A good question every Ecommerce Entrepreneur starting a business should ask is where to find ideas for a niche. A niche is a small but profitable segment of a market. Finding your niche market is of huge importance if you want to have higher chances of success and avoid going into the ecommerce blood-bath. The internet is full of useful resources you can use to find a niche market. I have complied a list of some:
- This is a great tool to explore what people are looking for worldwide. If there is a good demand for some product, and the supply is not adequate you may consider targeting that niche. There are many different ways to use Google Trends such as trending topics by geography or shopping trends.
- Came across a cool ecommerce store? You may find it useful to look at the stats of businesses who supply similar products. This website is a great tool for traffic comparison also.
- One of the best platforms for stats and research. If you want to research the retail of some sort of goods, this is a good place to start. You can get immediate access to 1,000,000 statistics, insights and trends from 170 industries.
- Amazon implement lots of functions to make it a great ecommerce marketplace. But those functions aren’t just for their use only. You can take advantage of them like the recommendations or related products section. Browse through products of your interest and check out related products. Also look at sub-categories for smaller segments. Given the market share of Amazon, it is worth seeing what is sold on their platform.
- You’ve likely heard of Alibaba. They are one of the biggest ecommerce companies in the world, up there with Amazon and eBay. Alibaba connects consumers all over the world with wholesalers and manufacturers from Asia. With hundreds of thousands of products, there’s not much you can’t find on Alibaba.
Finding a niche will most probably take some time in research, but it really is the best option if you want to start a successful online business focusing on product sales.