Niches are smaller markets that mostly are specialized with certain products and targeting particular customers. Niches were brought up due to stiff competition in the market. There exist very many sellers of general commodities in chain stores and or midsized companies, but you cannot have all the resources to battle off with all market groups. A smart entrepreneur will pick up a particular market segment and concentrate on it.
This topic is worth mentioning because it identifies with most business owners. Once you understand the aspect of market segmentation and explicitly narrowing down to a niche, then you will be in a position to make the right decision. Niche knowledge will help you look into other factors in the market like demand, the supply of products, and, ultimately, the customer behavior in that niche. Therefore, are niches the top markets for products in 2020? This article is going to help you get the facts and choosing the best slots in 2020 that suit your product line.
What Are Niches?
They are fundamentally focused markets or a small market segment. A niche market is a subset of the market where particular products are concentrated. The niches help in defining the product features with its main objective being to satisfying specific market demands.
Top Market Niches In 2020
By the year 2020, the total expenditure in the U.S alone for pet industries was estimated at $75 billion. This, therefore, suggest an opportunity to cut out a niche in this market. While the majority of people own pets, there those unique pets, each with unique potential opportunities.
Patricia’s Couture has, for instance, cut out its niche in this vast market as they sell customized pajamas, pillows, and or other products you can plaster your pet’s images on.
Example of more pets niches:
- GPS tracker
With the cost of air travel becoming affordable in the last few decades, online sales in the travel industry have drastically increased. This, therefore, translate to a lot of audiences to tap into this particular niche.
There is an evolution in how consumers are approaching traveling across the globe. Booking.com, an online ticketing platform, says that over half of the travelers seek to have sustainable options that are difficult to get. This, therefore, represent an excellent opportunity to set up eco-friendly sustainable products.
Examples of More Travel Niche Ideas
- Smartphone accessories
- Practical leisure for flyers
- Selling maps to tourists
This is a general term that contains various subsets since games can be played or different devices. By 2020, more than 3 billion active players were cutting across the globe. Nearly half of that figure spent money doing their hobby.
There are online stores dedicated to providing gaming experience for both pc gamers and mobile gamers. Mobile games are particularly taking over 91% of the market accounts.
Example of Gamers Niche Ideas
- Mobile gamers accessories
- Ergonomic products for gaming sessions
- Game controllers
The LGBTQ Community
It is a massive community with unique consumer habits. Mainly, they go shopping frequently than average consumers and are always willing to spend more on products. Brands that make authentic products to this market segment are a better positioning to dominate the niche.
Example of LGBTQ Niche Ideas
- Pride-inspired products
- Makeups products
- Clothing designs
The majority of homes are increasingly being converted into investment properties to generate extra income for owners. This has led to the launch of keyless entry and security products for owners of those homes. One of the common features is guest access, which allows the homeowner to allow access to guests for an agreed period at a fee.
Example of Guest Service Niche Ideas
- Home security cameras
- Home décor
- Renters solutions
Healthy living is a niche that will never go old. As we are for most of our lives getting increasingly aware of our healthy consumption and our lives, you will face mounting challenges when beginning a healthy living blogger. First off, this blogging niche exceptionally dominates, and you have to stand out from other similar bloggers.
This niche is sufficiently broad to help a lot of sub-niches, such as having some expertise in a specific cuisine. As we go into the future, the demand for healthy living tips is exponentially increasing, making this niche lucrative in the market. This market is enormous, and anyone able to produce content will generate lots of cash from it.
As the article suggests, the more you narrow down to a targeted market segment, you become a niche. It’s worth noting that slots have fewer customers, but it allows you to work on your strategies, which will later translate to more sales. It is, therefore, essential as a business person to find out the niche that you can concentrate upon if you determine to succeed in 2020.
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