Online shopping is the new normal, and for the same reasons, ecommerce is on everyone’s head.
While shopping online or working on the weekends, we are sure that you thought at least once about starting your business. And, opening an online store can actually meet your demands and fulfill your goals once done rightly.
The best thing about starting an online business is that it is online. You need not open a store, make a lot of investment in flooding with various inventory, and sit idly for days. Count it as a source of additional income or a business that you can start part-time. You can start a business and your existing job, and you can diversify your income source. It sounds amazing! Isn’t it?
We can now see those seeds of online selling germinating within your head, which makes it the right time for you to decide your business niche.
- Market Research: The first and foremost task in front of you is selecting products and product categories. You may have hundreds and thousands of ideas, but it may not come that easy. Market research is an integral part of starting any business, as it gives you a clear picture of products that are actually ruling in the market. The more you analyze, the longer will be the list of potential products, and better competitor analysis can lead to the conclusion about the number of businesses already dealing with the same products. The more you dive into detail, the easier it will be for you to create a breakup of product categories and products that can generate better ROI.
- Micro-niche vs. Macro-niche: Unlike conventional methods of selling, ecommerce gives you greater exposure to the market. Your potential audience is diverse and distributed across the globe, and you can count on all of them if you have a really sound marketing budget! We know it sounds more like conditions apply, and that’s why it is important to decide whether to think about Micro-niche or Macro-niche.
Well, it’s a common perception that the wider will be the business, the better it is; but believe me, it’s not! When you count on Macro-niche, you have a lot of things to concentrate on. Whereas, the selection of Micro-niche may reduce your target audience but gives you access to a more specific and right type of audience. Let’s say you think about opening a fashion store, you have a huge count of products and need a diverse approach. However, if you count on apparels store, your niche will get confined, and now you can experiment more and go for detail in this sector.
- Personalization to look beyond category: You have decided the product category, and it’s good that you are selling the products which more likely sell in the market, but don’t confine yourself. People are looking for personalized products, and you can actually walk ahead of your competitors by offering personalized solutions to your target audience. Gain an understanding of user demographics and think about creative ideas and innovative approaches that you can try to improve your products. Look beyond the product category and come with your latest & unique marketing mix.
- Target problems: Even if your products are not so common, there will be at least 10 other businesses selling similar products in the market. While deciding the business niche and product category, try to understand the pain points of customers, and make a list of problems in the market that you are trying to solve. You can fix puzzle pieces and work on deciding the USP of your business only when you know exactly what you are trying to address. With a handy solution, you can take your business on the ride more smoothly.
- Walk with trends: Even if you know your target industry and customer demographics in a much better way, you may leave a loophole if not walk with trends. Explore social media, Google trends, and keep an eye on influencer’s account to keep yourself updated about the latest trends and new models of products actually leading the market. You can compare the leading products across the country based on distinct demographics and keep the comparison dynamics to evaluate the useful products. You can widen your business reach with trendy products.
- Stipulate your USP: It’s important, it’s really very important to emphasize the USP of your business! You strengthen your selling proposition by telling how you stand ahead of your competitors. Your business’s uniqueness can be price, varieties, product categories, trendy items, quality, and even your creative ideas. The strongly you deliver your message, the easier it will become your reach in the market.
Once you are done deciding the market niche, fasten your seat-belts, register on Builderfly, and create your store for free to start selling now. For more information, you can write to us at support@builderfly.com.
