The increased number of internet users has created lots of opportunity for people with a business mind. While a layman suffers from a problem, an entrepreneurial mindset takes it as a business opportunity and come up with a solution that earns him a profit. A decade before, people were scared to start a business because it needs huge investment, the free eCommerce platforms have enabled individuals to set up a business within a $500 budget.
The main components of an online store include developing a shopping platform with cart and payment gateways, and installation of plugins for enhancing functionality any further. WooCommerce is one of the most reliable and cost effective applications for setting up an online business. It allows you to showcase products and customize the store by installing WooCommerce extensions from their marketplace or third party developers.
The success of an eCommerce business is determined by an innovative idea, selection of products and services, effective marketing and ultimate customer satisfaction. Without continued efforts, your idea may not be as fruitful as it seems to be. For your ease, we are highlighting some of the most profitable business ideas below to help you decide products that can easily be promoted and sold to a group of community.
Jewelry is one of the expensive store items that has a higher profit margin than compared to the groceries. The profit of any business depends on the demand and the cost a consumer is willing to spend at the online shop. For expensive rings and necklaces, you may serve fewer orders but these are sufficient for making a handsome amount of earning. You can work out on the business model, whether to offer low priced jewelry items to a larger audience or the premium products to the elite class. The choice is yours as you can earn either of the ways.
- Consumer electronics
Electronics are among our basic necessities whether we talk about LCDs, computers, cell phones, washing machines and refrigerators, our survival is difficult in its absence. The plus point about consumer electronics is that these products continue in demand throughout the year, whereas a higher demand is often experienced during holidays.
Just like any other business, a beginner will have to face challenges in achieving a fair market share. The pro tip to consider in electronics is to offer unique items that are attractive, useful and affordable. It will give you enough earnings to survive and establish a brand to compete with routine products.
- Health and beauty products
To live an impressively social life, we tend to focus on the health and beauty of our personality. Back in the days, women were more prone to buy beauty products and have a dietary plan for their perfect physique, but nowadays, men are equally involved in it. This gives you the opportunity to find the most demanding products for a locality, city or country. It also depends on upon the initial investment you are willing to make as you can start with less and expand to different regions with the passage of time.
A trick to build trust in health and beauty industry, you need to focus on the quality of products with poor results are available in the local stores and people will never switch to your online store for the same brands they have used or heard about them. For higher margins, coordinate with the suppliers directly and explicitly mention the key features on your eCommerce website.
- Toys and video games
With the digital revolution, kids and adults find charm in innovative toys and games that are not common in their friends' circle. Playing video games is not just a time pass for kids, as there are professional gamers who are playing to win the online competitions and earn through it. You can target them with the gaming machines and accessories that turn them into champions. Parents are also spending lavishly on buying toys for their kids on various occasions which is also a valid reason to start a business and serve the parents who are always searching for a unique gift.
- Men’s clothing
Men want to look smart and dashing at every age of life, whether attention college parties, getting ready for a corporate meeting or wedding parties. For personality grooming and getting up to date with the latest fashion trends, men like to shop the most elegant dressing products. The perception that men do not spend a lot on clothing in comparison to women no more exists. To pursue a highly profitable business, you can go with executive suiting and target the corporate personnel, whereas bulk orders can be received for supplying uniforms to restaurants, sports clubs, schools, and colleges. You can always find a niche in an industry that lacks the supply of relevant products to the right audience.
- Computer programs or Softwares
Computers have become a part of our lives regardless of the course we are studying, the job we do or the business we run. The common computer programs are patented by prominent software companies, whereas still there are a lot of problems which needs to be resolved with a software. For example, a laundry shop may need a software to keep records of their customers and manage the cash register over a computer. If you have the skill to create a database software, you can easily rack them on an online store and pitch different schools and institutions with an option of customization.
In the same industry, the PHP developers take a step further by offering eCommerce web development which is also one of the most promising businesses these days. In addition to this, you can build themes, plugins, and extensions for enhancing the functionality of online stores.
Having Google in every mobile device you may instantly find information about a topic, but for a detailed study, you still need to consult books that are written by thorough understanding and experience of intellectual minds.
The curriculum books can easily be found in a local store that’s why you have to be wise in selecting a niche that is more demanding, profitable or gives you a global reach. For instance, offering law, medical, engineering, computing, literature, marketing, or business books enables you to market your products around the world. The international authors are highly acclaimed in third world countries which may prove more profitable for shipping books of high quality abroad.
- Greeting cards
Selling greeting cards is though a small business idea, but has a higher profit percentage. An option to customize cards as per customers’ requirements can further boost your business as a majority of people are fed up with traditional designs and want something more appealing and outstanding. If you are interested in making handmade cards which can connect you to a community of artists, and may give you the freedom to charge higher for a masterpiece that is exclusively crafted for a customer.
Select from a vast collection of gift items that may appeal a selected group of users. You can innovate the common gift ideas with the help of customization to make them more demanding. For example; you can offer embossing wedding rings with names, printing images on cups, embroidery, or anything that may excite the gift receiver. This idea may not attract a true businessman as it needs a passion for offering something outstanding in the market.
Finding profitable business ideas is not the ultimate success, but setting a business model and executing the idea is what matters a lot. You can select any of the above-mentioned ideas with respect to your skills, expertise, exposure, understanding and the available funds towards a successful journey of an online business.