As a developing entrepreneur, the first thing you learn about is the importance of choosing the right niche. Entering into the proper market is particularly beneficial in the retail sector, as the simple action of choosing the right products and pinpointing an optimal price point can put your store on the power seller pedestal within a matter of months. In fact, that’s the beauty of retail – once you’ve taken care of product selection and listing, all that’s left to do is sell and fulfill. With that said, to give yourself a head start you should try narrowing your sub-niche search to the following main product categories.
1. Mobile Device Accessories
While something as simple as a smartphone case might seem trivial, small accessories like these never stop selling, they’re cheap to acquire in bulk, and they tend to generate a desirable ROI. If you’re completely oblivious about the mobile accessory game, try taking a look at the Moblivious.com blog for a peek into mobile photography products and news. That’s just one example of a mobile accessory niche just waiting to be entered into. Once you’ve done well selling run of the mill accessories like chargers, decals, cases, and mounts, you could even progress into inventing your own mobile device accessory to go after bigger money like the inventors of the selfie stick.
2. Baby and Toddler Products
The logic behind the never-ending demand for baby and toddler products is simple – every day a new baby is born and every day more babies are becoming toddlers. Therefore, as long as people keep having babies, this niche will continue to thrive. Another factor that makes the baby niche so insanely profitable is the fact that mothers love shopping for their little ones online, so it’s practically a global pastime for moms everywhere, especially those in the millennial age bracket.
3. Custom Clothing
Although you might not have the intention of launching your own clothing line in the beginning, the good news is you don’t even need to own a t-shirt press to start selling custom clothing online. An untold number of entrepreneurs have used the print-on-demand/drop-shipping model to outsource clothing manufacturing while selling the finished products to customers on their website. Plus, with custom clothing there are no branding issues to worry about and you have all the creative freedom to come up with new slogans and fashion ideas.
4. Home Improvement
Here’s another market that simply can’t become saturated because, sooner or later, every homeowner/tenant will spend money to renovate and improve their home in one way or another. There’s also such a wide price range for the products in this niche, from small <$10 hardware pieces to more expensive furniture, fixtures, appliances – you name it. There’s an abundance of sub-niches to choose from within the home improvement and design category, so you should have no problem finding one that has relatively low competition.
Quick Tip for Standing Out
So, let’s say you choose to start out by selling smartphone cases. What can you do to separate yourself from every other seller in your niche? Perhaps the best way to diminish the competition is provide a product that has additional or modified features. If you can’t do that, then try to aim for a lower price point while still matching the features of existing options in the niche.