eCommerce has ushered a new drift in the world. Making online purchases has become so common that by the end of the year 2040, 95% of the global purchases will be made online. eCommerce industry is growing by 23% year on year and expected to generate 5.42 trillion USD per year. [1] It is an outcome of the mutual benefits that are made by both the sellers and the end-customers that online business has become one of the most profitable ways of commencing a business and earning good revenue within a short period.
Numerous technological advances have made the world a smaller place and it is high time for you to bank the opportunities and give a solid boost to your business. Irrespective of whether you own a business or are planning to start a business online, what matters is your business idea that is responsible for turning everything to gold.
Largely, people feel okay about switching to eCommerce business due to lower costs and better shipping facilities. However, what matters the most concerning the success ratio of going online is the concept of your business i.e. directly related to your business industry.
Be it sole entrepreneurship firms or large companies, almost all types of business houses are giving good stress to the internet business. If you are also thinking about selling your products and services and earning good money, eCommerce can be an ideal choice.
There are various types of industries that are growing rapidly which you can choose to start your eCommerce business today based on your preferences and capital. For different businesses, you have to implement different techniques and strategies. Going by the business trends, let us have an idea of some of the best industries that you can choose to start a new business online:
Healthcare
The era of rapid delivery has taken over the healthcare industry. Considering being healthy is everyone’s top priority, the surge of eCommerce has heavily impacted healthcare business. The industry is at a steady growth with an estimated investment of $32 billion ready to be spent i.e. 5 times greater than the retail industry. To get started, you can start an online pharmacy store where you can sell and deliver different medicines and medical equipment to customers.
Food and Dining
People have always loved to eat and there is no end to their cravings. Be it the local stall of snacks in your neighborhood or a famous food joint. There is no end to the cravings of people and they have perpetually loved to go any distance to satiate them. The emergence of eCommerce bridged the distance between the people and their cravings by delivering their favorite eatables at their doors. This has led to significant growth in online food industry, along with the introduction of other allied industries such as food processing, food packaging and so on. 40% of the people, at present, order food online. What about starting an online restaurant that takes orders online and delivers food to customers?
Hotel and Tourism
Due to the immense growth of the tourist base in the country, the hotel industry in India has experienced a great boom over some years. As the hotel industry is an integral part of the tourism and hospitality sector, the growth of the latter has helped the former to a great extent. Customers feel great ease in arranging their itineraries online ranging from web check-in for airlines, hotel room bookings, vehicles on rent, and various other travel amenities. You can start an online hotel booking business where you can book rooms, reserve tours, and tickets for your clients.
Telecom and Information Technology
The Indian IT and telecom market rank among the fastest growing industries in the country. The improvement in the standard of living and the development of infrastructure and connectivity are some of the mains reasons for the significant growth of these industries. Be it providing services to establish connectivity in an office so that people can communicate with each other or laying Internet wires in residencies for Internet connectivity. The prospects of growth and running a successful business in this industry is advancing swiftly. It is best to start an online telecom business to cater to new customers.
Insurance
Insurance is one of the major forms of industries that have experienced huge growth. However, in terms of a sector getting impacted by eCommerce, it is the most recent one. The industry is undergoing a major transition and is at the forefront of India’s economic development. Government’s policy of providing insurance to those who are uninsured has heaved insurance penetration in India. This has helped in the generation of numerous insurance schemes. There are lots of business opportunities in the form of life insurance, travel insurance, health insurance, accident insurance and lots more. You can start an online insurance advice site where customers will get to compare insurance plans and get vital advice on the same.
Education
The advent of science and technology has brought a revolution in the field of education and knowledge sharing. Online education has become a major phenomenon. The popularity of taking online classes (or satellite classes, in the language of the Millenials) has opened doors for incredible business opportunities. Considering quality education in India is expensive and not every student manages to have it – the great ease, access, and economical cost appeals to every student. More than 70% of the educational institutions in India rendering higher education considers the notion of online classes in their future prospects.
Affiliate Marketing
Affiliate marketing ranks among the most suitable and lucrative methods through which merchants or advertisers can sell more products on the internet and target their ideal customers. All you need is to have a high-traffic website that can drive people to visit the weblinks of your affiliated companies. For every amount that is made from the customers directed from your website, you earn great profits by putting the relevant ads. It is an outcome of the trust that visitors place on your website that leads to a higher retention rate of customers on your affiliated companies.
Handicrafts and Related Items
The best way to address the concrete progression of this industry is by mentioning the work done by Crafts Bazaar. As a platform for buying innate handicrafts items – Crafts Bazaar bridged the distance between the skilled but struggling artisans across the country and the buyers having a keen interest in handiwork. The aftermath of their successful business has imparted confidence in thousands of craftsmen in selling their stuff online or through social channels. If you are good in fine arts and have a creative bent of mind, you can bank on your skills and start an online handicraft business. You can start an online boutique, handicraft site, painting shop, or a similar online business avenue. The demand for handiwork is endless and you can make good returns.
Online Marketing
Ignoring the significance of digital marketing is equivalent to doing injustice to this blog. Consider any business of your liking – Amazon, Zomato, or Shiprocket, either an online marketing agency or an in-house team of online marketing experts is exclusively hired to take care of the competition in the virtual world. Ever since smartphone culture bolstered ease of accessibility, the competition in almost every sector has escalated, giving rise to the number of online marketing experts to stay a step ahead of their peers. If you have a computer and a high-speed internet connection, you can easily start an online marketing business. There are numerous business opportunities in the industry such as SEO, SEM, Content marketing, online auction and sales, web designing, software development, and programming, along with various others where you can stamp your expertise and start earning big.
Gaming
You don’t need to be acquainted with the madness that PubG has brought to the world. Gamers of all ages are addicted to this phenomenon. And then there are the others: Apex Legends, Fortnite, Call of Duty, and many more. The gaming companies behind these games have got the pulse of their audience. Taking into account how fast the industry is expanding, starting a gaming site is a great idea to reap profits within a short period. You don’t have to think about beginning at a scale of PubG or Call of Duty. There is an audience for every game. Since there aren’t many games at present for the kids – filling this void is a promising option.
