Is it your goal to start a new business venture in 2024?
If it is, then you’re in luck because I will share several promising Shopify business ideas you can start if you want to start a lucrative business!
As the e-commerce industry continues to rise to the top, Shopify is cementing its status as the most reliable platform for building an online store. But if you’re stuck for business ideas, you’ve come to the right place!
When people ask me about online selling or building a Shopify store, one question I get a lot is: What are the best business ideas for Shopify stores?
So, I will answer that question by giving you a few options to help you find the right fit for your goals and interests.
Browse below to find the best business ideas for your online store and some tips on finding the best-selling products!
Article Overview
How to Find Profitable Niches and Products to Sell Online
Key Takeaways
- Research trends on Google, employ research tools and analyze competitors to find product ideas for your online business.
- Choose to sell products with year-round demand and seasonal peaks, such as those in the sports and fitness and health and beauty niches.
- Dropshipping is a formidable business idea with a low startup cost and low risk.
- When you launch your online store, start with a few products and gradually expand your product selection as you expand your reach.
How to Find Profitable Niches and Products to Sell Online
Before you learn about the top Shopify business ideas, you must know how to conduct market research and trends analysis.
This knowledge is a crucial foundation when you start an online business because it will help you stand out from the competition and identify opportunities.
Furthermore, you can boost sales by identifying on-demand products and seasonal trends.
In short, identifying high demand products could be your ticket to thrive or excel in a competitive landscape and a growing industry of ecommerce.
So, where should you look for the best selling products and business ideas?
Check out Google Trends
Google is the number one search engine online, and it’s the default choice for people looking for information or products.
Therefore, it provides helpful insight into what people are searching for!
Depending on your target audience, you can use Google Trends to understand what products to sell on your online store. It is a free market research tool because it narrows down your options for a business idea.
This isn’t to say that you should jump on every trending topic or business idea you find on Google. Again, you can filter your options according to your target audience and those that suit your interests.
You are more likely to succeed with your Shopify stores if you start by selling things you love or enjoy!
HOT TIP
New to selling on Shopify? Check out our step by step beginners guide here.
Product Research Tools
Using product research software can streamline your search for the best products to sell online.
You should not build a Shopify store if you don’t have one because there is just an overwhelming amount of ideas that you would find challenging to analyze that data manually.
A product research tool is your best friend when creating an online business, such as a Shopify store. It provides real-time and relevant data about the niche’s top-selling niches and best-selling products.
You can obtain data insights within seconds, saving time when researching the best products to add to your online store.
You can also pick the top trending niches and products that fit your business model. You can use these services online to develop a marketing and selling strategy for your small business.
With a solid strategy, you can help your ecommerce website gain more traffic and put you in a better position to convert that traffic into sales.
Competitor Analysis
Online tools are essential for finding profitable products to add to your online store. However, another powerful strategy to boost sales is competitor analysis.
Check out the top competitors in your niche and look at what products they sell in their online stores.
You don’t need to sell the same products; instead, use the data you gather to inform you of the strategies that work for them. Consider ways to improve their strategies to leverage success in your Shopify stores.
Top 7 Business Ideas for Shopify Store
Shopify is the leading ecommerce platform for small business owners wanting to leverage the internet’s global reach and make money online.
Whether it’s your first time building an ecommerce store or you’re a seasoned entrepreneur wanting to expand your Shopify stores, here are the best business ideas and niche products to boost sales.
1. Dropshipping Business
A dropshipping business is a profitable business model that has enabled owners of Shopify stores to make consistent money online. This low-risk business idea requires zero investment and no holding of inventory.
Hence, it’s a win-win situation for anyone who wants to start a successful Shopify store, with a hands-free approach.
While dropshipping sounds like the ideal business idea for your Shopify stores, be aware that it has its own risks. One of the major risks to a dropshipping business entails choosing a supplier.
The supplier fulfills your customers’ orders, so their ability to provide quality products and ship orders on time can impact your business reputation.
2. Digital Products
Selling digital products is a fast-growing business idea you might want to explore in your Shopify stores. There are many benefits to selling digital products, such as low startup and overhead costs.
