10 profitable ecommerce business ideas to start in 2024
Are you dreaming of launching a profitable ecommerce business in 2024? This article is the ultimate guide to discovering the most profitable ecommerce business ideas, ranging from niche products to services that cater to emerging consumer trends.
You'll find insights on market potential, startup requirements, and how to leverage Gelato’s print on demand model to minimize risks and overhead costs.
Embrace the ecommerce boom with ease of setup and global reach, ensuring your venture stands out in the competitive online landscape. Get ready to turn your entrepreneurial dreams into reality!
Main takeaways from this article:
Ecommerce profitability varies widely, with potential for substantial earnings depending on products, marketing strategies, and market demand.
Running an ecommerce store involves lower overhead costs than traditional brick-and-mortar stores, allowing entrepreneurs to reach a global market with fewer financial risks.
Top ecommerce business ideas for 2024 include selling print on demand products, personalized items, handmade goods, eco-friendly products, wall art, apparel & accessories, and more.
Using a print on demand model like Gelato can help entrepreneurs reduce overhead costs and test markets with minimal financial risk. The platform offers ease of setup, high-quality products, and the ability to reach global markets effectively.
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 monthly, while others make extra cash 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.
19 best ecommerce business ideas in 2024
Explore the most promising opportunities in the online retail space with our list of the 19 best ecommerce business ideas for 2024. These innovative concepts are set to drive success and profitability in the digital landscape.
1. Print on demand products
Print on demand (POD) products are a unique ecommerce business idea because they allow for the creation of custom designs without holding inventory, reducing upfront costs. The growing demand for personalized apparel and accessories makes POD a profitable ecommerce venture.
According to Grand View Research, the global POD market size was worth $6.18 billion in 2022, and is projected to grow at a CAGR of 25.8% by 2030. This growth is driven by the increasing demand for custom apparel and the rise of ecommerce platforms that make it easy for anyone to start a POD business.
Here are some POD products that Gelato offers:
2. Personalized products
The market for personalized products is expanding as consumers seek items that reflect their individuality, with significant growth projected over the next few years. Leveraging technology for easy customization, you can offer unique, one-of-a-kind items that appeal to gift-giving and personal expression.
A report by Technavio predicts the global personalized gifts market will grow by $14.98 billion from 2023 to 2028 at a CAGR of over 8.35%.
Product ideas in this category include:
Personalized jewelry, such as name necklaces or birthstone rings.
Customizable home decor items, like monogrammed towels or engraved cutting boards.
Personalized clothing, such as embroidered jackets or custom sneakers.
3. Handmade products
Handmade products are a great option for an ecommerce business as they attract consumers who prefer sustainable and artisanal items, driving their popularity in the ecommerce space. Platforms like Etsy connect artisans with buyers, enabling the sale of unique handmade items such as candles, soaps, and knitted goods.
According to Grand View Research, the global handicrafts market was valued at $678.24 billion in 2022 and is expected to grow at a CAGR of 4.7% from 2023 to 2030.
Handmade products include:
Handmade candles with custom scents.
Artisanal soaps with natural ingredients.
Knitted or crocheted items such as scarves and blankets.
Digital goods like eBooks
Custom illustrations
Digital art is also gaining popularity.
4. Eco-friendly products
Eco-friendly products cater to the rising demand for sustainable living, and they are expected to gain a significant market share in the coming years. Businesses can offer reusable items and sustainable personal care products, capitalizing on consumers' growing environmental consciousness.
According to a report by Capital One Shopping, an estimated 70% of new products will be eco-friendly in 2024. From 2017 to 2021, the share of eco-friendly new products increased by 71.4% for a compound annual growth rate (CAGR) of 14.4%.
Product ideas for an eco-friendly ecommerce store include:
Reusable items like stainless steel water bottles, bamboo cutlery sets, and cloth shopping bags.
Sustainable personal care products, such as biodegradable toothbrushes, shampoo bars, and natural deodorants, are also popular.
Compostable cleaning cloths and energy-efficient LED light bulbs.
5. Wall art
Selling your wall art is an ideal way to combine your artistic creativity and passion with profit. According to Polaris market research, the global wall art market was valued at $56.76 billion in 2023 and is expected to grow at a CAGR of 5.10% during the forecast period.
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. Simply upload your designs, select products, and place a test order. A few of our options include the following:
6. Apparel and accessories
There will always be a market for new clothing designs and accessories. As far as research can predict, these are two product sectors that will remain in high demand.
According to a report by Research and Markets, the apparel and accessories market size has grown strongly in recent years. It will grow from $655.7 billion in 2023 to $703.11 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%.
A print on demand supplier like Gelato makes entering the apparel and accessories market easier and less risky than ever. You can create new designs, mockups, sample products, and place orders all 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:
7. Drinkware
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' increased use of it.
According to LinkedIn's latest research, the global drinkware market will be valued at $27643.83 million in 2024 and is expected to expand at a CAGR of 3.08% during the forecast period, reaching $33158.92 million by 2031.
