India is a vast and diverse market that offers many opportunities for entrepreneurs who want to start a retail business. Whether online or offline, some various segments and niches can cater to the needs and preferences of Indian consumers. The retail industry in the country has witnessed significant changes, driven by factors such as technological advancements, changing consumer behavior, and a burgeoning middle class.
Retail business is considered one of the most profitable and lucrative opportunities not only in metropolitan cities but also in small towns and tier-2 and tier-3 cities of India. Here in this blog, you will find the most profitable retail business opportunities in India in different segments. It includes agriculture, automobile, apparel & clothing, food & beverages, education, beauty & healthcare, and home & furnishing.
Let’s explore the top 15 retail business ideas that you can start in India in 2024 and beyond.
Top 15 Retail Business Ideas
Online Grocery Stores
Online grocery stores are one of the fastest-growing segments in the e-commerce sector in India. According to a report by RedSeer Consulting, the online grocery market in India is expected to reach $24 billion by 2024, growing at a CAGR of 57%.
The Covid-19 pandemic has accelerated the adoption of online grocery shopping among urban and rural consumers, who are looking for convenience, safety, and variety. To start an online grocery store, you need to have a user-friendly website or app, a reliable supply chain, a delivery network, and a marketing strategy.
You can either source your products from local vendors or partner with established platforms like BigBasket, Grofers, or Amazon Pantry. You can also offer value-added services like subscription plans, express delivery, or loyalty programs to attract and retain customers.
Fashion and Apparel E-commerce
Fashion and apparel is another booming segment in the e-commerce sector in India. According to a report by Statista, the fashion and apparel e-commerce market in India is projected to reach $14.5 billion by 2024, growing at a CAGR of 18.5%.
The rising disposable income, the increasing internet penetration, the growing fashion consciousness, and the availability of diverse and affordable products are some of the factors that are driving the growth of this segment.
To start a fashion and apparel e-commerce business, you need to have a niche, a target audience, a product portfolio, a website or app, a payment gateway, a logistics partner, and a marketing plan. You can either create your brand or sell products from other brands. You can also offer personalized recommendations, styling tips, or virtual try-ons to enhance the customer experience.
Health and Wellness Products
Health and wellness products are gaining popularity among Indian consumers, who are becoming more aware of the benefits of natural, organic, and ayurvedic products. According to a report by IMARC Group, the health and wellness market in India is expected to reach $23.8 billion by 2024, growing at a CAGR of 19.6%. The increasing health consciousness, the rising disposable income, the growing demand for preventive healthcare, and the influence of social media are some of the factors that are fueling the growth of this segment.
To start a health and wellness products business, you need to have a niche, a target audience, a product range, a website or app, a payment gateway, a delivery partner, and a marketing strategy. You can either manufacture your products or source them from reliable suppliers. You can also offer health tips, blogs, podcasts, or webinars to educate and engage your customers.
Smart Home Devices
Smart home devices are devices that can be controlled remotely or automatically using a smartphone, tablet, or voice assistant. They can perform various functions such as lighting, security, entertainment, temperature, or energy management. According to a report by Research and Markets, the smart home market in India is expected to reach $6.2 billion by 2024, growing at a CAGR of 29.2%. The increasing internet penetration, the rising disposable income, the growing awareness of energy efficiency, and the availability of affordable and innovative products are some of the factors that are driving the growth of this segment.
To start a smart home devices business, you need to have a niche, a target audience, a product portfolio, a website or app, a payment gateway, a delivery partner, and a marketing plan. You can either develop your products or resell products from other brands. You can also offer installation, maintenance, or troubleshooting services to your customers.
Specialized Tea and Coffee Shops
Tea and coffee are the most popular beverages in India, with a huge and loyal customer base. However, the tea and coffee market in India is also evolving, with the emergence of specialized tea and coffee shops that offer premium, exotic, and customized products. According to a report by TechSci Research, the tea and coffee market in India is expected to reach $8.9 billion by 2024, growing at a CAGR of 6.8%. The changing consumer preferences, the increasing urbanization, the rising disposable income, and the influence of Western culture are some of the factors that are driving the growth of this segment.
To start a specialized tea and coffee shop, you need to have a niche, a target audience, a product menu, a location, a staff, a license, and a marketing strategy. You can either open your outlet or franchise from an established brand. You can also offer online ordering, delivery, or catering services to your customers.
