HOW TO SUCCEED IN AN ONLINE-BASED E-COMMERCE BUSINESS WITH A NICHE MARKET

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Establishing a successful online based business does not require much effort. You can easily set up a complete online e-commerce business with just a little management. If you have some knowledge about computers, the internet, and online, then this task will become easier for you.

One of the steps in establishing an online business is to create a website. And now there are many affordable and effective website builders in present time. As a result, this task has also become much easier now. Because they make you a website suitable for your business at a very low cost so that you can conduct your business activities beautifully and safely. 

Below are the names of some affordable website builders and their relative amounts,

  • WordPress.com – $4 per month
  • Weebly – $5 per month on the 2-year plan – Best Value!
  • Zyro – $2.61 per month
  • GoDaddy – $6.99 per month
  • 1&1 IONOS – $1 per month for the first 12 months
  • Squarespace – $10.80 per month with discount code WBE
  • Square Online – $12 per month – Best Value!
  • Wix – $18 per month on a 3-year plan
  • Shopify – $21.70 per month on a 3-year plan
  • Big Cartel – $9.99 per month

HOW EASY IS ONLINE BASED E-COMMERCE BUSINESS?

It is definitely possible to build an online based business just by creating a good website and with some skills and knowledge. But it requires a lot of hard work and dedication to sustain it. The main reason for this is the number of your competitors.

“ The lower the barriers to entry, the greater the competition. “

For example, suppose you have an online e-commerce website-based business selling mobiles and accessories. In this case, it can be seen that there are many competitors in your business. Not only this, there will always be numerous competition regarding online-based e-commerce websites. You have to compete with it to survive.

Most likely, you will be a very small fish in a big pond filled with sharks.

How to Survive in online business

So what do you need to do to survive as an online-based e-commerce business?

The answer is, One way to do so is to dive deep into niche markets.

What is a niche market?

A niche market is a subsection of a larger market that can be characterized by its own particular requirements, preferences, or identity, which distinguishes it from the market as a whole.

For instance, there are numerous distinct segments or niches within the market for women’s shoes. Shoes for plus-sized ladies, shoes for nurses, and shoes for vegan women would all fall under the category of niche markets.

Nearly every market can be further refined, or divided, by the specific needs and preferences of its constituents. Some of the most common ways to define a niche are based on:

 

  • Price (luxury, moderate, discount)
  • Demographics (gender, age, income level, education level)
  • Level of quality (premium, handmade, economical)
  • Psychographics (values, interests, attitudes)
  • Geographics (residents of a certain country, city, or even neighborhood)

Choosing to focus on a niche is a strategic business decision to serve a certain customer base better than competitors who target the larger market. Let’s take a look at some examples.

  • Conscious consumers
  • Health and wellness
  • Pet owners
  • The LGBTQ+ community
  • Travelers
  • Gamers
  • Homeowners
  • Remote workers
  • Locals

The market size or your potential customers narrow as you go into the niche markets, but your chances of surviving and even succeeding increase accordingly.

So as the saying goes, “Would you like to be a small fish in a big pond?  Or a big fish in a small pond?”

The latter choice is definitely something to consider.

How could you dive deep into a niche?

With a bit of creativity, you can work the product from a different angle, and “re-work” how the DVDs could be used for.

Here are just some quick examples of how you could potentially narrow your market audience and target them with laser focus:

  • Exercise for the elderly
  • Exercise for those suffering from arthritis
  • A fun way to shed those excess pounds
  • A fun way to improve physical co-ordination
  • A way to increase mental health (yes, it’s a form of exercise!)
  • Natural way to combat depression (it’s almost the same as the previous point, but again, from a different angle)

The list can go on and on.  All of a sudden, instead of “just” selling instructional DVDs, you could be targeting people who suffer from specific problems and are looking for solutions.

Conclusion

Compared to general broad markets, niche markets are far more resilient. You are not required to create novel tools, devices, or ideas.

Your chances of success in the competitive world of e-commerce can be greatly improved by using a little ingenuity and adopting an intriguing angle while “re-working” how to use a product.