E-commerce businesses are on the go with technology revamping traditional businesses. More industries are jumping on to the digital wagon. Starting an e-commerce business requires a lot of research to understand trends and a detailed understanding of what technology can offer – but given all the benefits the investment is worth the effort. If you don’t believe it, take a look at the following stats.
Statista confirms that in 2017, e-commerce was responsible for around $2.3 trillion in sales and is expected to hit $4.88 trillion in 2021. Alone in the US, e-commerce represents almost 10% of retail sales, and that number is expected to grow by nearly 15% every year! E-commerce is a growing domain with no signs of decline for 2019 and the upcoming years. The e-commerce industry would be the preferred choice for businesses and investors, and this continuous growth will promote higher competition in the field.
However, as the market for popular domains is saturating, the need of the hour is to come up with creative business ideas to exploit the e-commerce world. This article explores some exciting ideas for e-commerce businesses in 2019.
#1 Automotive Industry
Automotive e-commerce is becoming a very profitable online business. The automotive industry is a vast online market that involves buying and selling car parts and accessories. This industry is likely to succeed in 2019 as Daily News confirms that by 2020, millennials will make 40% of new car buyers and 88% of consumers will use the internet to research their car purchases.
These figures are an obvious conclusion that the automotive e-commerce business is one of those profitable e-commerce business ideas that you can execute in 2019.
#2 Women’s Accessories
Women’s online clothing is one of the most popular e-commerce niches. According to StoreYaBlog, the online clothing store is an $80 billion-a-year industry; therefore, a great idea to follow in 2019 would be to build an online store that accents the clothing industry – women’s accessories.
Women’s accessories usually feature as a category on several apparel stores but having an entire store dedicated to accessories such as jewelry, handbags, belts, etc is a business in demand.
#3 E-commerce Service Provider
E-commerce service is the process of managing the back office, infrastructure and IT aspects of running an e-commerce business. The target market is online store owners who focus on selling their products and growing their brand.
As a service provider, you will have to deal with IT operations including building and maintaining the e-commerce website, taking care of servers and warehouse management. You will be a one-stop-shop for inventory and storefront management, marketing software, order fulfillment, and shipping.
You can add mobile design to your services to help clients build an app for their store and build your profile as a credible technology partner for enterprise businesses. Remember that you need excellent knowledge of IT and other related services to jump into this field.
#4 Pet Products
The retail pet market is getting hotter every day. One of the most significant trends in 2019 is the growth of spending on pet consumes. Several records show that there are 8.5 million dogs in the UK and 7.8 million cats. indicating the growth of the pet industry. There are 20,000 monthly searches related to pet products, indicating an interest in e-commerce purchases of pet products.
Retailing online pet products is a great business idea and 2019 is the best time to get started.
#5 Health & Beauty
Health and beauty are among the fastest-growing e-commerce categories. According to the estimates from the US Department of Commerce, Health and Beauty is a $300 billion industry and is likely to grow more. Everywhere we look – be it Facebook or Instagram, we see retailers selling health and beauty products. People are showing interest in the online purchase of personal care items. And 2019 will witness health and beauty among the top emerging trends.
Taking things Forward
The drastic shift in consumer interests is an enormous opportunity for businesses to improve their relevance and expand their market in the online world. But before you dive in, you need to know that running an e-commerce business requires some essential steps, which include:
- Identifying a Product:- Start by identifying the products you want to sell. You can choose trending products or based on your analytical skills.
- Selecting your Business Name:- Remember that your business name should be unique and yet memorable. Perform a corporate name search to ensure if it’s available. Once you have selected your business name, it’s time to register it.
- Securing your Domain Name and Website:- Having your business name as your domain name is the ideal case. If not, choose a URL that’s easy to pronounce and spell and relates to your business. For example, if your business is Jaren’s Craft Creations and jarenscraftcreations.com isn’t available, try something similar like craftsbyjaren.com. Don’t forget to pay attention to your website design as it is the most significant expense for your e-commerce business. Make sure your site is not only visually appealing but functionally responsive as well.
- Determining your Business Structure:- When it comes to your e-commerce business structure, you can choose between Sole Proprietor, Partnership (if you have a business partner), LLC, or Corporation.
- Creating your Employer Identification Number: An employee identification number (EIN) is required to open a business bank account and file your business taxes. Your EIN identifies your business and helps in filing the necessary paperwork. Every company requires EIN whether you operate with or without employees.
- Getting Your Business License:- E-commerce businesses require certain permits and licenses to move forward. Entrepreneurs are expected to check their country, city and state policy to verify the kinds of sales tax license or home business licenses are applicable. Once you find out the required permits get them approved before you start running your e-commerce business.
- Finding Your Vendor:- To be competitive in the e-commerce world, you constantly need to source the best quality products, prices, and materials that are required to create your products. Thus, you need the right vendors. You can choose your suppliers by determining how you would like to fulfill your online orders. For example, some companies prefer dropshipping: the supplier takes care of everything from storage to packaging and shipping it to the customer. Many online retailers choose self-fulfillment option that allows a company to stock products in a warehouse and deliver to the buyers. You can also choose third-party fulfillment in which a third company manages both stock and shipments.
Thanks for reading these five e-commerce business ideas that can make you money in 2019. We hope that now you would be able to make an informed decision about what to sell online from the following business ideas. To get started on the next stage, be sure you focus on product quality and customer service above all else. That’s about it from our side. Let us know your thoughts and ideas. The comments section is open for discussion.
Hamas Hassan is a Digital Marketing Executive at Cubix, a leading software development company in Washington DC that specializes in E-commerce, On Demand Apps, Mobile apps and Blockchain apps. He is passionate about helping businesses to increase their brand presence on the internet via content marketing.