An entrepreneur who is running an eCommerce business always hunts for how to run a fruitful eCommerce business. No doubt, the suitable solution for your business is the eCommerce niche. So, if you are looking for eCommerce niches and how to find the profitable one then no doubt your search is over with our article.
The eCommerce niche will generate additional requests from people who want what trades by you. Before this we understand your curiosity about the eCommerce niche, so let’s describe the term.
What Is An eCommerce Niche?
An eCommerce niche is a distinct segment in the market of customers according to their buying preference decision. Ecommerce businesses frequently select an area that is unnoticed by other competitors. This concept is adapted by mostly eCommerce marketers to achieve success in the long run. The eCommerce niche is divided into various categories, check it below.
- Geographic: This segment is based on geographical location that is significant for weather or seasonable linked products.
- Demographic: This segment is based on an individual’s distinctive age, gender, income, education.
- Price: What brands preferred by consumers luxurious, premium, affordable based on the individual’s income.
- Psychographic: It includes an individual’s mindset, moral values, religious beliefs, attitude.
Through narrowing down in segments individuals perceive a market, they will be gifted to find areas and segments that haven’t been selected. You don’t have to compete with competitors because you are required to keep the focus on segments that are overlooked by competitors. One can easily achieve success in the long run with the eCommerce niche. example of eCommerce niche is Meal replacements and protein powders, Cosmetics and skincare as per the specific needs, Eco-friendly products; metal straws, bamboo toothbrushes, men’s grooming product, vitamin to progress customer’s diets, mental health, energy levels.
Advantages Of Selling Niche Products
There are several advantages of selling a niche product, it just depends on the company’s ability to make a profit out of it. Through the period eCommerce business’s budget is decided to spend on stock, storage, transport, advertising. Even after spending lots of money, there is no surety that they will earn profit. In this scenario, the eCommerce niche comes to the rescue and helps in achieving a profitable position in the long run. Here we have listed some of the top advantages, let’s take a look below.
1. Less Investment
It requires less investment and cheaper advertising as you decide to sell for a particular group of people. By being a big fish in the small pound, selling products by the niche that is overlooked by their competitors doesn’t require heavy investments in marketing. Google keyword is an effective unpaid way for niche promotion with keywords. There are additional paid promotion prospects reliant on what niche product business is vending. Facebook, Pinterest, Instagram are effective channels for advertising.
- Low spend on advertising – Only a particular class of people is targeted who are interested in your product. It is not essential to promote a product for everyone.
- Less Storing charges – If you are choosy about what you want to sell to a distinct segment and keep an SKU of the same as required it will cost you less.
- Low listing charges – Avoiding the charges of listing on various channels by limiting a product line.
2. Fewer Risks
As the product is segmented into a distinct class of people then the result of failure is completely depending only on that segment. There are lesser risks involved, as the advertising is done to an identical minor segment of the market.
3. Higher Profits
There are higher chances of companies’ increased selling as they consider every need of customers they are targeting, so customers will buy from them. When customer’s needs get fulfilled by the company, they will purchase more from them and get loyal to the brand.
4. Brand Loyalty
When the customer gets completely satisfied with the purchase, they will purchase the product again. Word of mouth publicity will also be done by satisfied customers. They will continuously influence the buying behavior of friends, family when they get loyal to the brand.
Companies became the big fish in the pound and attract customers to buy the product. when customers think of fulfilling unique needs then the product’s name will automatically come to their mind all possible because of goodwill. For instance, Johnson & Johnson for baby products, Rolex in watches.
6. Less Competition
Niche marketers trade with a particular product for a minor section of the market that is overlooked by other competitors. Not only do your targeted customers distinguish products easily but also, they are further prospective to inform friends, relatives, family about the product. product will easily stand out in the category consequently more people will use social media to share about your product.
Five Best Examples Of Niche Products In 2021
There are numerous uncountable niches are available today as people are getting more creative the new niche is also expanding. So, here we will describe the top five best available instances of niche products.
1. Beard Oil
Beard oil is a great niche to explore and a specific product for men with beards. This product gained popularity like crazy in recent times and has uninterruptedly risen ever since. It became the new trend among men to have a growing beard, all possible because of beard oil that changed the trend. Beard oil and beard grooming accessories have also increased their popularity in the barber saloon. During the holiday season now, people are opting to buy beard oil products for their loved ones. Beard Oil can be presented as a separate product or as part of the grooming Kit. You can earn profit easily in the market if you decide to sell beard oil.
2. CBD For Pets
Cannabidiol is a niche of products specifically created for pets. It is a niche within a niche, first CBD and only for pets. There is very little competition as a smaller number of people are promoting and selling CBD for pets. It’s a perfect niche that has the potentials to survive the rivalry. It will continue to become more popular with each passing day.
3. Vegan Cosmetics & Makeup
Veganism is a secondary niche concept that exists in an already existing niche and swiftly becoming mainstream in the beautifying industry. Cosmetic brands are obliged to reconsider elements cast-off in manufacturing. All credit goes to the internet where people are accessing information about what is good for their skin and what is bad. There are several valid reasons why one should choose vegan beauty, the initial fact that vegan makeup and skincare are different from old-fashioned stereotypes. For instance, the E.L.F. brand has an enormous variety of products at super reasonable prices. This brand is 100% vegan with an extensive variety of makeup and skincare.
4. Handmade Jewelry
Handmade jewelry is a standard niche. It remains steady for a long period. This is exactly you need to go deep further and focus on precise stuff such as bracelets for girls under age 13 or engagement rings. Handmade jewelry always presents a slight difference amid each separate piece of equivalent style.
