Are you really excited about the upcoming Festive season for your E-commerce Business ??
– Oh Yes !!
But wait…. have you decided about the major niche markets which are going to be the central focus of this Festive season?
Then you are absolutely in the right place. Here I will disclose 7- Top Niche markets which are going to trend on this festive season.
Till far in my earlier blogs, we have discussed the prevalent holidays which can play a constructive role in expanding your e-commerce business.
Now, here the point is what are those top niche markets or top trending products, investing on whom may reap us unbounded profit.
So, just stick your eyes upon & move on with me in exploring this exhilarating ride.
NICHE MARKET- “An Ultimate Concept For Boosting Your Sales”
‘Niche’ means special & ‘Market’ means a place where commercial dealings are conducted.
So in simple words, Niche Market implies that Specialized sub-segment of the market which is focused upon purchasing a specific product.
Apart from this, Products of Niche market should be fully inclined towards the needs & desires of the customers within the market segment. It should match the demographic status of the customers & should be readily available to them at a reasonable price.
Today, the best way of differentiating from your competitors & reassuring the long-term growth of your business is to target the niche audience. They have their specific choices & preferences in their purchase habits.
The best & the finest example of Niche marketing is KFC.
Although many restaurants are there who have included chicken in their menu box for their customers, still whenever your heart desires for the taste of Fried chicken…. your first priority is KFC.
Why this is so ??….. Because you know very well that no food chain can compete with KFC’s Recipe of fried chicken.
This is what I was making you understand niche marketing.
Try to navigate through those specific choices of your customers, involve a touch of emotional content in your products, don’t go for those products which can be purchased by everyone, select a subset of customers for your specialized products & put all your efforts in making its best promotion in this festive holiday sales season.
Pros Of Targeting A Niche Market
Now, so if you have connected with my idea of niche marketing, you might be thinking about its benefits, why to use this concept, what best advantages my business can avail from this etc…
Before Going with the main Topic, Let me take you a step forward towards the Pros of targeting any Niche market.
1. Increased Sales Revenues
Targeting a Niche market automatically increases your chance of earning more sales revenues. When you hold a unique specialty in your product, shoppers who continuously hunt for that specialty immediately chooses you & this increases chances of earning more revenues.
2. Less competition
There is a large number of business who are mainly indulged in selling general items while only selective companies are well known for their niche products.
At this point only, Niche market proves to be an asset for the company as the number of competition is quite low in this field & this tremendously increases the chances of gaining a large market share. Large market share helps them to have the competitive advantage over their rivals.
Having a Niche company escapes you from price variations & you can easily provide the best affordable services to your customers.
3. Increased Referrals
Remember! customers of Niche market has a unique chain of their friends & colleagues who are interested in the same product. This brings an element of promotion for your products & services. If we take the example of a professional makeup artist, we see that if any customer gets satisfied with her services, she immediately refers the same to her friends & colleagues.
This gives an automatic referral to your specialized services but all of this depends upon how effectively you serve your customers. More they are satisfied, more will be the chances of your promotion.
4. Better Relationship with Customers
The Essence of a perfect Niche market is to focus on the selective number of customers. This gives you a great opportunity to show a personalized connection with your customers.
You should keep on hunting the best efficient way to enhance your Brand quality in the eyes of the selective base of your customers. Customize your refund exchange services & engage your customers with your brand to such a level that they need not search for any substitute.
5. Brand Loyalty
As soon as you reach up to a level of winning your customers trust towards your brand, You start gaining loyal customers.
Brand loyalty refers to the formation of a sense of credibility regarding your products & services with your customers. Start conducting amazing loyalty programs for your special customers on this festive season. It will surely lead you to a path of becoming a Niche market leader of your specialized product.
6. Long-term Existence
Every business follows the principle of going concern concept. It simply means reassuring long-term existence of your business for an indefinite period of time.
When it comes to any Niche market, you have to move very wisely because here your target audience is short & if you are successful in meeting their needs & desires then only you can survive for a longer period of time.
7 Top Slanting Niche Markets / Products For This Festive Season!
“ Your Niche will find you once you’re out there doing and creating “
It might have happened with you during your school times that there is always one particular topic in your subject in which no one can beat you or in case of sports team there is always one person who is meant for his expertise functionality in your team.
This is what you have to adopt during this festive season. Go with that Niche Market which has a huge demand for your customers needs so that you don’t have to lack behind in this competition.
So there you go….
1. Cosmetics & Beauty Industry
During the time of festivity, everyone wants to look attractive & beautiful especially females. In a recent survey of year 2017, this industry has shown approx 2.5 billion earnings in the festive season. So, make this sector as one of your niche markets.
Do complete research regarding the trending beauty products, cosmetics, deodorants, grooming kits which seem to be fascinating to your customers. Give special discounts to your customers for your special services. From festive seasons to upcoming wedding seasons book the seat of your online beauty products in your customers choice.
2. Clothing Accessories Market
Clothing & Accessories industry is such a niche market whose demand is endless. Income of this industry adds up to US $41,386 in 2018. The market is relied upon to develop every year by 2.0% (statista.com) . If we see e-commerce trends then this industry has proven to be in the hit list of your customers. Different type of clothing has a huge demand like designers suiting, western, formals, occasional etc.
