According to research by Statista, the handicraft market worldwide is forecasted to reach a value of around $50.9 billion by 2024. No wonder, thousands of entrepreneurs are thinking seriously about starting an online craft business in 2021.
In this blog, Techosquare will discuss everything you need to know about handicraft e-commerce store development and will also share insights about website development costs. Let’s first learn why we think online craft stores are going to perform super in the coming years.
The craft business is strongly making its presence online and is predicted to grow consistently in this decade with an average growth of 10%. The expansion of the craft industry on digital platforms is giving more customers to sellers across the globe.
The craft business is not restricted to developed countries only. People from developing countries are also buying unique handmade products online. From decorating homes with handmade goods to wearing hand-crafted jewelry, self-made products are in great demand.
If you can find a way to keep the products' cost low, then, there's certainly huge profit to be made.
Think niche: Anyone with talent or business acumen can start a craft business but unfortunately, not all craft business makes money. Here are top-performing segments of craft business you should consider investing in to start an online craft business:
Home decor
Jewelry
Women wear
Bath & body products
Decide the craft store niche according to your skill and connections before pumping money!
Name your store: Choosing the right store name can help get that initial hype. A memorable brand name can provide you with an immediate advantage when starting an e-commerce store. Use industry-specific keywords to rank higher on Google and attract more audience.
In case you are catering to a small region, choose a store name in the local language. It will make it easy for potential customers to remember your brand name.
Think catalog: It will be very difficult to scale your handicraft business if you are the only one working on crafting the products. Find a team that can work with you to meet the growing demand. If you want to sell products designed by others, then, you need to find suppliers.
If you want to make big money, then, think of multi vendor marketplace business model.
Go legal: Just because you are launching an online store to sell handmade products doesn't mean you don’t need to think of legalities. Connect with a business consultant or Google to learn all the paperwork you need to fill to get your craft business off the ground. Here are points to consider:
Business registration, license, permits
Sales and business tax
Shipping cost
Copyrights and trademarks
In a lot of countries, you don't need to do legal formalities while starting a business. So, see what works in your part of the world!
Want to check out more cool online businesses? Check out these e-commerce ideas 2021
Select a store builder: Choosing the right store development technology for your e-commerce craft store is important because your business growth depends upon it. Go for a store builder that meets all your requirements while being scalable and affordable.
Online stores that come with monthly payment obligation often turns out to be expensive in the long run! Prefer a solution that comes with a small one-time payment.
Your e-commerce store’s success majorly depends upon the quality and appeal of your products but your online store technology also plays a big role. That’s why you must select an e-commerce store builder that's built for the future.
Swiftkart is quickly emerging as the best online store builder for entrepreneurs trying to launch niche-focused online stores. Check out its key features!
Responsive touch
Multilingual capabilities
Everything customizable
Budget-friendly
Got any queries to ask regarding this niche online business? Send them to info@techosquare.com and have them answered by our experts.
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