With the decline of department stores and boutiques and the rise of online shopping, now may feel like the perfect time to launch an online business.
But what sort of online retail company can be successful? While just about everything can be sold on the web, some items profit better than others in the online marketplace. When considering what business to start, you need to think about the consumer. What is currently hot in demand? Who is your target audience, and what are their needs and goals?
The following are three of the top best business ideas for online retail that you can easily set up now.
Start your own supplement company
Though it may seem surprising, four out of five Americans take supplements daily. With 86 percent of the population interested in vitamins, supplements are a hot commodity right now.
A variety of factors contribute to this higher need for dietary supplements. With the baby boomer generation getting older, spending on healthcare-related items like supplements is increasing. A greater consumer awareness of health is also driving the supplement market. More people are becoming interested in wellness and taking better care of themselves.
And with a spike in alternative forms of medicine and healthcare, people aren’t just relying on doctors to diagnose their ailments. Supplements allow the consumer to take control of their health and self-diagnose when it’s safe to do so.
Choosing what supplements to sell can be daunting, but working with the right supplement manufacturers can make the process that much easier and smoother. You need to establish a good working relationship with your supplier who can help you move your business forward and even offer constructive criticism and advice.
Sell cars online
While ecommerce has certainly caught the attention of gift and shopping markets, the automotive industry hasn’t been as quick to embrace this form of retail.
The key to any successful business model is understanding what you can offer customers that your competitors can’t (and convincing customers of this). Therefore, understanding there is a potential need you can fill will give you an edge on the competition.
Finding how and where to buy cars can be tricky, but auto auctions are your best bet. These car auctions give you access to the same used, pre-owned, and salvage cars that dealers buy. So you are still offering your customers the same quality they would get a dealership, but with less of the hassle of actually going to the dealer.
Start a webinar
Teaching your own online course is one of the best ways to make quick, easy money online. For starters, you don’t even need a product — your knowledge is what you sell. If you have particular expertise in a certain subject, then why not consider teaching that skill to others?
University students and those seeking to advance their professional career are always looking for online courses and webinars. Supporting yourself by conducting webinars is actually a rather lucrative endeavor. Webinar expert Jason Fladlien, the co-founder of Rapid Crush (a digital marketing service) has earned over $100 million in webinar sales.
In April of this year, the Commerce Department reported that the total market share of online retail sales in the United States was higher than general merchandise sales for the first time ever. The statistics overwhelmingly prove that more people are turning to the convenience of online shopping over shopping at traditional stores. Nowadays, anyone can be a successful online entrepreneur.