How To Find Your Niche?

 

When you start a new online business, you first determine which niche you want to operate in A niche is segment of a larger market that can be defined by its own needs, preferences, or identity that make it different from the market at larrge,

 

For example, within the market of eye-glasses are quite a number of different niches, such as reading glasses, sunglasses, blue light blocking glasses, etc., Literally every market can be further refined by particular needs and preferences by its segments. Some of the common criteria to define a niche

 

  • Price (e,g, luxury, moderate, discount)

  • Demographics (e,g, gender, age, income, education)

  • Quality (e,g, premium, hand-made)

  • Psychographics (e,g. values, interests, attitudes)

  • Geographics (e.g. continent, country, city, neighborhood)

 

The choice to focus on a niche is an important strategic business decision to be made.

 

Let’s look at some examples of niche markets.

 

Eight examples of niche markets

 

You might already have a product you want to sell in your mind. However, you can dramatically increase your odds of success by starting your process by first choosing your niche, and then from within that niche, drill down further to find your suitable product.

 

Conscious Consumers

 

Sustainability has become an important consideration of consumers. According to a survey, about half of the U.S. consumers say they would “definitely” or “probably change” their consumer habits to reduce their impact on the

environment. 

 

The rise of the conscious consumer has paved the way for vegan, eco—friendly ,and cruelty free variations of conventional product

 

In case there is a product that is frequetly purchased by the msss market, there is likely a niche of conscious consumers that will embrace a greener alternative.

 

In the past, companies looking to appeal to this niche market might donate  a portion  of the proceeds to a cause, but now most of the consumers care about how the products are sourced and produced as well.

 

Some additional niche product ideas for conscious consumers are:

 

  • Reusable drinking straws

  • Cruelty-free cosmetics

  • Vegan friendly apparel

 

Pet Owners

 

Total spend of the pet industry in the U.S. alone is an estimated $ 76billion in 2019. This market offers a lot of opportunities to carve out and develop a niche, across different types of pets, llfes5tles, etc,.While most pet owners have dogs, cats or fish, there are alsio unique pets, such as horses, lizards, turtles, end even chicken, each with their own potential opportunities.

 

Additional niche product ideas for pet owners:

 

  • Pet camera to watch and interact ith pets while you’re not at home

  • GPS pet trackers

  • Personalized products with pet photos

  • Organic pet food and treats

  • Pet accessories and clothing

 

 

The LGBTQ Community

 

The LGBTQ community is huge, and these consumers have unique shopping habits. Per Nielsen, they go shopping 10% more than the average American consumer – and they’re also willing to spend 7% more.

 

Brands who make authentic connections with this market are in the best position to serve the niche. Just ask TomboyX, an underwear brand that started in this market..Originally a T-shirt brand, co-founder Fran Dunaway saw the opportunity to home I on a specific consumer group’s needs to sell underwear “for any body”

 

 

 

 

 

More niche product ideas for the LGBTQ community:

 

  • Makeup specially designed for certain skin types

  • Pride-inspired designs

  • Clothing made for certain body types

 

Travelers

 

Online sales in the travel industry increased by more than 10% in 2018, amounting to 994.41 billion spent. coupled with the declining cost of air travel over the last three decades, a more mobile customer means tons of niche audiences to tap into, from the frequent business traveler to the remote worker struck with wanderlust..

 

Even tbe way consumers approach traveling is evolving. In fact, travelers are becoming more environmentally conscious. According to Booking.com more than 50% seek sustainable options, but have difficulties finding them.

 

The gao represents a massive opportunity for brands to step up to the plate and support eco-friendly initiatives through sustainable products. And travelers are seeking more than just green options. They also look for authentic local experiences, convenience, and long-term trips.

 

CNN reports that by 2020, nearly half the U.K. and U.S. woirkfoirce will be freelance, and at least 40% more children were home schooled in 3017, compared to 2014.This opens the door to longer, more immersive trips, especially for remote workers, who lever their flexible careers to see the world.

 

Nomatic is a brand geared towards travelers, but especially digital nomads prioritize functionality. You can see this audience focus represented across their entire business, from their product to their copywriting.

 

More niche product ideas for avid travelers:

 

  • Smartphone accessories for traveling content creators

  • Practical and comfortable athlesisure for frequent flyers

  • Scratch map for people, who love collecting travel experiences

 

Gamers

 

Gamers is a’ catch-all terrm’ that contains a variety of subsets: mobile gamers, PC game sconsole gamers, table--op gamers – the list  goes on. There are more than 2.3 billion active gamers across the globe, and nearly hsalf spend money on their hobby, amounting to an industry wortth $137.9 billion in 2018.

