Ecommerce Niches – Can Overlooked Product Opportunities Increase Revenue
The two sites which dominate the e-commerce landscape in most of the major countries across the globe are Amazon.com and eBay. A study recently found Amazon gets around 2 billion visits a month while the later, about 1 billion visits. But there are a lot of firms contending for the buyers’ hard spent dollar. Some recent tweaks to Google’s algorithm have resulted in a steady rise of traffic and keyword counts on these two websites. The big guys continue to a massive competitor push the little guys out of the search results. With the mobile-first world.
These e-commerce giants are even more competitive to maximize their ad revenue through ignited virtual presence. So, if you desire to start an e-commerce business, what do you require to do? What can you do that won't get mislaid amidst the big players and the smaller players that have been around for decades?
The solution? Enter the niche market. Ecommerce entrepreneurs face many trials, especially when it comes to building your customer base and attracting new possible buyers. But, the top niche e-commerce stores have found nooks and crannies to fit in where they can draw loyal customers to their store, without blowing a ton on advert. If you have a particular product that can be served to a niche, now may be the time to push it.
What is an eCommerce Niche?
An e-commerce niche is a distinct share within any given market and usually an area that is neglected by other businesses. Examples of such slots can be handmade items, pet food, trendy t-shirts, eco-friendly products, organic beauty products, gadgets, or other trending commodities. By zeroing down how you resemble at a market, you can find areas and sections that haven't been penetrated.
When you find these niches you can create a business that has a strong chance of succeeding — you aren't fundamentally going to be going up against the big boys, and you can ascertain and profit from the areas that others have neglected.
Benefits and Advantages of Finding a Niche For Your Online Business
So what are the advantages of discovering a niche that others haven't capitalized as of yet? As with any market, you need to do your due persistence and make sure that you are conforming to be able to make profit from it.
Here goes some of the best reasons to begin selling in a niche market.
- Lower costs of advertising – Since you have less amount of consumers that would be interested in your product, you don't need to invest a lot in the leading advertising channels. Experts always recommend that you start with Google Adwords; however, you may find some other paid advertising possibilities depending on what niche product you are selling. Both Facebook and Pinterest are excellent alternatives and (depending on the service/product), you won't have to spend a lot of bucks to achieve a high ROI.
- Attract a more dedicated customer base – Anything from vegan items to leather backpacks has faithful customer bases, particularly since they're niche. It's usually seen that the more specific and niche a company/product is, the more loyal consumers will be to purchasing from them exclusively. Additionally, talking from a marketing perspective, you can quickly partner with influencers who agree on the niche you are focusing on. This helps get traffic to your e-commerce store while scoring authenticity and reliability to the specific product you are selling.
- Stand out in your category – Niche products, as it means, are specific and is usually different than most standard products within a group. Not only will your latent customers know this when they come across it — they are more likely to advise others about your product and services. Being unique and standing out can impact through the old fashioned word-of-mouth advertisement. Also, customers sharing your products on social media platforms is a reliable way to make your mark in the market.
- Be part of successful trends – Trends rise and drop, but some can take on into the mainstream. If your niche product conforms along with the wave of a trend, it could entice a lot of potential buyers. It is imperative to make positive that your niche product is part of a drift that has an upward trajectory.
- Higher-priced inventory – Niche products or services aren't ordinarily mass-produced; hence, they tend to be costlier and limited. This means that your business can seem to be a higher-cost option for some buyers. People are willing to pay that little extra for products that aren't easily found. The price belongs to the exclusivity. However, you have to assure they are receiving a high-quality e-commerce product
Strategies to find your niche
So, how would you go about discovering your niche product or service? You don't want to find yourself gazing at a brick wall; you need to have some strategies up your sleeve so that you can get lighted quickly.
- Follow the current trends – You can notice fads anywhere or check out Google Trends to see what customers are searching the most. In addition to Google Trends, tools like Semrush and Sistrix provide ways to find out niche opportunities. Coupled with Google Trends data, this can give you some compelling data to act on.
- Find a need – There are a few causes somebody would buy a niche product. They either can't get it near to them, or the popular alternatives aren't good enough. Selling products in a region where there is scarcer competition can be the answer to success for your small business. It is known to all that the necessity is the mother of invention and it couldn't be more specific than it is here.
- Look at things you're enthusiastic about – It's hard to run any sales or business on something you don't care about much. So, find out what are the things in your life that may be needing a niche product. Being intense about a particular product or service gives you exclusivity. Also, it arms you with the understanding that your competitors (if there are even any at all) might not have. It allows you to develop better and organic content around the products and also better longtail exclusive content for blog posts and the others that Google likes to see on a site.
- Understand what others are searching for – One of the essential parts of any digital campaign is keyword research. So, it can help out the same. For instance, if others are searching ‘dog food without meat' or ‘vegan dog food', you can rest assured that the competition on that keyword is going to be less. This means, there is a chance these customers are not getting their needs fulfilled. While the Google Keyword Planner tool can certainley be useful, you will need an Adwords account to get the most reliable data. But don't worry, there are alternatives. Keyword Keg, for instance, is an excellent option for this kind of research and provides further data that you do not get in Keyword Planner. One particularly valuable metric is CTR Scope, which indicates how aptly a user clicks on an organic result over a paid result. At the end, considering the search engine optimization (SEO) keyword terms can give you impactful insights about the business which will help you find the right niche to sell in.
Starting from Scratch
Many eCommerce niches businesses grant themselves to dropshipping, from wireless devices to fashion; however, how do you go about setting that up?
- Find the niche need
- Survey the market for your niche
- Find out whether a supplier exists for that need
- Search for niche competitors
- Offer supplier's products on your marketplace or the site
Ecommerce gives entrepreneurs or the forward-thinking merchants a more significant reach to compensate for a smaller marked group. And it brings endless opportunities to train about a new product or service. We, at Anblik, work with many entrepreneurs who make or have designed/ invented a product to innovate traditional categories. If you are looking for a contemporary and top-of-the-class website, reach us.