We’re only one month in and 2023 already seems like a particularly tough year for business. However, the best e-commerce ideas 2023 can offer come as a result of the current global situation.
Many products, such as luxury items and those related to travel, are currently loss-leaders but if you tweak your existing lines to feature these products, this year can still be a year of growth for your e-commerce business.
If you started your e-commerce store before the pandemic you may need to pivot your lines in order to maintain or grow your profitability during the recovery years. It may seem like a mountain to climb, but through clever marketing of the correct product lines, you can grow your store and attract a new audience, even during a cost-of-living crisis.
If you are yet to open your e-commerce store, you are in luck; there has never been a better time. The high street is experiencing a fall in traffic, yet e-commerce is surging as people remain at home and treat themselves and their loved ones as a form of TLC.
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1. Online courses
Online courses and education programmes soared in popularity due to Covid 19 lockdowns in 2020, and since then their popularity has continued to grow. Things may be well on the way to returning to normal, but businesses, schools, and organisations have all come to realise the value of digital learning opportunities. Online training and educational courses remain both cost-effective and convenient.
How to make it work
As an e-commerce store owner, you are bound to have great knowledge about how to sell online. Home in on your expertise to sell online courses, presentations, and educational programmes to companies, organisations and individuals who can benefit from your professional tips and advice. Whether it be about a lesson about SEO or using your industry knowledge to predict future trends, this is a great opportunity made possible by a significant global challenge.
2. Toys & Games
Parents across the UK have struggled to keep their children entertained on rainy and sunny days. One of the most sustainable and best e-commerce ideas 2023 brings to light is the everlasting market of kids’ toys and games. Due to the cost of living and energy crisis, families are being forced to cut back on days out and are looking for fun, cheaper alternatives in the home.
How to make it work
While big-branded toys will always sell and have limited profitability for small e-commerce businesses they do drive traffic. Use them to feed people into your store and offer a combination of indoor and outdoor activities for any occasion.
Parents are increasingly concerned about the educational development and physical health of their children in the current climate so products such as science kits for the educational niche and ball games for physical activity will do well both this year and well into next.
3. Fitness Equipment
With the evidence coming in loud and clear that both obesity and smoking are contributors to the risk of COVID, the UK is seeing a sudden surge in interest in fitness equipment. During lockdown, bikes and indoor gym equipment were hard to come by as everyone sought to recreate the gym in their home.
While gyms have now reopened there is no doubt that this trend will stick around for a while. New work-from-home and hybrid schemes mean that regular gym goers continue to kit out their home workout space with fitness equipment for convenience and cost.
It is one of the best e-commerce ideas for 2023 because it again is unlikely to dissipate quickly. COVID is still a big global issue and the memory of has created a more health-conscious population.
How to make it work
Depending on your budget for stock you may or may not be able to make largescale pieces of equipment work for your e-commerce store. Items such as protein shakers, booty bands, and swiss balls are e-commerce staples so make them stand out with clever branding or top-quality products. Post-workout massage guns, lacrosse balls and foam rollers are all seeing a massive jump in popularity as those unaccustomed to exercise seek to recover better from their new healthier lifestyle.
4. Everyday Items
One of the surprising trends that look set to stay is the online purchase of everyday items. Many consumers are still actively avoiding shops for their day-to-day necessities, opening a window of opportunity for e-commerce entrepreneurs wishing to sell grocery products or toiletries.
How to make it work
Trying to compete with the likes of the supermarkets is never going to work so offer unique products that fall into a niche. Again, with the swing towards a more health-conscious population products that are organic, chemical-free or vegan are popular choices. Make your deliveries are eco-friendly as possible to hit all the right buttons for conscious consumers.
Next Steps
Every year brings its own unique challenges but none in recent memory have required such a strategic shift as 2023. If you would like support with your accounting to make sure you will weather the storm, our team of e-commerce specialist accountants are here to help.
The best time to act is now.
Related articles
https://unicornaccounting.co.uk/blog/ecommerce-trends-to-look-out-for-in-2023/
https://unicornaccounting.co.uk/blog/5-tips-to-scale-your-ecommerce-business-in-2023/
https://unicornaccounting.co.uk/blog/5-challenges-for-ecommerce-brands/
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