Joy Cleaveland, Negosentro | Online shopping and eCommerce have been around for awhile now and is still continuing to grow at a staggering pace. By the end of 2017, online and nonstore sales are expected to triple the year-over-year growth rate for the retail industry. If that news isn’t big enough, it was estimated that over $22 trillion dollars was spent globally in retail eCommerce sales in 2016 and that number is projected to reach over $27 trillion dollars by the year 2020.
So what are the fastest growing eCommerce categories today? Let’s take a look at what the hottest opportunities are in eCommerce today for eager small business owners and entrepreneurs that want to get in on a slice of the pie.
#1 Watches & Jewelry
This year, the global jewelry industry is expected to rake in over $257 billion dollars, largely thanks to the many retailers that have joined the online market place. Today, luxury brands, independent jewelry makers and powerhouse companies with endless selection like Catch – Screamin’ Good Deals all have a huge online presence.
#2 Video Games & Accessories
Leading in 2016, video games and accessories now have fallen behind jewelry. Q3 of every year always sees a major surge in sales as shoppers buy gifts for the upcoming holiday season. Also, the target market for video games are people that are willing to spend more money to get their hands on the latest games, consoles and products first, making it a highly profitable category.
#3 Flowers & Greetings
The floral industry as a whole took a large hit in the 2008 recession but is bouncing back and dominating the online market. From national chains to local Mom & Pop shops, flower stores of any size are doing well provided they show up on local search and use a Pinterest and Instagram marketing strategy.
#4 Apparel & Accessories
Not only is apparel and accessories the best selling online shopping category but it is the 4th fastest growing as well. Free shipping, better sizing recommendations and simple returns processing has made it easier than ever for consumers to buy clothing, shoes and accessories online to be delivered to their doorstep.
As consumer confidence continues to grow, so will eCommerce. As an entrepreneur, now is the perfect time to take advantage of the accelerated growth rate this market has to offer and make a stake in the exciting, growing online world of retail.