Many are drawn into the idea of venturing into a niche that they personally like. Although it can pay off knowing about the niche as you enjoy it, there are many factors that you need to consider. Here are our tips to choosing the right one.
Make sure there is a customer demand for it all year round. For example In 2017 Fidget Spinners peaked in popularity overnight, however the want for the product quite quickly fizzled out within months. Searching on google trends to see how often that it gets searched for will give you an insight on if its going to generate income all year round.
Is the niche you are look into high end or ow end? Finding out the price range for the products being sold will help carve what the profit margins will be. You can look at potential competitors to see what products they sell and how much they sell them for. You can you Store Search to gain access to competitor analysis data.
Make sure you check out the suppliers information and reviews and be sure you can work along side this supplier. When using Winning or Promising products you can see all of the suppliers information including their delivery packages and services they use.
Having passion for the niche allows you to be able to keep learning about learning about the market space effortlessly. It is also important to know that you can stick to it long term.
Having your products all in one rhythm and not all different is the key to not only the store but also for your branding when doing organic promotions on social media platforms. Read our Top 4 Branding Tips as well at The Importance Of Branding here.
Tuesday 30th June, 2020