Ecommerce is one of the most profitable businesses you can do in Nigeria. This is because people keep buying things day-in and day out, as long as you get into the profitable E-commerce niches.
If you’re looking to get into e-commerce, knowing the profitable niches can be daunting and that’s why this post was created to guide you towards 5 profitable niches for your e-commerce business.
But before I tell you, you should know why it’s important to niche down. Without so many E-commerce businesses out there, trying to compete with brands like Amazon and Jiji will just fail out flat. These guys have billions of USD backing them and you cannot get close.
This is why you must carve out a smaller space in the market where you have less competition and can dominate that area and make the most profits. This area is called your niche.
Now that you know why you should niche down, here are 5 niches you should look into in 2022.
1. Tech Products
The Tech Products industry is a highly profitable niche in Nigeria and indeed Africa because people love to get the latest gadgets and keep up to date with technology and its inventions.
With the ever-changing world of technology, new gadgets with mind-blowing features are released daily and people want to own these gadgets that make their lives easier.
Some common gadgets that Nigerians buy are smartwatches, smartphones, tablets, etc. Nigerians love staying up to date with technology and most of them change their phone and other devices regularly irrespective of whether they are still functioning or not.
Delving into this niche is a sure game-changer. Before going in tho, you should figure out your suppliers and locate where you can get these gadgets at amazing prices and resell them for a good profit.
Another tip is to avoid selling gadgets that can easily be bought in the market. Else it won’t fly. Source for new gadgets that haven’t yet penetrated the market and sell them at awesome proves.
2. Kitchen Niche
Another hot niche is the kitchen Niche. It’s not news that Nigerians love cooking and making different meals. Some of the toes of people who need kitchen utensils are;
- The total beginner: a young person who’s just starting life on their own. These people need quality utensils that won’t make them break the bank. If you’ve ever had to move out of your parent’s house, you’ll quickly understand that getting your house filled up is hard work. These people need affordable but quality sets of knives, blenders, chopping boards, microwaves, toaster ovens, coffee makers, etc. Every day thousands of new youngsters move out to get their own place.
- Home Chefs & Food Networks: These are the best guys in the food industry and usually have the latest equipment in cutlery and cooking. These guys buy new equipment to test or speed up the process of making meals. They make up a big part of the kitchen niche. Chefs usually buy high-ticket products and are extremely selective when it comes to the equipment they use. They know the fine details of each piece of equipment in their kitchen.
Other sets of people include Restaurants, newlyweds, and collectors. With new daily innovations in the kitchen niche, it’s another profitable E-commerce niche to bite.
3. Beauty Products.
You cannot mention E-commerce and not touch beauty products. Everyone wants to look more sexy and glamorous these days and it’s a good thing because you can make a lot of money in this niche.
Every day, new creams, powders, formulas, and gadgets are being produced in this niche to increase beauty. These include skin tinning creams, spot removal gadgets, make-up kits, anti-aging formulas, and the likes, and this targets both genders.
According to Yieldify, the global cosmetic makeup market is worth over USD 90B and Influencer marketing Hub states that the revenue from the beauty industry is up to $511B compared to $483B. It’s definitely on the increase and you should set your sights on this niche.
However, it’s a highly competitive niche and you should be careful not to try to serve too many products. Instead, pick one product that works best for a sub-niche and go all in. That way there is less competition and you can command higher prices.
4. Marriage & Relationships gadgets
The marriage and relationship niche is really more of an industry than a niche. It’s quite wide and has a lot of sub-niches.
From adult play toys such as finger vibrators, strap-ons, dildos, nipple clips, and the likes to more family-like gadgets like mobile car trackers for people who wish to track their partner movements or track their driver’s movements with their vehicles.
While running some of these products using Facebook or Google ads will require some verification from these platforms, this niche is highly profitable.
Another sub-niche in this e-commerce market is enhancement pills and supplements. These have been proven time without number to be a best seller. We all want to enjoy better sex and satisfy ourselves and our partners.
Sex sells and in our time when everyone is trying to gain maximum pleasure, you cannot afford to ignore this market. According to Grand View Research, the global sex industry including enhancements was valued at $33.6B in 2020 and it’s growing at a rate of 8.4%.
5. Health and Fitness
We rank this the most profitable niche in the E-commerce industry. Why? Simply because every day, millions of health products are being sold globally.
From local herbs to supplements to fitness equipment, people are becoming more conscious about their health and finding ways, oftentimes outside organized medicine to cure illnesses and attain long healthy lives.
According to statista.com total global dietary market size will be 308 billion US dollars by 2028, while the health and fitness global market share was about $96B as of 2019.
Our ever-increasing population, overpopulated cities, toxic chemicals released into the atmosphere and other dangers means people will continue to seek both medical and traditional ways of staying fit and healthy.
Some sub-niches in this market include belly fat removal herbs & gadgets, gym equipment & clothing, health and heart rate monitoring devices e.g smartwatches, local supplements, and teas for treating illnesses like fibroids, cancer e.t.c.
These are not medically approved and in most cases, you’ll need to get approval from Facebook and Google to avoid being banned. You should also avoid making general promises as well as using before and after pictures.
Before going in though, ensure you get a product with enough positive feedback that you can easily lay your hands on.
Looking to start your own e-commerce business? Check out 6 things you should know before starting out.
If you’re looking to learn the secrets of success in E-commerce, check this out