What is the niche market?
The niche market is a part of a larger market, which can be defined by its unique needs and identities, making it different from the general market. For example, the game devices market has many different market segments or niche markets. Mobile phone games will be a niche market, and so will computer games. Another example is pet products. Your niche products are about dog care, then your sub-niche can be dog training, sub-sub-niche can be pit-bull training. As you can see, your target customers are comparatively small, but your products are more targeted and competitive.
Start a niche market can not only build your exclusive advantages over rivals but also make your business more concrete and trustworthy. Focus on niche markets makes it easier for the right customers to say, "This is for me."
How to find niche products?
In this part, I will share several indicators with you to evaluate the niche products you find.
The number of products
We can use specific keywords to find your niche market. The more products you see on a supply website, the better the product is.
The popularity of niche market
We choose products in terms of sales volume. Usually, the higher the sale volume, the better the commodity.
The number of reliable suppliers
Pay attention to the following information of the suppliers.
How long has the store been open?
What the store rating is?
What is the favorable rate?
Whether the product and description are consistent.
Is the seller willing to communicate?
How fast the delivery time is?
We should consider all the indicators, but personally, the favorable rate is the most important.
The margin estimation
We need a niche market that can bring us considerable profits. As we all know, the higher the margin is, the better the products we need.
Take use of Google Trends
Select a product category and enter keywords in Google Trends. If the trend is on the rise, then give this niche market a higher score. Check the results and try more settings. If you want to know more specific information, you can change some settings: The region you are interested in, time range category, and content type. Please notice that some types of products are seasonal, such as Halloween decorations, Christmas gifts, etc., and they are only in demand at a certain time. Some products are not seasonal, such as birthday cards and wedding decoration products. I recommend you to sell both seasonal and non-seasonal products.
What niche markets should be avoided?
Some niche markets need to be cautiously examined. Think twice before trying to enter.
Products that need to be carefully checked before the purchase.
Products such as complex electronic equipment, sneakers, and clothes are liable to be returned or refunded. When we buy these products in offline stores, we need to try them personally to see if they suit us.
Products that are easily damaged during transportation.
Some products are not suitable for long-term transportation, such as fragile glass, porcelain products, and food. When customers receive broken products, they will be very disappointed, which will bring adverse effects to your store.
Oversized and overweight products
This kind of goods may have unexpected transportation problems. Besides, the freight will be very high.
May cause legal problems and be detained
Knives, fishing tackle, shotguns, bows, and arrows may be classified as problematic items by the post office and detained by customs. Therefore, before delivery, it is necessary to ensure that there is no trouble with transportation.
Evaluate your niche market ideas
Although focusing on the niche market will make it easier for you to find potential customers and persuade them to buy your products, you need to ensure that there are enough buyers in this niche market so that it is feasible. If you are sure that your market is too tiny to generate reasonable interest and profit, you may consider switching to different products.
I hope that this article has taught you how to find a profitable niche. If you like our blog, warmly welcome your share with your friends and colleagues on Facebook, Twitter, and LinkedIn.