This article highlights the reasons for finding a niche market, examples of niche products for your store, and also includes the strategies to find your niche.
What is a Niche?
A niche is a unique part of any market that is frequently disregarded by other enterprises. Building a niche store narrows down your market, which enables you to discover profitable yet untapped segments
Ecommerce niche stores, on the other hand, are created around a single specialty.
An example of an eCommerce niche store includes Men beauty products, Jewelry, organic food, and other trending products.
You can uncover portions of a market that haven’t been tapped into, find your niche, and make sure you’re going to make a profit from it.
Below is a list of the top 5 examples of niche products
- Organic products
- Natural pet care products
- Men lip balm – It’s not just a lip balm, it’s a men’s lip balm, and that makes it a great niche in the beauty product range targeting men.
- Handmade Jewelry – Handmade Jewelry continues to retain its position as a popular and trendy niche
- Books on race and politics – Fear and Rage, a book by Bob Woodward on the Trump presidency, is one of the immensely popular books on politics that has been in high demand for some time.
Here are six reasons to set up a niche-specific store like a vegan cosmetics shop that others haven’t capitalized on yet.
1. Attract and build a loyal customer base
A niche-specific store attracts a customer base that will be more loyal to buying entirely from a company that offers exclusive products.
Consider the following scenario: Wouldn’t you be perplexed if you stumbled upon an online store that sold ladies’ bags, radio and TV sets, and CBD pet products?
This would definitely confuse you.
The purpose of building a niche-specific store is to help you stand out from the crowd by focusing on a set of distinct products.
Tip: Build a Partnership with influencers to promote your niche. This would not only increase traffic to your online business but also enhance the legitimacy and authenticity of the goods you’re selling.
2. Stand out from the big box stores.
Niche products are unique and distinct from regular products.
By setting up a niche-specific store, you drive your customers to a unique perspective about your store. The same customers will be more inclined to tell others about it.
Tip: Give your customers a reason to share details of your niche store with their friends and family. This type of promotion would give you an edge over your competitors.
3. Higher Priced Inventory
Most niche products appear in limited editions, making them more expensive.
People are willing to pay a little bit extra for things that they don’t normally have access to.
Because you’re obtaining high-quality eCommerce goods, the price premium is justified.
4. Create content around your niche
The fourth reason why you need to develop niche-specific stores is to be able to create content related to your products.
Consider the Vegan Cosmetics example. With a Vegan cosmetics dropshipping site, you may start:
- A Facebook page for vegan cosmetics
- An Instagram account for vegan cosmetics,
- A blog about vegan cosmetics
Tip: Create and publish content that your target customer will enjoy.
5. Low costs of advertising
You don’t have to promote to everyone if you only have a small number of people interested in your goods.
If you’re offering a specialized product, Facebook and Pinterest are viable alternatives to Google Adwords.
Both platforms provide excellent returns on investment for your business.
6. Create a Trendy store
Creating a niche-specific store gives you the benefit of being trendy.
If your niche product rides the wave of a popular trend, it may attract a large number of potential clients.
Tip: It’s critical to make sure that your specialized product is part of an increasing trend.
Strategies for finding your niche
So, how do you go about building your niche-specific store?
Strategy is what you need to get started.
Here are four crucial pointers to help you select the ideal niche for your online store.
#1. Research, research, Research
Whether you already know what you want to market or are entirely uninformed, you should conduct research to determine what is viable and what is not.
- Check out Google trends to find out what people are looking for.
- Use Semrush to find out what new niche opportunities are trending.
#2. Use Keyword search
If you notice more than 10,000 monthly searches for your “primary” keyword and 50,000 overall for related but more precise keywords, you have a solid niche for your online business.
#3. Search offline
If your niche is covered by publications, there is likely profit potential in that market.
If you have a bookshop or magazine stand nearby, visit it to see what’s available for study and research. You can also hunt for digital magazines linked to that niche or industry.
#4. Search social media
Look at popular hashtags and material relating to your topic on social media platforms like Instagram to see how many people follow or use them.
This will give you an indication of the size of the audience for that particular subject.
Building a niche-specific store might be a smart move that allows you to target a more specific customer base.
While your customer base will be smaller, so will your competition. The reasons for starting a niche-specific store explained above are a good place to start reflecting on.
It may take some research and some trial and error to find your niche-specific products for your store, but it will be well worth it.