 

Shazim Mohammad launched his online store, Glorious PC Gaming Race, with products specially aimed at PC gamers. It’s become a 7-figure business that basically tuna on auto-pilot.

 

 

 

Mobile gaming, in particular, is taking over, accounting for 91% of the market. Plus, more female atr entering the market than ever before. A trend, which doesn’t sopw any signs of slowing down.

 

Within this category, you can also niche down based on popular games like first -person shooters),or consoles, (like the Nintendo Switch).

 

More niche product ideas for gamers:

  • ergonomic products for long gaming sessions (controllers, blue light blocking glasses)

  • Decals to personalize consoles, controllers, etc.

  • T-shirts referencing aspects of gamer culture

  • Accessories for mobile gamers

 

 

Homeowners

 

Home ownership is changing. What used to be the norm is no longer the case, and the percentage of U.S. concumers, who also own homes is decreasing. There are many reasons for this, such as the rise of cost of living and salaries that can’t keep up.

 

 

 

As such, not only is home ownership on the decline, but the definition of being a homeowner is also changing  Homes ae increasingly being turned into investment properties or shared places, which generate additional passive income, thanks to the advent of home sharing via Airbnb and VRBO.

 

This paved the way for August to launch its own keylessn entry and home security products for homeowners. One of he main features is guest access, allowing hosts to grant access to renters specified time pe4iods.

 

More niche product ideas for homeowners:

  • Home security cameras (in-home, doorbell, smart home devices)

  • Furniture/home décor for small apartments

  • Home solutions for renters  no-drill blinds)

 

Remote Workers

 

the rise of remote workers is largely thanks to two influences: more self-employed contractors and more companies open to the idea of dispersed teams.

 

There are many rqasons for this. For one, allowing employees to work remotely increases job satisfaction and productivity. These workers are also  more engaged and two-times more likely to work more than 40 hours per week. And those who go the self-employed route are typically seeking more freedom and a better llife harmony.

 

Freelancer At Work is an example of a company serving this nivhe ma4rket of freelancers with products that can help attract potential clients. They sell laptop decals that advertise what you do whenever you choose to work

Keeping theses remote workers’ motivations and lifestyles in mind can help identify product ideas to help them and the companies that employ them to achieve their goals.

 

More niche product ideas for remote workers:

  • Desk toys/decorations

  • Dcfor for home office

  • Laptop accessories for people,  who like coffee shop work sessions

 

 

Locals

 

Even the world’s biggest brands are adopting local marketing approaches through targeted campaigns, and rightfully so. ^they’re coimpeting with a consumer driven movement to support local businesses.

 

But if your5e only selling online, it can be difficult to establish a local presence. Luckily, there are ways for ecommerce sellers to get in on the movement by looking at their city as a niche market.

 

Apparel company Peace Collective, for example, was launched in Toronto and around Toronto pride. The brand has expanded to appeal to Canadians nationwide and to fans of various NBA teams.

 

More niche products ideas for locals:

 

  • T-shirts with slogans specific to a culture or city

  • Prints/photobooks of a certain citycape

 

 

How to find your own niche markets in 2020?

 

For both new and established ecommerce entrepreneurs looking for a niche and product to sell, you’ll first need to establish an overview of the larger markets and drill down from there. Your niche will be a subset of that market and will help define everything from:

 

  • the product features you aim at your markets needs

  • the price range for your products

  • Production quality

  • Your positioning/branding

  • Your marketing strategy

 

Havng a niche gives yout online business a competitive edge from the getto. If you try to launch your online store in a crowded product category or market, you’re going to face a tough uphill battle against the established competition, but by doubling down on a specific part of the market.

 

Although there is no single way to choose a niche, there are many methods you can employ. From smple Google searches to building a mind map to using keyword research to help uncover great niches, there are many ways to build a list of possible niches and find product ideas.

 

Start with Google searches

 

The best place to start brainstorming niche ideas is ro understand what other online retailers are selling in a product category or to a certain audience. Starting your niche selection with simple Google seaerches is a greatt way to get the lay of the land. Let’s see “cruelty free make up” as a starting point, from there, we’re able to find a goldmine of potential angles and holes to go. down from “vegan skincare’ to “not tested on anmals”.

Article credit: Shopify

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