A jewelry niche market will undoubtedly be directed into a display where you can easily explore your numerous niches. you can select a niche for making wedding rings, bracelets, earrings, watches, pendants, jewelry accessories for children. Handmade jewelry is becoming the latest trend as many people are earning well by selling it on social sites. Apse Adorn, Wwake, Catbird, Mejuri are top brands selling handmade jewelry.
5. Eco-Friendly Versions Of Everyday Products
Opting for eco-friendly products will benefit the environment as well as it doesn’t cost you an arm and leg. All you have to do is change your family’s everyday routine products to eco-friendly products. Plastic waste by everyone is harming the environment. Eco-friendly products can be easily purchased from online sites and they get products delivered exactly at the doorstep.
Using maintainable and green products in the everyday life is helpful to the customer as well as to the environment. “Earth provides enough to satisfy every man’s needs, but not every man’s greed.” According to Mahatma Gandhi. By focusing more on eco-friendly products company is declining the growing pollution and global warming. AS per the reports, the organic skincare products market is expected to rise to $22 billion in 2024.
Five Strategies For Finding Your Niche
After getting crystal clear information about what is niche and how it is beneficial for the business. Now it is time to look for the top 5 strategies that you can follow to finding your niche. For starting quickly these tips will surely assist you.
1. Look At Current Trends
You can explore what the world is searching for with Google trends. You can use social sites as a method to check about the latest trends or you can check some forecasted statistics that what people will prefer. Current trends will make you run a successful business in the long run by providing the best niche for business.
2. Find A Need
People required to have something are the reason why people decide to buy something. It could be possible they are unable to buy something or they are unable to find a good alternative to it. when you find out the exact constant need of customer then surely you will be able to run a profitable business. For instance, you can offer CBD for pets to someone who owns a pet. For someone who loves the environment, you can offer them eco-friendly products.
3. Conduct Some Keyword Research
It gets extremely difficult if you are selling something you aren’t passionate about. You need to see if you are missing something to find a niche product. After creating the better content for the product now you have to check for what people are searching for.
If nobody wants your product then there is not a 100% guarantee of the business’s success. It is possible with keyword research; the Google Keyword Planner tool provides a great help in this.
A business needs to run a proper keyword search to make your product niche to targeted customers.
You need a proper keyword search tool for finding the perfect marketing niche. you are required to pay attention to search engine optimization to help you find a better niche. For instance, a cosmetic lover who loves vegan as well searches for vegan cosmetics, vegan makeup. Dog owners search for dog food.
4. Check Out The Competition
You have done proper keyword research but right now what if your competitor is following the same niche, it will not turn out to be that beneficial. It is essential to check out the rivalry before selecting a niche. Suppose you are an environmentalist and you want people to use more eco-friendly products that do not cause any damage to the environment. You’ll get fascinated set of data that is linked to organic to paid traffic. When you check organic search-related results you will see your competitors in the game.
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Two Methods To Find Customers for Your Niche
After finding the proper keyword now you are required to make sure who your customers are. You need to find a platform where most people talk about their interests. Here we have listed two approaches helpful in finding customers for your niche.
1. Find Social Media Groups That Have Similar Interests
74% of individuals go to their social networks when looking for a purchase, according to a 2014 Ogilivy Cannes study.
Social sites provide a great platform to find the audience for small businesses. An uncountable number of businesses are running on social platforms with the least information on how they should work. You cannot search ‘my customer’ on the social platform, you need to have a proper marketing campaign to find who are your target customers. For this, you are required to be clear about some segment information such as;
- What age group individuals you are hoping to buy your product? for instance hair care varieties for new-born.
- Which gender you are targeting? you are providing products for both males and females.
- What income groups you are targeting? A particular class of people who can spend on luxurious products or affordable products.
- What values and beliefs are common in your specific target customers?
There are several social sites, you can’t be active on all of them even for your customers. Your essential work is to check social sites used by potential customers. For this, you can check research as per the reports we are providing you some details.
- After Facebook, YouTube is the most used online social platform with 2.3 billion users worldwide as of 2021.
- Females use Facebook, Instagram, and Pinterest more than any male. YouTube, LinkedIn, Twitter, WhatsApp, and Reddit are used by more males than females.
- Reddit listed an 18 percent boost this year, as opposite to 2019, 11 percent.
- 95 % of the persons elderly aged 18 to 29 say they use YouTube, while 91 % of people aged from 30 to 49 say they use the video streaming platform.
Reddit is a growing platform that provides a strong customer base for your product. Reddit obtains approximately 1.5 billion audiences every month, as per the reports of Similarweb. Before joining the subreddit group, it is cleverly recommended to check the rules and guidelines as they are against self-promotion.
There are several small social media sites available that will provide benefits to your business, you can check it on advanced search operators in Google.
2. Search For Shared Interest Within Groups & Forums
Group, where people share a common interest, is an effective way of locating potential customers for your niche eCommerce business. Your business will surely get a loyal and active member base with this method. A few email connections with the intermediator about your product is a better way of getting interaction.
You should not be only about promotional for your product while interacting with people of the group. Your website will get traffic when you influence a particular group about your product. More audience will increase the potential customer buying the particular product that completes their need from your site.
In a nutshell, the ecommerce niche describes your business. The eCommerce niche will help marketers zero in on something and earn profit from that distinct class of segment. It helps businesses by focusing on one particular section by completing their needs that are overlooked by competitors, this will let businesses stand out from the competition.
What are you waiting for now? Start looking for top keywords that set the unique needs of the customer. Running a successful eCommerce business with a niche is only possible if the seller is passionate and cares about what they are selling to customers. It should be related to something you have always wanted to do then only you will be able to target your potential customers after finding them on social site or in a group.
Also, if you have found an ecommerce niche then we can help you in developing an ecommerce website. We have a great ecommerce development team which has expertise and skills to create robust and scalable ecommerce solution.