Every eCommerce retailer should be looking for ways to strengthen their business. This means staying on top of trends, among other things.
As the year's still young, it's a great time to look at the types of products that are expected to thrive in 2023. Are you in eCommerce or thinking about making the jump? Here are some product categories that are expected to be in high demand.
Health and wellness
You may remember hearing news stories about people becoming more active during the pandemic. Those who normally worked out once or twice a week increased their exercise by 88%.
Health, fitness and lifestyle remains a lucrative product category in 2023. The worldwide wellness market is estimated at $1.5 trillion, with an anticipated annual growth rate of 5% to 10%.
What types of items do well in this category? Things like vitamins and supplements are a good bet. Air purifiers, humidifiers and sun lamps are also trendy at the moment.
Of course, things associated with fitness like yoga mats, workout wear and reusable water bottles are also a great choice.
Male grooming supplies
You may have noticed an increase in online ads that promote male grooming supplies. This comes as no surprise, as the market has been getting more attention recently.
The male grooming market is currently valued at over $81 billion, with a projected rate of growth of 4.3% over the next seven years. Unlike the market for women's health and beauty supplies, the men's market is not oversaturated, providing an opportunity to secure a niche.
Beards are still in fashion so, as you might expect, beard trimmers are doing well. Other good options include shaving cream, beard oil, beard balm, aftershave and shampoos.
Pet products
People have been spending lots of money on their pets for years. However, this market accelerated coming out of the pandemic. This was driven by the pandemic lockdown, with the BBC reporting that 3.2 million households acquired a pet during this time. The UK pet care market is currently valued at nearly £2 billion.
Want to get a sense of the items that pet owners are purring over? Dog beds remain a big-ticket product. However, many eCommerce shops see a good strategy in catering to lower-cost, frequent-purchase items such as toys, vitamins and treats.
With many Britons wanting to pamper their pets, this market has a strong outlook.
Kitchenware
Another hot product category is kitchen products. These have grown in popularity over the years and are poised to see sustained growth.
This is partly because – with global inflation affecting food costs – many people are finding a passion for cooking both as a hobby and a way to save money. The global market for kitchenware currently surpasses $56 billion with an expected annual growth rate of 4.5%.
One of the advantages of tapping into the kitchenware eCommerce market is the ability to have a wide array of products to specialise in. Appliances like air fryers have been increasingly trendy recently, while mixers and specialised knives have maintained an appeal for a long time.
Other potential products to offer include sandwich makers, bamboo dishware and utensils made from natural materials. With many possible gadgets and tools, the opportunities are nearly endless.
Small electronic accessories
The world becomes increasingly high-tech each year. While the eCommerce giants tend to corner the market share for major electronics, the electronic accessories category offers a great opportunity for smaller eCommerce businesses. The global market is expected to increase at an average annual rate of 7.3% between now and 2025.
Cellphone accessories such as cases, chargers and pop sockets are expected to see a high level of growth. Other items that would be great fits for small eCommerce shops include car adapters, cords, cables, SD cards, wireless earbuds and other items that increase the convenience and flexibility of electronics usage.
Items related to mobile phones, laptops and PCs are the leading areas to consider.
Sports apparel and accessories
Another strong contender is sports apparel and accessories. The sports market has been consistent but is expected to grow significantly in the coming years.
Much of this is driven by the submarket of athleisure wear – athletic clothing that can be worn as everyday clothing. The global athleisure market was valued at $87 billion last year and is expected to see annual growth averaging 8.1% from now until 2030.
Some of the top athleisure items to consider include yoga pants, tights, leggings, sweatshirts and shorts. Trainers are another good option. Outside of clothing, accessories like sports bottles are potentially lucrative as they continue to be highly searched.
This particular market most effectively targets people from their teens to early 30s.
Honourable mentions
While these are some of the most lucrative markets for 2023, other product categories merit mention.
One of these is home and garden – these items are consistently in demand. Trending items include blackout curtains, decorative doormats and miscellaneous décor.
Another big product category is childcare. Although people are having fewer children, they are spending more money on them. Things like baby carriers, baby monitors and toys are good options for the eCommerce market.
Finally, many beauty products have carved out a strong niche in the eCommerce arena. Some of the top sellers for 2023 are likely to be lip care products, hair care products and fake eyelashes.
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