7 profitable ecommerce business ideas for 2024
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Updated Jan 15 2024
COVID-19 gave many people a taste of the benefits of working from home. You can work on your own schedule, enjoy a superior work-life balance, and still earn a substantial profit.
Starting an ecommerce business can give you the freedom of business ownership and the luxury of working from home or remotely.
Startup costs are also lower than with a traditional business because an ecommerce company typically doesn't require a brick-and-mortar location. You just need an excellent idea, a quality website, and a place to sell your items online.
Entrepreneurship can be challenging, and not all ecommerce business ideas result in impressive profits. It's essential to create a product or service that can reach a large customer base and provide something those customers lack in their lives.
These seven trending ecommerce business ideas can help you develop a company that combines your passions with profit.
Main takeaways from this article:
An ecommerce store can be a profitable way to make money online from home with low startup costs.
Unique and profitable ecommerce business ideas require extensive trend and keyword research, creativity, and dedication to turning the dream into reality.
Numerous product markets, from wall art and home decor to baby products and adult clothing, are growing rapidly, offering numerous opportunities for ecommerce store success.
A print on demand supplier makes it easy to turn your unique designs and ideas into quality products without stressing about unsold inventory, production, or affordable shipping options.
How profitable is an ecommerce business?
The profitability of an ecommerce business depends on the demand for the product or service and its popularity. The earnings are truly limitless. Some ecommerce business owners make thousands of dollars per month. Others make some side money to complement their day jobs.
A 2023 study from the NYU Stern School of Business stated that ecommerce businesses can produce about 42.78% gross profit margins. The gross profit is calculated after subtracting the cost of goods sold, but it does not account for other expenses, such as shipping, packaging, and more. This is a ballpark figure that depends on your marketing strategies, the products you sell, the popularity of your ecommerce store, and numerous other factors.
Overall, ecommerce sales are on the rise. A report from Insider Intelligence stated that sales should reach $6.310 trillion by the end of 2023 and $7.54 trillion by 2025. Ecommerce will account for about 23 percent of all retail sales by 2025, according to Nexcess.
Seven best ecommerce business ideas in 2024
Coming up with a profitable ecommerce business idea isn't easy. It requires researching the market, looking at trends, and choosing a unique product or service to offer in your own online store. Here are a few ideas to help get your creative juices flowing.
1. Wall Art
Selling your wall art is an ideal way to combine your artistic creativity and passion with profit. According to Allied Market Research, the worldwide wall art market reached a value of $20.40 billion in 2021. Researchers expect it to reach $34.77 in 2031.
Modern art is currently the fastest-growing art segment, as younger buyers show interest in this style. However, abstract art continues to dominate the worldwide art market. Specialty stores are now the most popular places to buy art, but Allied Market Research states that ecommerce art sales are expected to undergo the highest growth in coming years.
Wall art is an ideal ecommerce business idea because it can improve all social settings, from homes to schools, doctor's offices, office buildings, and countless others. Print on demand services make it easier than ever for artists to open online stores and sell high-quality art products.
Gelato offers high-quality print on demand products for artists to sell prints of their creations. Just upload your designs, select products, and place a test order. A few of our many options include the following:
2. Apparel and accessories
People will always have an interest in new clothing designs and accessories. These are two product sectors that will remain in high demand as far as research can predict. According to Statista, the global apparel market brought in $1.53 trillion in 2022 and rises annually.
A print on demand supplier like Gelato makes entering the apparel and accessories market easier and less risky than ever. You can make new designs, create mockups, order sample products, and place orders in one easy-to-navigate place.
Here are a few of the many apparel and accessories items you can create and sell in your online store:
3. Drinkware
Drinkware includes products that provide benefits for everyone. They keep cold beverages ice cold and hot beverages warm for hours.
The drinkware category includes reusable water bottles, travel mugs, coffee mugs, and other products your customers can use daily. These items can be customized to feature your logo or unique artwork.
The demand for quality reusable drinkware is intensifying due to the thriving beverage industry, increased interest in eco-friendly products, and restaurants increasing their use.
Global Market Insights stated the global drinkware market was more than $28 billion in 2022. They expect it to increase by more than $20 billion to upwards of $50 billion by 2023.
There's no better time than now to get a piece of the drinkware sales pie. The following are a few drinkware products you can customize and purchase from Gelato's catalog:
4. Kids and baby products
The worldwide market for baby care products is massive. A report by Grand View Research, Inc., expects the global baby products market to reach an impressive $352.65 billion by 2030.
The report credits the current rapid growth to consumers' constantly changing preferences. Right now, trends show demand for quality, utility-driven, and premium baby and children's products. Rising awareness is steering parents and other shoppers away from harmful synthetic materials and toward more sustainable and natural products.
