A niche market is simply a ‘specific’ group in a larger market. Niche market products are unique, personified, or tailored to differentiate themselves from the commonplace market.
Some of the most common ways to define a niche are based on:
Find the niche strategies that match your company!
To sell in a niche market globally, first of all, you may need to find out if you’re a
global niche player or a discriminator, and later on, which strategies are the best fit for your company?
A global niche player normally targets the same customer profile with the same product or service worldwide. To achieve your goal, you will need to identify and find out the unique selling points (USP) that helps you to stand out in the global market.
To find out what your USP is, you can ask yourself, “Is my product more effective than my competitors’? What is so appealing about my products that makes people switch to my products? What do I offer that others don't?”
Cater to different niches in a variety of different national markets. Their products or services are created for specific needs of each unique group of customers.
If you’re a discriminator, finding the right profitable group of customers is essential. Do lots of research, communicate with people outside of your social circle and observe specific market trends.
Let’s explore the six large markets! Determine each different type of niche markets and the perfect product opportunities available.
The rise of conscious consumers also means more and more people will be getting interested in buying sustainable products due to the change in their consumption habits. If you’re looking for a niche market for conscious consumers, you may turn your attention to marketing:
2.
Health and wellness industry
According to the research, the global health and wellness market reached a value of $3.31 trillion in 2020. Health has been a concern for people around the world, people always looking for the right product especially during the pandemic.
Examples of sub-niche markets in the health and wellness industry include:
3. Pet Owners
The increasing number of pet owners and the emergence of new pets translates to more markets for the pet industry.
More niche product ideas for pet owners
4.
The LGBTQ+ Community
The LGBTQ+ community has a massive spending power. Research shows that the estimated purchasing power per LGBT Capital is upward of $3.7 trillion globally.
Niche product ideas for the LGBTQ+ community
5. Gamers
The gaming industry alone is expected to surpass $180 billion dollars in revenue in 2021. The term “gamers” covers all forms, from PC gamers to mobile gamers, console gamers, and tabletop gamers.
Niche product ideas for gamers
6. Homeware & Remote Worker
Remote working, work from home has become widely accepted by most of the company and employees during the pandemic. Home products such as furniture and home decor accessories have been in high demand in the global market.
More niche product ideas for homeowners
Once you find your niche market, you need to have a befitting platform to reach buyers all over the world. Alibaba.com is an international platform that offers you access to millions of international buyers, so that you can sell to millions consumers and retailers all over the world.
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