At the point of pricing, e-commerce companies go for reasonable pricing policy as compare to that of brick & Mortar. So, you can also choose this sector as one of your niches.
3. Food & Beverages / Sweet Supplies
Every festival is tasteless without delicious food & sweets. Yes, this is the most profitable niche market which covers a huge earning share. As per the survey of UK markets about the perception of people towards receiving & giving food & drink gifts, 27% preferred drinks over other gifts (statista.com). So, offer your customers with effervescent drinks, food packs, sweets, organic foods, sugar-free foods etc. Make them happy with special family celebration packs & delivering facilities so that they could send it to their distant relatives & friends.
4. Home Furnishings / Interior Decorations
As the festivity season hits the market, home furnishing & interior designing industry also come into the limelight of many customers. There is a number of companies who are running their business in providing a special type of interior decorations, flooring, lovely vintage home-wares, room modular etc. Black Friday, Boxing Day are some of the special days when there is huge demand of home furnishings to make their houses appealing to their guests.
If you are targeting this industry, make sure that you provide the best home decoration solutions to your customers. Select a particular niche market of this industry & do your best in that.
5. Electronics industry
Electronic industry has wide niches which make this industry one of the most tempting niche market at a Global level. During holiday sales, this industry has increased sales revenue by 8.5% compared to the previous year (statista.com)
Audio, DVDs, Fax, Multimedia, graphics, Music decks are some of the niches which have a special earning during festive seasons. If we see recent trends then we will find, that Samsung has come out as the greatest market leader in his industry of graphics memory. In the coming years also this industry is going to cover a large market share.
6. Gifts Cards
This is again the most trending niche market for any e-commerce industry. Today, consumers are mainly interested in digital gift cards. Every gift card carries with it a special niche whether it any date, birthdays, new year, Christmas etc. The Concept of e-gift vouchers is proving to be very interesting to the customers.
Even businessmen & Corporate are also choosing this idea for enriching their customers. The financial year of the United Kingdom shows an earning from Gift Card industry around 398.2 million.
The Automobile industry is also one of the profitable niche markets of this festive season. If you are looking for any special area in the car industry then this sector has many segmentation’s. Car dealership, automobile repairs, Diesel cars, Car services etc
During the festive season, the demand of these industries increases. In 2017 income of this industry in the United States is anticipated to achieve 8.2 billion U.S. dollars.
Also, have a look over 5 trending niche to boost your sales after festive season.
How to Predict Out Best Niche Markets?
The above Niche markets which I have told you are the heart core of this festive season, still, if you have any confusion regarding what to choose as your niche product or want to check the reliability of your selected product you can follow these guidelines….
- Use Google trends to predict out the trending sales of the year. This tool is absolutely free & you can make the best use of judging the feasibility of your product & services. Ex- iPhone 6 & iPhone X were the most comparing consumer tech products in the year 2017
- Go through different blogs & publications like Trend Hunter, Trend watching to get the best advice regarding the most trending niche products.
- Make an extensive use of online market research through biggest e-commerce sale giants i.e Amazon, eBay, Alibaba & find out which product is gaining more customer attraction.
- Check out the feedbacks of customers on different products on social media like Facebook, Twitter, Instagram. See which product has got more ratings & then take your call.
A Quick Look over- Online products fulfillment Options
Do you know?
– 75% of customers make repeat purchases if they get the best delivery services & that too at reasonable cost
– 38% of customers never purchase from that retailer whose products came out with faults.
– 52% of customers always prefer speedy delivery services.
On the basis of the above survey, let’s explore out the best fulfillment options for the delivery of your niche market products & services.
1. Self- serving Option
The first & foremost option for online delivery of your niche market products is self- fulfillment option. If you want complete control of your shipping process at lower costs, then nothing is good than your own services.
But for this, you should have a good warehouse to maintain the storage of your stocks & resources. Since order fulfillment is the great responsibility & this the only way of impressing your customers with fast & well- equipped delivery services if you have an ample amount of resources.
2. Outsourcing services
The second option apart from self- fulfillment is outsourcing the services of delivery of your niche market products to your customers. Since, if you don’t have enough time for storing your Products & willing to focus on other productive objectives, then nothing is more best then outsourcing services.
There are many companies who work in this field only. They store your products in their warehouse on your behalf & fulfill all the responsibility of packaging & shipping of your products & charge a reasonable amount for their services. This not only saves your time but also help you to focus on other things.
3. Drop shipping
Drop shipping is another order fulfillment option which is mainly between the manufacturer of your products & your customers.
In this case, whenever your niche market customer places any order you directly send all details of it to your manufacturer & he along with manufacturing your product makes its proper delivery to your respective customer. Here, the best advantage is that you don’t have to keep extra stocks with you & whenever your customer makes an order then only you go for its manufacturing.
4. Integrated Services
Integrated services include the combination of either self-fulfillment option & outsourcing for low margin, high volume products or drop shipping & self-fulfillment option for high margin products. Combination of all 3 will surely give you outstanding results.
So, just use the combination of all 3 for effective delivery of your niche market products & services.
So in this series, I have covered all the 7 top niche markets which you have to focus upon during this festive season. Make complete research of these market & choose your best delivery services & start implementing your strategy for flourishing your sales during this festive season. In case if you have any doubts or questions, please feel free to ask.