10 Best Innovative eCommerce Business Ideas for 2017 you Should Know
eCommerce industry is growing at a lightning-fast pace. It’s a transition from physical to digital which makes it the right time for you to take the entrepreneurial plunge into eCommerce. After much research, we have brought to you the ten best innovative eCommerce business ideas for 2017.
Community Based eCommerce:
The market is targeted based on communities. For instance, the communities of gamers buy and sell the cd/dvds of games that they play frequently. You could offer an e-store where they can buy and sell, so they can try out different games. A chat/discussion center where they can talk about the games with other gamers will also help build a community. As the community grows, the number of buyers and sellers on your e-store will also grow. Other examples of community-based eCommerce are knitters, painters, potters, and artists who carve.
Second-hand eCommerce / Yard sale:
Sell used or second-hand products on your online store. It could be anything that can be put into a house and office space including furniture, electronic products, and decorative items. You can either work as an eCommerce site where others list their products and sell it or, you could purchase products at lower cost and re-sell them on your website for a profit. This innovative business idea is open for extensive exploration and is not a very crowded space. People always have something that they are not (or will not) be using and want to make some money by selling it.
Mobile only eCommerce:
The world is going mobile and so are the businesses who want to keep up. People do not take the time to sit with their laptops to make an online purchase anymore. You could build your business only on mobile application. Build an amazing mobile app that is pleasing to the eye and easy to use, so they can access it at their convenience right where they are. For instance, grocery store home delivery, clothing & accessory store, travel ticket booking, hotel & tour booking, and cookery recipes.
Reach out to people who want to use a product for a certain period of time or who don’t want to invest in purchasing a product outright. The target audience is demographical who would be frequently migrating for jobs and high demand localities. Explored categories are furniture, electronic items, occasion-wear clothing, and accessories. You can offer products that people need occasionally and will use for a short period of time. For instance, major things needed to conduct an event like speakers, mic, decorative lights, etc. the rental eCommerce market is constantly growing with many startup business ideas.
Uber Based eCommerce:
Provide on-demand services that people want to find within their proximity in a matter of minutes. For instance, you provide home delivery service of grocery from the stores or food from eateries.
Custom Order eCommerce:
Customize products as per your customer’s requirements. For instance, designing or carving on mugs, t-shirts, key chains, ring and jewelry. Personalize any ready product for your audience and deliver a unique product to every customer of yours. Custom order eCommerce opens up the opportunity to build customer rapport. At par customer service during and post-customization leads to repeat sales and customer referrals. You can tie-up with vendors to supply products as and when you get orders so you don’t have to invest in inventory. Your only investment is customization and customer support.
Affiliate Based eCommerce:
Promote another company’s products on your website. An easy way to do it is to curate the best products in the market from different online and offline vendors and promote them on your website. There are various revenue models in this. One, receive a commission for each sale generated from the seller. Two, earn profit from the buyer. Three, earn money by placing banner ads on your e-commerce website and app. You can list any/all category of products that are available online already. Offering niche products that are not available online would also make your store exclusive. Clothing, footwear, hand-made accessories, electronic goods are good to start with as they have large customer base through the globe.
With the world going mobile, digital products are becoming more popular. Digital eCommerce includes products and services. Sell audio files, video files, software, games, mobile applications, e-books on your digital store. They could be popular music numbers, podcasts, movies and educational series. E-books can be children’s books, comics, published books – almost any book whose hard copy has a digital copy can be sold online. In services, offer a platform for people to sell their skills/services. Provide a safe platform for buyers and sellers, and earn revenue from both sides or from either side.
Auction Based eCommerce:
Offer a platform for people to auction their products online. The seller can list the product that he wants to sell and people who are interested in buying it can bid. Seller closes the bid at the highest price. You could also offer them the flexibility to automatically close the bid at a maximum price pre-fixed while posting the advertisement. Your business notifies them of every bid and activity on their ad. Enable a chat where the buyer and bidders can converse on your platform. This is secure for both the parties as they don’t have to share their personal details with each other or leave your platform in order to discuss on the bidding.
There are more than three revenue channels here. One, you get a percentage of commission from the seller to list on your e-commerce website & app. You could either charge based on the selling price of the product or fix price slots for every category of products. Two, you earn revenue through affiliate advertising. When any brand advertises on your platform, you make money. Three, earn from sponsored listings of the sellers on your website. Four, provide shipping and delivery for the products and charge either party or both the parties.
Product to Product Selling:
Be the pioneer in bringing back the barter system. Offer an eCommerce website and mobile application for people to sell their product in exchange for another product. Eliminate all monetary transactions between buyer and seller. You can formulate basic or detailed terms and conditions to regulate the buying and selling process. Here also you can earn commission from a listing, delivery of product, promotional advertising and banner advertisement. You can charge for any additional service that would be premium service in assisting the buyers and sellers.
Use any of the above-mentioned business ideas for 2017 and take the industry by the storm to a whole new level. If you are planning to enter a crowded space, let your business stand out by at least one factor that will bring you a level above your competitors. If you want to explore a new niche and a new business idea, you can be one of the first businesses to set the standards and constantly take it higher. It is easy to capture the market for initial entrants with new and innovative ideas.
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