an interface to view stock trading results are the minimum requirements to begin this business. The stock trading business is a low investment business opportunity.
Another idea for this business is to develop a stock trading app and provide assistance with a specific surcharge.
#9. Shop for Senior Citizens:
The shop for senior citizen goods and requirements is a complicated business. The requirements keep changing as every senior citizen does not age the same way. The process of aging can sometimes accelerate based on ailments.
In recent times senior citizens are also using the internet for their personal needs. Starting a shop with an online presence is very beneficial. They can easily order their medicines or any other physical aids online and get them home delivered.
Like kneecaps, shoulder belts, and compartmentalized boxes for drugs, all essential requirements are vital products for any senior citizen. Care consultant service, medical assistance, nutrition consultation, and others are all additional services for senior citizens.
While starting an e-commerce business, one requires to be careful with the risk associated with security and cyber-attacks. Partner services like a payment gateway and internet services are equally important. Your business security needs to be reliable. Here are some e-commerce tips which we think will help you to boost your business.
- Ensure that you provide excellent customer support.
- Sometimes offer free shipping or delivery to customers.
- Do not rush to launch a website and focus on the customers.
- Always continue evolving and collect information, review.
Starting an e-commerce business is always a good idea, and the implementation is more straightforward using the above-mentioned online business ideas. A constant update of the technology, processes of any business is essential to run your business successfully.
Hard-work, trial and error with confidence can go a long way in running a business comfortably and solidly.
To summarise, Viewham can help you with a lot of ideas about business, tactics and setup. Examples include “common business mistakes you must avoid“, the blog “business opportunities in the ready-made garment industry in India” and the blog “business ideas in the manufacturing industry“.