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:
8. Home decor
According to the Business Research Company, the home decor market size has grown marginally in recent years. It will grow from $639.64 billion in 2023 to $648.54 billion in 2024 at a compound annual growth rate (CAGR) of 1.4%.
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. 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:
Beyond the offerings in Gelato's catalog, there are numerous other popular home decor products to sell. Here are some additional home decor items worth considering:
Throw pillows
Area rugs
Lighting fixtures
Curtains and drapes
Mirrors
Furniture accents
Decorative storage solutions
Bedding sets
9. Kids and baby products
According to Statista, the baby products market worldwide generated a revenue of $4.84 billion in 2024. Additionally, the market is projected to grow at an annual rate of 4.13% (CAGR 2024-2028).
The report credits the current rapid growth to consumers' constantly changing preferences. 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:
Beyond what Gelato offers, here are some other popular products you might want to consider:
Educational materials such as toys and books
Organic baby food
Cribs and bedding
Cloth diapers and accessories
Baby monitors and health gadgets
Strollers and car seats
Children's books
10. Subscription boxes
Subscription boxes have become a popular business model, offering consumers curated experiences delivered to their doorstep. These boxes provide consumers with convenience and discovering new products. Targeting specific niches like beauty, fitness, or gourmet snacks can create a loyal customer base, making this a profitable ecommerce model.
According to the Business Research Company, this business will grow from $31.4 billion in 2023 to $36.8 billion in 2024 at a compound annual growth rate (CAGR) of 17.2%.
To start a subscription box business, consider targeting specific niches such as:
Beauty products
Gourmet snacks
Fitness gear
11. Health and wellness products
The health and wellness industry is booming, driven by an increasing awareness of the importance of physical and mental well-being. Now is the time to tap into this market and make the most of this new trend in wellness.
According to McKinsey & Company, these trends in health and wellness products will define the $1.8 trillion global wellness market in 2024. Their latest Future of Wellness survey finds that consumers take greater control over their health and expect companies to provide effective, science-backed solutions.
For a health and wellness ecommerce store, consider offering fitness gear like:
Resistance bands
Yoga mats
Wearable fitness trackers
Dietary supplements
Mental wellness products
12. Beauty products
The beauty industry is thriving, driven by innovation and diverse consumer demands. Businesses can capitalize on this growth by offering skincare, makeup, and beauty tools, appealing to consumers seeking effective and inclusive products.
According to StartUS Insights, the cosmetics industry has grown, with an annual trend growth rate of 6.02% and more than 135000+ companies listed. This growth is fueled by the rise of social media influencers, the popularity of skincare routines, and the increasing interest in clean and natural beauty products.
Product ideas for a beauty ecommerce store include:
Skincare items such as serums, moisturizers, and face masks.
Makeup products, including foundations, lipsticks, and eyeshadow palettes.
Beauty tools like jade rollers, makeup brushes, and LED skincare devices.
13. Pet supplies and accessories
The pet industry has seen remarkable growth as pet ownership rises and owners increasingly treat their pets as family members. Offering customizable pet products, such as personalized bowls and blankets, can attract pet owners looking for unique and high-quality items.
According to Skyquest, the Global Pet Accessories Market was valued at $24.6 billion in 2022 and is poised to grow from $26.45 billion in 2023 to $47.16 billion by 2031, at a CAGR of 7.5% during the forecast period (2024-2031).
Some popular pet products you can start offering include:
Custom pet bowls
Personalized pet blankets
Decorated pet collars
Unique pet t-shirts
14. Niche fashion and accessories
Niche fashion and accessories cater to specific styles and preferences, allowing businesses to target dedicated customer bases. Offering vintage-inspired clothing, bohemian accessories, or personalized jewelry can attract fashion enthusiasts seeking unique items.
According to Statista, the fashion market is projected to reach $770.90 billion in 2024. Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.94%, resulting in a projected market volume of $1,183 billion by 2029.
For a niche fashion ecommerce store, consider offering products that cater to specific subcultures or styles, such as:
Bespoke jackets
Personalized jewelry
Plus-size clothing
Unisex clothing
15. Outdoor and adventure gear
The outdoor gear market is growing as more people engage in recreational activities. Businesses can offer high-quality equipment like tents, backpacks, and hiking gear, catering to the increasing demand for adventure-ready products.
According to Statista, in 2024, the revenue generated in this market worldwide amounts to $26.3 billion. From 2024 to 2028, this market is projected to experience an annual growth rate of 5.98% CAGR.
For an outdoor and adventure gear ecommerce store, consider offering products such as:
High-quality tents
Sleeping bags
Portable water filters
Cycling accessories like helmets, gloves, and bike repair kits
16. Online grocery business
The online grocery market has seen significant growth, offering convenience and variety to consumers. Businesses can provide fresh produce, pantry staples, and specialty items, capitalizing on the shift toward online grocery shopping.
According to Business Research Insights, the global online grocery market is expected to total $59.59 billion in 2024. This shift towards online grocery shopping presents a lucrative opportunity for ecommerce businesses.