Gelato allows you to customize a variety of products for babies and kids, including:
5. Home decor
Home decor never goes out of style. The global home decor market is currently thriving and was valued at $727 billion in 2022. It is expected to grow annually at a rate of 6.8% for the next five years. Continuous growth in the global home decor market is attributed to a growing interest in interior design and creating a chic, comfortable living space.
Wall art is one example of home decor, but you may also choose to sell unique calendars or photo books in your online store. Your original designs can improve the aesthetics of homes, offices, and other facilities around the country and the globe.
Additional examples of popular home decor items include the following:
6. Electronic accessories
Electronics like smartphones and tablets aren't going anywhere soon. Unique and useful accessories can be the basis of a profitable online business.
About 79% of smartphone users in the U.S. use protective cases to keep their phones safe. The market for your electronic accessories store grows even larger when you consider that roughly 81% of the global population has a smartphone.
Gelato makes it easy for you to start your ecommerce business selling high-quality, unique electronic accessories. Create one-of-a-kind designs for your customers to collect or give phone cases personality with comical or inspirational phrases. It's your online business, and you can create the products your customer base will love.
Create phone cases in a variety of materials to suit a larger customer base, including:
7. Stationery and office goods
Despite the rise in electronic communication, the stationery market is expected to continue growing at a rate of roughly 5% for the next several years. Stationery comes in the form of notepads, wedding invitations, baby announcements, birthday cards, brochures, and more. As long as there are special occasions, people will want unique, attractive, and even comical stationery items.
Office goods are another segment of paper products that many businesses can't succeed without. Your unique product listings can become invaluable to your customers, creating superior profits for companies and your online store.
Unique ideas for stationery and office supplies you can sell with your ecommerce business include:
Tips for finding a profitable ecommerce business idea
It may seem like somebody has already thought of every profitable ecommerce business idea. You'll be glad to know that's not the case. All the markets above are booming, and there's plenty of room for new ecommerce business ideas.
Here are a few tips to help you find a unique idea for your ecommerce website and store.
Explore online marketplaces
Online marketplaces are some of the best places to see what products companies sell and how popular they are. View the top products on major ecommerce sites like Amazon and Etsy to view buyer trends.
The goal is not to copy already-successful ecommerce businesses but to see how you can serve a need that's not met. Maybe you can make an online business better than what's out there.
Analyze competitors
Use your competition to your advantage. Head to product reviews and user-generated content to learn more about what your target audience likes and dislikes. Look for gaps in the market that your ecommerce business can fill.
Analyze your top competitors
Identify online stores that are at the level of success you are working toward. Analyze their product offering, branding, pricing strategy, and product positioning to glean insights you can apply to your online store's growth.
Learn from less successful online stores
Similarly, take a look at competitors that offer products similar to yours that haven't quite taken off. You can learn from their shortcomings, whether it's poor customer service, overpriced items, or low-quality products.
Look at social media
As of 2023, roughly 4.9 billion people around the globe are using social media. These platforms can be invaluable in helping you determine your market, create an effective digital marketing plan, and see what's trending on any given day.
Instagram, TikTok, YouTube, Pinterest, and Facebook are a few of the most popular social media platforms and are ideal places to gather ecommerce business ideas.
Leverage trend tools
There are numerous free online tools to help you determine what's trending and how you can tailor your ecommerce business ideas to achieve popularity and profit.
Google Trends
Google Trends allows you to search keywords related to your online business idea to see the public interest over time. You can view results based on varying timelines and locations to see what's most popular in your area and around the world.
Google Keyword Planner
Google's Keyword Planner also offers insight into how many searches a keyword receives monthly. Use popular keywords to spark ideas for your own ecommerce business, or use the Keyword Planner to create a more successful digital marketing campaign.
Trend Hunter
Trend Hunter is a platform dedicated to helping individuals and online businesses create unique ideas and stay ahead of the competition. It serves as a collection of the latest trends and a source of inspiration for original ecommerce business ideas.
Create a profitable print on demand business with Gelato
An extraordinary business idea can improve lives and lead to substantial profits. The greatest challenge is creating a product or service that is entirely new or superior to what's already available. Research, passion, dedication, and an excellent print on demand supplier can help you get there.
Ecommerce businesses using print on demand services can make unlimited profits from home without a substantial initial investment. You can test products, designs, and pricing, then adjust until you find what works best for you and your customers.
A quality print on demand supplier also offers top-notch customer service. They use sustainable production practices and ship your products to your customers safely, efficiently, and cost-effectively. You never have to worry about purchasing inventory or losing money on items that don't sell.
Gelato is an unrivaled POD provider producing personalized products in 32 countries. We're dedicated to helping you create the best possible products to achieve your ecommerce business goals.
At Gelato, we bring creativity to life and into business. Shop our popular print on demand products and learn more about our services now!