Creating an Innovative eCommerce Business Idea
It’s no secret that eCommerce is a competitive industry. With more than five million sellers across all Amazon marketplaces and an estimated 543,000 new businesses starting every month, getting creative and standing out from the crowd is critical if you want to succeed.
Developing an innovative eCommerce business idea, however, isn’t always as easy as you might think. It requires identifying a market niche and seeing where it can be tweaked. To get your creative juices flowing when developing your own ideas, we’ll be looking at three companies in the fashion and food industries that got innovative with their eCommerce business ideas and are rapidly expanding as a result.
Micolet – 2nd Hand Designer Clothing at a Great Price
Micolet is a booming online women’s second-hand clothing shop that offers a wide range of trendy and almost new clothes. The store currently brings in millions annually, employs nearly 50 people and has seen growth of around 150% in the past year.
The owners of Micolet developed their eCommerce business idea after realizing that they had nowhere convenient to sell their old clothing and accessories. Their approach to eCommerce fashion is innovative because, with a click of the mouse, customers from Europe can shop for second-hand clothing from other countries with up to a 90% discount. At the same time, they’re able to highlight the positive environmental impact of recycling old clothes.
Currently, the store is active in Spain, France, Portugal, the United Kingdom, Italy and Germany, with plans to expand to Poland and the Netherlands later this year. The platform currently has more than 200,000 items on offer and publishes more than 1,000 items for sale every day.
Picnic – Taking the Electric Car Revolution to Grocery Deliveries
Online grocery shopping is a constantly expanding industry, and that’s especially true for Picnic, a Dutch online supermarket that delivers to 30 cities across the region. Picnic was founded in 2015 and has so far raised over 100 million euros in funding. It’s also recently expanded to Germany, and the plan is to launch its service in one new city at a time.
So, how does Picnic differentiate themselves from the competition? Their eCommerce business idea is innovative for two reasons:
- Cost – Picnic offers free delivery on all orders of more than 25 euros, something that their competitors typically can’t match.
- Delivery method – Picnic uses small electric cars to transport their groceries, saving them money on fuel and offsetting the costs of offering free deliveries.
GrubMarket – Taking a Creative Approach to Farm-To-Table
Farm-to-table food is having its moment, with consumers looking to get the highest quality products from small farms and local producers. The owners of GrubMarket saw an opportunity and have now become a kind of on-demand farmer’s market that has raised more than $89 million.
GrubMarket’s innovative eCommerce business idea involves sourcing food directly from local farmers and then selling it online to individual consumers and businesses, including restaurants, stores and offices. They also operate as wholesalers.
Mike Xu, GrubMarket’s CEO and founder said the company is currently operating on a $150 million annual run rate and he thinks this company has the potential to make $100 billion in eCommerce — definitely food for thought.
The Bottom Line
What do these successful eCommerce businesses ideas have in common? Necessity is truly the mother of invention, and these companies have found an innovative niche and a creative approach to solving a problem.
When looking at your business, and the niche you’ve chosen to work in, be sure to constantly reevaluate your store to identify where you can improve, change directions and innovate. Take a few notes from Micolet, Picnic and GrubMarket. By finding new ways to provide your customers with affordable products without any hassles or expensive fees, you’ll differentiate your business and help ensure your long-term success.
Looking for more innovative eCommerce business idea examples? Payoneer customers from all over the world have succeeded by identifying a market need and taking their own unique approach to eCommerce. Check out some of their success stories.