To start an online grocery business, consider offering these products:
Various dairy and dairy-free alternatives
Pantry staples and specialty items
Organic and locally sourced products
17. Smart home devices
The smart home devices market is witnessing significant growth, driven by technological advancements and the increasing consumer demand for convenience and energy efficiency. Tapping into the market and offering high-tech products can appeal to tech-savvy homeowners.
According to Statista, this market is projected to reach $6.5 billion in 2024. Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 9.14%, resulting in a projected market volume of US $9.2 billion by 2028. Additionally, household penetration will be 10.7% in 2024 and is expected to hit 22.0% by 2028.
For those looking to enter the smart home devices market, there are numerous product opportunities to explore:
Smart thermostats, such as the Nest Learning Thermostat.
Smart security cameras and video doorbells, like the Ring Doorbell.
Smart lighting systems, such as Philips Hue.
Smart plugs and switches.
18. Digital products
The digital products market is booming, fueled by adopting digital solutions in various settings. Businesses can offer many digitized items and software, catering to the growing demand for digital content and tools. The rise of e-learning, digital marketing, and the demand for entertainment and media content fuels this growth.
According to a report by Sketchish, the volume of digital product transactions has increased by almost 70% in the last two years. The report estimates spending on digital products at $135 billion for 2024.
Entrepreneurs looking to capitalize on this trend can explore various digital products, such as:
E-books and online courses.
Stock photos, graphic design templates, and digital art.
Software as a Service (SaaS) products.
Music and audio files.
19. Pre-owned and second-hand products
The market for pre-owned and second-hand products is thriving as consumers become more environmentally conscious and are more inclined towards buying pre-owned items sold at thrift stores. So, now is a good time to dive into selling second-hand products.
According to Customer Market Insights, this market is valued at $45.3 billion in 2024 and is expected to reach $126.6 billion by 2033, at a CAGR of 10.4% during the forecast period 2024 – 2033.
Here are the products you can explore in this category:
Vintage clothing and accessories.
Pre-owned electronics, such as smartphones, laptops, and gaming consoles.
Furniture and home decor items.
Refurbished or gently used baby and children's products, such as toys, clothing, and gear.
Tips for finding a profitable ecommerce business idea
Unlock the potential of your online venture with our expert tips for finding a profitable ecommerce business idea. You’ll learn how to identify market gaps, assess demand, and choose a niche that ensures long-term success and growth.
Explore online marketplaces
Online marketplaces are some of the best places to see what products companies sell and how popular they are. To see buyer trends, view the top products on major ecommerce sites like Amazon and Etsy.
The goal is not to copy already successful ecommerce businesses but to see how you can serve a need that hasn’t been met, and how you can do it better.
Analyze competitors
Use your competition to your advantage. Read product reviews and user-generated content to learn more about your target audience's likes and dislikes. Look for gaps in the market that your ecommerce business can fill.
Identify online stores that are at the level of success you are working towards. Analyze their product offering, branding, pricing strategy, and product positioning to glean insights you can apply to your online store's growth.
Look at competitors who offer products similar to yours that haven't quite taken off. You can learn from their shortcomings, whether they're poor customer service, overpriced items, or low-quality products.
Look at social media
As of 2023, roughly 4.9 billion people worldwide are using social media. These platforms can be invaluable in helping you determine your market, create an effective digital marketing plan, and monitor what's trending on any given day.
Instagram, TikTok, YouTube, Pinterest, and Facebook are the most popular social media platforms and are ideal places to gather ecommerce business ideas.
Leverage trend tools
Free online tools can help you determine what's trending and how you can tailor your ecommerce business ideas to achieve popularity and profit.
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 worldwide.
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.
Build your own online store with Gelato
An extraordinary business idea can lead to substantial profits without a ton of heavy lifting. 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 reach your goals.
Ecommerce businesses using print on demand services can make unlimited profits from home without any major 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.
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!
Ecommerce business ideas FAQ
How difficult is it to start an online business?
Entering the ecommerce world offers limitless profit potential. With a growing market projected to surpass $8 trillion by 2027, opportunities abound. From niche products to thriving services, explore these ideas to find your perfect fit.
How do you start an ecommerce business?
Starting an ecommerce business involves choosing a niche, conducting market research, sourcing products, creating a robust business plan, and setting up an online store. For flexibility, utilize platforms like Shopify or WooCommerce and integrate print on demand services like Gelato.
What platforms are best for starting an ecommerce business?
For starting an ecommerce business, Shopify and WooCommerce are top choices, boasting a combined market share of over 29%. Shopify is ideal for its user-friendly interface and extensive app ecosystem, while WooCommerce is perfect for those seeking flexibility and control through WordPress.
How long does it take for ecommerce businesses to become profitable?
The time it takes for ecommerce businesses to become profitable varies widely, often ranging from a few months to several years. Key factors include market demand, competition, pricing strategy, and marketing effectiveness.