An online store can help you make some cash on the side, or it can be the start of a great new business venture. Either way, to make the most of your online store, you’ll need to put some research in at the beginning to make sure that you are supplying a product that will sell! If you’re still looking for a website builder, make sure you do your research and choose one like Go Sitebuilder that doesn’t have any hidden fees for selling products online.
What is a niche?
Choosing a niche can mean several things, but the aim remains the same; providing a product or service that is different from others. Choosing a niche in general means deciding on the area you want to specialise in; that is, instead of DIY products in general, choosing kitchen DIY products, or painting products. This comes down to the old adage of being a jack of all trades and a master of none; if you specialise in an area, then people are more likely to trust you and your knowledge than if you sold many different products.
This concept applies to a niche product – where you choose a specific type of product to specialise in (think leather shoes rather than all shoes) and to a niche market. A niche market is when you design a product for a specific market and then focus your marketing efforts on that small community.
Why do I need a niche for my online store?
If you don’t choose a niche then you’re setting yourself up to disappear among the thousands of other online stores that are selling the same things as you. In 2020, competition is fierce in the ecommerce industry, product markets are saturated and consumers are becoming more and more demanding in terms of the convenience and speed of service.
Choosing a niche product means that you won’t be in direct competition with huge competitors, who will be able to provide a faster, more convenient service. Because of their infinitely larger resources, this is not a competition you will be able to win. If you have a niche, however, you are more likely to appear higher up on a search engine results page when a user is looking for a specific product. More clicks – more revenue!
How to choose a niche product
Many niche products are unique, handmade products that cannot be replicated, so if you make jewellery or ceramics then this is a good area to move into. You’ll still need to focus on a niche though – in handmade industries it’s a good idea to focus on your brand to help you with this. Is your jewellery made with precious stones from a certain area? Do you have a certain glazing technique that makes your ceramics stand out? This is what you’ll have to rely on to set you apart from others.
Other niche products are designed due to personal experience. Is there a gap in the market that you think needs to be filled? For example, Hatch is a clothing brand that was created by a mother who was looking for dressy maternity wear for events such as weddings and parties, but couldn’t find anything she liked. This company focuses on two niches; maternity wear and formal wear, making it a great example of a niche product.
How to choose a niche market
A niche market, on the other hand, focuses on the consumer rather than the product itself. This makes your marketing easier, but also gives you more freedom in the items that you want to stock and sell. A niche market can be defined by its own unique needs, identity or preferences in comparison to consumers in general.
A good example of this is conscious buyers. These are people who want to make less of an impact on the environment by reducing their waste and plastic use, and are looking for more sustainable solutions. Once you’ve decided on a niche market, it can help you decide on other things that are important for your ecommerce strategy.
For example, how much would you charge for your products and how old are your audience likely to be? People are more likely to spend more on sustainable goods rather than traditional ones, and Gen Z and millennials are more eco-conscious than baby boomers. Once you’ve decided on a niche market, everything slots into place.
Other considerations when choosing a niche
Make sure you carry out research when deciding on your niche; you don’t want to spend ages elaborating your ecommerce plan and then find out someone has already had the same idea! It’s also a good idea when you’re starting out to choose a product that will have high profit margins, as otherwise you might not make any profit at all after subtracting your time, website builder costs, delivery fees and potential return fees.
There are lots of things to think about when choosing a niche for your ecommerce business, so why not have one less thing to worry about? Choose Go Sitebuilder as your website builder; we’re one of the cheapest website builders with a free integrated ecommerce platform, and no limits on the number of products you can sell. Try our 14-day free trial today to see how quick and easy it is to get your website up and running.