Online shopping made life easy for many of us. There is no need for standing in a long queue, no pressure from salespeople, and no allocation of dedicated time for shopping. E-commerce companies offer fast service and delivery, simple payment procedures, and return conditions. Often you get discounts too. Thus, buying online is a popular choice. The COVID-19 pandemic has further boosted the already growing e-commerce industry. Governments and healthcare experts repeatedly advised people to avoid crowds and stressed the importance of social distancing. People thronged supermarkets, which quickly ran out of stock. And, the e-commerce industry came to the rescue. The way we live, our core values and desires, are undergoing a churn in these turbulent times.
For example, most of us are becoming health-conscious, nature-loving, and more hygienic than ever before. There is a corresponding change in our requirements. Now let us look at the emerging e-commerce markets, which could be a viable business opportunity.
Online dress rentals:
Web-based dress rental facilities let people borrow high-end designer clothes for special occasions. Apart from established companies, many start-ups have come up in the past five years. Be it graduation, engagement, wedding, or reception; we love to look and feel super. So, imagine flaunting a dress from the top fashion designer. Renting your favorite luxury garment is a cost-effective solution. You need not go to the physical store and check for the right size. On the website, you have fitting guidelines and the info to get a size larger or smaller if you are in between the available sizes. Thus, it is time-saving, and there is no compromise on quality. Moreover, many people are not willing to spend a lot on a single day event. As per the market research analysis, the segment is growing fast at 10.6% CAGR.
Pet food and pet care products:
The online pet industry has quadrupled since 2014. Millennials top the pet-owning population now, and they already prefer online shopping over supermarkets and pet stores. Freelancing and work from options make it possible for them to take care of the pet animals at home. The pets often get a treatment similar to a family member. So, this new group of owners wants the best quality of supplies and food for their pets. It includes hand-made fresh food, safe toys, innovative tech products like automatic ball launcher, cat containment system, smart dog house, Dog Combs, etc.
Now, one need not search for brands and go to stores to get the desired products. Almost all famous pet brands and the new ones offer online shopping facilities. Additionally, we also have big e-commerce firms like Amazon, where most things are available for the customers.
Skincare and wellness products:
In recent years, it has become trendy to have a holistic approach to beauty and health concerns. People are inclined towards natural solutions and are not satisfied with chemical solutions. Moreover, social media also plays an essential role in creating awareness among large sections of society. Now many of us know that products with sulfates, paraben are carcinogenic. And, we understand that decreasing air quality and dust causes severe damages to our skin and hair. Thus, varieties of products with specific functions like UV protection, pollution block, skin rejuvenators, etc., are like necessary goods.
In this pandemic, wellness and immunity have become the number one priority for most of us. Thus, now people are buying self-care wellness products such as essential oils, herbaceous pain relief creams, nutrition gummies, vitamin supplements, protein powders, etc. Health beverages with ingredients like saffron, rose-water, and different flavors such as apple, peach, and mango are also selling fast on e-commerce sites. They keep you hydrated and also aid in natural beautification.
Packed food and kitchen appliances:
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One segment in the e-commerce industry that witnessed a steep rise in the first half of 2020 is grocery products. Limited shopping hours and the long queues forced everybody to shift to e-commerce sites. Packaged dry food items, packed frozen food, bakery products, and ready-to-cook foods were the most common things bought online. The latest to enter this category is the raw and healthy juices with immunity-boosting ingredients like turmeric, ginger, and pepper. You could store them in the freezer and thaw them before consumption. Also, as the number of retailers selling online keeps increasing, there is stiff competition, and customers get quality products at a discounted price.
Another emerging segment is that of kitchen appliances. People are spending most of their time at home. And, every one of us has health and hygiene concerns. These two factors and the abundance of cooking demos on Youtube and other social media have led people to try new recipes at home.People are even getting subscriptions to learn cooking from master chefs like Gordon Ramsay. Apart from the usual products like dishwasher, kneader mixer, etc., people are going for items like immersion blenders, mandoline slicers, air fryers, infuser bottles, etc.
Entertainment products:
With closed schools, theatres, theme parks, and malls, both children and adults need to find entertainment methods at home. Colouring books, jigsaw puzzles, e-readers are popular among customers. Toys, games, and books have had high jumps in the sales number. The e-commerce platforms offer the buyers plenty of choices and good discounts too.
Another promising segment in the entertainment category is video streaming services. Now people prefer Youtube and Netflix over traditional broadcast media. People watch their favorite shows conveniently and on various devices like mobile phones, tablets, or television.
Final thoughts:
E-commerce is a lucrative business option. But the profits that you make depends on the category of products that you sell. Here quality and quick delivery are of utmost importance. In general, we can say that customers today are more conscious of the environment and health. They are likely to choose plastic-free toys, vegan makeup products, and healthy food options. They also make well-informed decisions, so it is essential to know the pulse of the audience.