Pet Care Products
Pet care products are products that are used for the grooming, feeding, health, and entertainment of pets. According to a report by Mordor Intelligence, the pet care market in India is expected to reach $430 million by 2024, growing at a CAGR of 13.9%. The increasing pet ownership, the rising awareness of pet welfare, the growing demand for premium and natural products, and the availability of online and offline channels are some of the factors that are driving the growth of this segment.
To start a pet care products business, you need to have a niche, a target audience, a product range, a website or app, a payment gateway, a delivery partner, and a marketing plan. You can either manufacture your products or source them from reliable suppliers. You can also offer pet grooming, training, boarding, or veterinary services to your customers.
Eco-Friendly Products Store
Eco-friendly products are products that are made from natural, organic, recycled, or biodegradable materials, and have minimal or no impact on the environment. According to a report by Grand View Research, the eco-friendly products market in India is expected to reach $10.6 billion by 2024, growing at a CAGR of 19.2%. The increasing environmental awareness, the rising social responsibility, the growing government initiatives, and the availability of diverse and affordable products are some of the factors that are driving the growth of this segment.
To start an eco-friendly products store, you need to have a niche, a target audience, a product portfolio, a website or app, a payment gateway, a delivery partner, and a marketing strategy. You can either produce your products or source them from ethical and sustainable suppliers. You can also offer eco-friendly tips, blogs, podcasts, or webinars to educate and engage your customers.
Mobile Accessories Store
Mobile accessories are products that are used to enhance the functionality, performance, or appearance of mobile phones. They include cases, covers, chargers, earphones, speakers, power banks, screen guards, etc. According to a report by P&S Intelligence, the mobile accessories market in India is expected to reach $3.5 billion by 2024, growing at a CAGR of 10.6%. The increasing smartphone penetration, the rising disposable income, the growing demand for wireless and smart accessories, and the availability of online and offline channels are some of the factors that are driving the growth of this segment.
To start a mobile accessories store, you need to have a niche, a target audience, a product portfolio, a website or app, a payment gateway, a delivery partner, and a marketing plan. You can either manufacture your products or source them from reliable suppliers. You can also offer repair, replacement, or warranty services to your customers.
Personalized Gifts and Merchandise
Personalized gifts and merchandise are products that are customized according to the preferences, interests, or occasions of the customers. They include mugs, t-shirts, cushions, calendars, photo frames, keychains, etc. According to a report by Technavio, the personalized gifts and merchandise market in India is expected to reach $4.1 billion by 2024, growing at a CAGR of 20.6%. The increasing personalization trend, the rising online shopping, the growing gifting culture, and the availability of innovative and affordable products are some of the factors that are driving the growth of this segment.
To start a personalized gifts and merchandise business, you need to have a niche, a target audience, a product portfolio, a website or app, a payment gateway, a delivery partner, and a marketing plan. You can either create your products or source them from reliable suppliers. You can also offer design, printing, or packaging services to your customers.
Beauty and Skincare Products
Beauty and skincare products are products that are used to enhance the appearance, health, or hygiene of the skin, hair, nails, or body. They include cosmetics, lotions, creams, oils, masks, scrubs, etc. According to a report by Statista, the beauty and personal care market in India is expected to reach $15.5 billion by 2024, growing at a CAGR of 9.2%. The increasing beauty consciousness, the rising disposable income, the growing demand for natural and organic products, and the availability of online and offline channels are some of the factors that are driving the growth of this segment.
To start a beauty and skincare products business, you need to have a niche, a target audience, a product range, a website or app, a payment gateway, a delivery partner, and a marketing plan. You can either manufacture your products or source them from reliable suppliers. You can also offer beauty tips, blogs, podcasts, or webinars to educate and engage your customers.
Home Decor and Furnishings
Home decor and furnishings are products that are used to decorate, furnish, or accessorize the interior or exterior of a home. They include furniture, curtains, carpets, cushions, lamps, paintings, vases, etc. According to a report by Mordor Intelligence, the home decor market in India is expected to reach $13.6 billion by 2024, growing at a CAGR of 8.7%. The increasing urbanization, the rising disposable income, the growing demand for customized and premium products, and the availability of online and offline channels are some of the factors that are driving the growth of this segment.
