Thanks to the popularity of online shopping, with e-commerce sales revenue set to bring in an estimated $4billion this year alone, there has not been a better time to start selling items online. However, just having the ability to sell items online is only half of the e-commerce puzzle, the other half is finding the right items to sell to make a profit. While you may be able to find success selling all the same things that a big e-commerce site like Amazon does, the reality is that big e-commerce sites like Walmart and Costco can often offer buyers better prices than small-time e-commerce sites can. This is where selling to niche markets come in.
A niche market is a small, specialized market that can help a person narrow down a target customer group so they can focus on attracting customers looking for specific items and thus optimize their sales strategy for more effective selling. While choosing what niche market to sell into can be difficult, some niches have already been shown to be more profitable than others. Exploring what these are can help a person decide what they should focus on selling in 2021.
The hobby market is a popular choice as countless niche markets within the sector can help a person turn a profit. An advantage to using a hobby that you have experience in as your motivator to start an e-commerce site is that you most likely already have more knowledge on the topic than most people so you already have experience on your side when it comes to making sales.
For example, a person who enjoys collecting custom-made or unique knives may find success in importing and selling knives online. Due to their interest in the field, that person can offer expert advice on the items that they sell for a more personalized shopping experience, and they will also be better equipped to write marketing material and other instructional or informational content for their e-commerce website.
Thanks to the global Covid-19 pandemic giving people a lot more free time at home than they may have liked, the online self-improvement movement has boomed in the last year with some therapists even recommending self-improvement as a method of coping with the current crises. For this reason, self-improvement e-commerce sites that focus on selling self-help guides, coaching videos, and even life-coach training and advice are sure to be a profitable niche in 2021.
Tech and Gadgets
When it comes to tech, it is estimated that 96% of Americans own a cellphone of some kind, with 81% of those cellphones being smartphones. This makes the tech and gadget niche an extremely lucrative possibility for people looking to sell everything from phone chargers to cases as well as other gadgets that may appeal to smartphone owners. Gadgets such as gaming controllers that fit onto smartphones, wireless earbuds for music-on-the-go, and even phone sanitizers are just some of the options in this niche with countless others available.
These are just some of the niche markets that have proven popular in 2020 that savvy entrepreneurs could capitalize on in the new year. Before choosing what to sell online, e-commerce entrepreneurs should always do as much research as possible to ensure that they are not entering a saturated market to ensure their success.