Industries That Can Make Most Money by Selling Online in 2020February 26, 2020
The internet is truly a wonderful invention. Not only has it brought people closer to each other but it has also allowed people to access amenities and services with the least amount of hassle possible. This has further led to the flourishing of new industries that are built completely on the World Wide Web.
In this article, we take a look at some of the best performing online industries and how businesses are now moving their entire process to online orders.
Clothing and Accessories
The online fashion industry is predicted to grow to $872bn by 2023. The world of fashion is vast, but people usually make do with the choices they have around them. However, they yearn for more. With 80% of the internet population getting their fashion needs from various web stores, any fashion-based business owner should immediately have their products available online. This can be done through a custom website or app, or it can be done through third-party websites such as Amazon or eBay.
Niche fashion web stores such as those centered on a particular type of clothing or accessories now face a constant flow of customers. It allows people to find exactly what they want without having to browse through hundreds of items for a particular style of jewellery or clothing. It is also easy to promote fashion items online and invoke the consumerist psyche.
The internet has revolutionized the way we look at food and restaurants. On one hand, it has allowed people to review and rate restaurants in a way that allows fellow netizens to know exactly what they want. On the other hand, it has given rise to online food ordering and food delivery. Almost every major and minor restaurant, café, and even stalls now cater to online food order either via their personal platform or through third-party platforms. More than 30% of people are known to use food delivery apps at least twice every week.
Another aspect of the food delivery industry is cloud kitchens. These are restaurants that exist only on the web and cater exclusively to online orders. This allows the restaurant owner to bypass a massive amount of establishment cost and still gain a huge number of customers. Once again, it is absolutely easy to market your restaurant online. A well maintained Instagram page is a great form of marketing for a restaurant, and it hardly requires any effort.
Our professional lives are taking up a major part of our daily time, and most people do not have the time anymore to head out to a grocery store and go on an hour-long shopping spree. Rather, most now prefer to get their groceries done from the comfort of their homes and save on both time and effort. Let’s face it, after a long and tiring day nobody wants to stand behind a score of people at the grocery counter if they have the choice of getting it delivered to their homes at the click of a button. According to stats, in the USA, 59% of people are supposed to buy some of their groceries online in 2019.
If you own a grocery store in 2020 and you don’t cater to online orders, chances are that you will be outsold by your online competitors in no time! Setting up a website for your grocery business is an extremely easy task and it will surely boost your business. While many people still purchase their groceries by physically visiting the stores, more than 50% have been known to use grocery based online stores to get a quick order done.
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The benefit of having wholesale items available online is that people can now get these items delivered directly to their homes without having to spend on fuel or carry large amounts of load. A revenue of than $4 trillion is expected to be generated from online wholesale shopping this year alone. For people who like to shop wholesale, online ordering is the best means available.
Once again the concept of choice helps the technology industry be one of the best online sellers. Be it a laptop or an electric razor, the internet can provide access to a much larger range than any shop, and for this reason alone, anyone looking to purchase electronic goods is most likely to use the internet than visit a shop. It also grants them various seasonal sales and frequent deals that elevate their shopping experience. So, having a technology-based web store in 2020 is one of the best possible business tactics.
Use the Internet to Boost Your Business
Not only is selling online highly profitable but it is also easier to market your products online. With the age of smartphones upon us, you can have your catalogue delivered to all your potential customers and allow them to buy more! If you are a business owner in any of the aforementioned industries, you should immediately consider starting own ecommerce website.
Also Read: Where to Sell Online in 2020