To start a home decor and furnishings business, you need to have a niche, a target audience, a product portfolio, a website or app, a payment gateway, a delivery partner, and a marketing plan. You can either design your products or source them from reliable suppliers. You can also offer interior design, home staging, or renovation services to your customers.
Fitness Equipment Rental
Fitness equipment rental is a service that allows customers to rent fitness equipment such as treadmills, bikes, ellipticals, weights, etc. for a fixed time. This service is ideal for customers who want to exercise at home, but do not want to invest in buying or maintaining fitness equipment. According to a report by Research and Markets, the fitness equipment market in India is expected to reach $1.5 billion by 2024, growing at a CAGR of 15.1%. The increasing health awareness, the rising disposable income, the growing demand for convenience and flexibility, and the influence of social media are some of the factors that are driving the growth of this segment.
To start a fitness equipment rental business, you need to have a niche, a target audience, a product portfolio, a website or app, a payment gateway, a delivery partner, and a marketing plan. You can either buy your equipment or lease them from reliable suppliers. You can also offer fitness tips, blogs, podcasts, or webinars to educate and engage your customers.
Educational Toys and Games
Educational toys and games are products that are designed to stimulate the cognitive, emotional, social, or physical development of children. They include puzzles, board games, building blocks, books, dolls, etc. According to a report by IMARC Group, the toys and games market in India is expected to reach $3.3 billion by 2024, growing at a CAGR of 13.9%. The increasing population of children, the rising disposable income, the growing demand for innovative and interactive products, and the availability of online and offline channels are some of the factors that are driving the growth of this segment.
To start an educational toys and games business, you need to have a niche, a target audience, a product portfolio, a website or app, a payment gateway, a delivery partner, and a marketing plan. You can either create your products or source them from reliable suppliers. You can also offer educational tips, blogs, podcasts, or webinars to educate and engage your customers.
Home-based Bakeries
Home-based bakeries are businesses that produce and sell baked goods such as cakes, cookies, breads, pies, etc. from home. They are ideal for customers who want to enjoy fresh, homemade, and customized products. According to a report by Mordor Intelligence, the bakery products market in India is expected to reach $12.4 billion by 2024, growing at a CAGR of 9.3%. The increasing population, the rising disposable income, the growing demand for convenience and variety, and the influence of social media are some of the factors that are driving the growth of this segment.
To start a home-based bakery, you need to have a niche, a target audience, a product portfolio, a website or app, a payment gateway, a delivery partner, and a marketing plan. You can either bake your products or source them from reliable suppliers. You can also offer baking tips, blogs, podcasts, or webinars to educate and engage your customers.
Vintage and Antique Stores
Vintage and antique stores are stores that sell products that are old, rare, or have historical or cultural value. They include furniture, jewelry, books, art, coins, stamps, etc. According to a report by Siliconindia, the vintage and antique market in India is growing due to the increasing demand for unique and authentic products. The rising disposable income, the growing awareness of heritage and conservation, and the influence of online platforms are some of the factors that are driving the growth of this segment.
To start a vintage and antique store, you need to have a niche, a target audience, a product portfolio, a website or app, a payment gateway, a delivery partner, and a marketing strategy. You can either source your products from local vendors or visit some of the famous antique markets in India, such as Chor Bazaar, Phillips Antiques, Jew Town of Kochin, Delhi Sugar Nagar, and the antique markets of Jodhpur. You can also offer appraisal, restoration, or auction services to your customers.
In the end,
In the dynamic Indian retail landscape, diverse opportunities abound for entrepreneurs in 2024. From the booming online grocery and fashion e-commerce sectors to the rising demand for health and wellness products, smart home devices, and specialized tea and coffee shops, the market is vast and evolving. Catering to pet care, eco-friendly products, mobile accessories, personalized gifts, beauty products, home decor, fitness equipment rental, educational toys, home-based bakeries, and vintage stores, entrepreneurs can tap into lucrative niches.
One of the best ways to create an online presence and reach more customers is to use an eCommerce store builder like OrderZ. It is a platform that allows anyone to create their online store in minutes, without any coding or design skills. Anyone can start their own retail business in India in 2024 and beyond, and enjoy the benefits of eCommerce. It is the ultimate eCommerce store builder for the Indian market.
