7 fastest-growing business trends in retail and e-commerce
The retail and e-commerce sectors present significant entrepreneurial opportunities despite global economic shifts and geopolitical uncertainties. For those who can innovate and meet evolving market needs, the landscape remains full of potential.
While challenges like inflation and increasing competition persist, some of the fastest-growing retail and e-commerce businesses show resilience by offering consumers greater convenience, affordability and personalized experiences, NEXT says. Many opportunities exist when paired with emerging trends, especially for businesses that tap into growing sectors like wellness and sustainable products.
1. K-Beauty, J-Beauty and other Asian beauty products
In the past decade, Korean and Japanese beauty trends in the U.S. have gained tremendous ground. In 2024, Korean cosmetics alone ranked first in the U.S. import cosmetics market share (beating out France's Chanel and Lancome for the first time) capturing 22% of the market with a value of $1.4 billion.
Consumers are looking for the next new thing in skin care routines, gentle ingredients and innovative packaging, and Korea and Japan are poised to deliver.
Retail beauty entrepreneurs can tap into this market by curating a line of Asian beauty products in a subscription box, online marketplace or a pop-up shop.
Also a possibility for entrepreneurs: A beauty concierge service with personal shopping assistance and recommendations, or partnerships with brands or distributors to offer direct-to-consumer products.
If you're knowledgeable about what these cosmetics can do, you could also organize workshops and create classes to educate consumers about trends, techniques and hands-on product demos.
2. Secondhand and vintage goods resellers
The global secondhand apparel market is projected to reach $350 billion by 2028, driven by sustainability concerns, economic challenges and a love for unique items. And online platforms like ThredUp, Depop, and Poshmark are booming for secondhand apparel resale.
But our desire to keep gently used products out of the landfill does not stop with clothing. Niche vintage and secondhand resellers for vintage furniture (like Chairish), used sporting goods (like SidelineSwap), and musical instruments (Elderly.com) are also on the grow. This greater marketplace beyond clothing could be worth $64 billion by 2032.
3. Social commerce-based businesses
If you've ever been looking at a silly gadget on Instagram-and then clicked to buy it on the spot-then you're well aware of what it means to be swayed to purchase on social media.
Social commerce refers to a change in retail channels rather than a swing in a subset of goods and services. And this new way to buy-integrated online shopping within your favorite social media platform-is expected to exceed the $100 billion mark in 2025 (a 22% growth from last year).
This trend opens up opportunities for businesses to reach customers through engaging social content, shoppable posts and partnerships with influencers. Business owners can use social commerce to build a more direct relationship with their audience and drive highly interactive and visually engaging sales.
4. Live shopping and interactive commerce
Live shopping isn't new; consumers have been shopping via television since the 1980s. But it's gaining a second wind thanks to social commerce and modern livestreams on e-commerce platforms. While live shopping hasn't caught on in the U.S. at the same pace as Alibaba's Taobao in China, it's gaining momentum with TikTok Shop sales rising 26% in 2024 to almost $72 billion.
If you want to move your goods in a new (old) way, add live shopping events to your retail strategy. Make a big splash to launch new products, host exclusive meet-n-greet and Q&A events, and showcase products through interactive demonstrations. And remember that limited-time offers during livestreams can help encourage sales.
5. The expanding pet industry
Got a pampered pet at home? You're not alone. Due to the increasing number of pet owners, their humanization of their pets and their willingness to spend a premium, Americans spent over $147 billion on pets in 2023 and growing.
The shift in shopping habits for Fido, Fifi and beyond, particularly with Millennials and Gen Z, has led to increased spending on big ticket pet goods and services, as well as health and wellness products.
For pet-focused entrepreneurs, this is a golden (retriever?) opportunity. Capitalize on the growing demand for premium pet food and treats, particularly if it has the value-add of organic, grain-free or specialty diet. And there's still an appetite for unique pet apparel, toys and grooming items at a giftable price point.
6. More gig work for more gig workers
With inflation and job insecurity pushing 38% of workers to seek freelance employment, small businesses can benefit from this ample and educated workforce by outsourcing specialized tasks like marketing, customer service and web development to freelance workers.
Offer flexible roles within your business-such as remote customer support or project-based work-to appeal to gig workers who value autonomy. Be sure to comply with your local state and federal employment laws around payroll and business insurance. And consult with a legal professional on limitations, as some large retailers have faced employee rights claims related to gig work classifications.
7. Personalized nutrition and functional foods
Products like gut-healthy kombucha, probiotic snacks and nutrient-packed smoothie kits have grown in popularity for people who want good food that they feel supports their health. And small business owners are growing the functional food market city by city, and neighborhood by neighborhood.
A subset of this trend is personalized nutrition (also called precision nutrition), which tailors a diet to a customer's unique health goals. This could mean customized meal plans, tailored nutrition supplements, or products for specific conditions like diabetes or low energy.
Customized meals like build-your-own bowls or salads let diners tailor their breakfast, lunch or dinner to their specific dietary need, be it high-protein, low-glycemic, etc. And according to a panel hosted by the Specialty Food Association (SFA), other opportunities for food businesses include customizable snacks, AI-powered nutrition apps, and new foods and flavors with targeted health benefits.
This story was produced by NEXT and reviewed and distributed by Stacker.
© Stacker Media, LLC.
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