Selling digital products does not require a physical inventory space and requires less manpower. Hence, most products have a higher profit margin than other physical goods you can sell in your Shopify shop.
In addition, selling digital products is a good business idea because they can easily be reproduced without the same cost and resources as physical products.
Furthermore, you can easily bundle multiple products, and some of them can be purchased on a recurring basis (subscription). These products include online courses, eBooks, and online tools or software.
3. Health & Beauty
Selling health and beauty products in your Shopify store is one of the most profitable business ideas on this ecommerce platform.
The first reason it is profitable is because there is no seasonal demand; health and beauty products have become essential items that customers will always buy regardless of the season.
Another reason to consider selling health and beauty products is that they appeal to consumers of all ages. Men and women must buy these products at various life stages, from teenagers to seniors.
Hence, you can find many more potential customers and clients when you sell these products in your own ecommerce store.
There is also a wide range of products in the health and beauty niche. You can list nutritional supplements, hair care products, accessories, cosmetics, and skin care products.
Creating a niche for these products is also an option, allowing your Shopify stores to stand out. For example, you can specialize in selling skin and hair care products for men.
While the niche is quite common, and many sellers offer the same product, you can stand out from this competitive landscape by focusing on a target audience and offering a unique value proposition.
4. Eco Friendly Products
Due to the concerns about the environment, many eco conscious consumers have shifted their mindset to support products or brands that want to promote environmental protection.
If your brand mission and objectives align with this, you can sell eco friendly items in your ecommerce business on Shopify.
According to Statista, the green technology and sustainability market will be valued at $417 billion by 2030.
Therefore, you can start an online business specializing in green and eco-friendly items to appeal to consumers who want to support these products and contribute to environmental conservation.
You’ll find plenty of brands that support sustainability and green living. Hence, you will have no problem finding a product that customers would be willing to pay for!
5. Pet Supplies
Pet products are another excellent business idea for Shopify store owners. The pet industry offers endless possibilities for product ideas.
Pet owners treat their furry pals like family members and only want the best products for their pets. Hence, it is an excellent business idea for your Shopify stores if you are also into pet products.
Come to think of it – over 65 million US households own at least one dog. That’s a large market right there that you can exploit!
As mentioned, there are various possibilities when choosing what pet products to offer in your small business. The most popular options are pet foods, pet toys, pet grooming supplies, and pet accessories, such as pet beds and collars.
You can also offer specialized products like chew toys, paw cleaners, and pet bowls. If you want to take it up a notch, you can offer your customers a chance to get personalized products with their pet names on them.
6. Sports & Fitness
The sports and fitness industry is thriving, with more people nowadays wanting to live healthier.
You can cash in on this demand when you sell products within the sports and fitness niche.
Like the other niches mentioned above, this industry offers a large product selection. The obvious choices would be athletic gear, such as sports bras and leggings for women or sneakers for men.
You can specialize in sports and fitness equipment, such as boxing gloves, yoga mats, water bottles, etc.
If your online business is new, it’s best to focus on a particular product category until you can build your brand and attract customers. Eventually, you can expand your product lineup once your online business gets off the ground and have some traction.
The good thing about the sports and fitness niche is that it enjoys consistent demand throughout the year but has some seasonal peaks, such as during the summer season.
7. Consumer Electronics
With the expanding technology boom and continued technological development, sales and demand for electronic products will only continue to grow. Thus, you must consider adding electronics to your online store to capitalize on this trend.
The global consumer electronics market is vast, with many options, such as smartphone accessories, game consoles, laptops, wearable tech, fitness trackers, and more.
How to Choose the Best Shopify Business Ideas
You can learn from the top Shopify stores by exploring the top trends and most in-demand niches when you sell products online. The list of business idea for your Shopify store is provided to give you a good start when you launch your online business.
However, remember that trends are constantly changing, especially in this fast-paced global market.
You should always research trends and top-performing niches to determine the best products to add to your online store. Pay attention to social media and customer feedback to know what your customers want.
Consider these factors when deciding the best business idea to pursue that will launch your business off on the right path!
