According to the survey, 42% of Shopify sellers failed because they didn\’t find what the market really needed. If you unfortunately belong to the 42% , then you can take a look this article, it will show you how to find the best niche product within 9 easy steps in 2020.
What\’s niche product?
It is a market segmented by the advantages of enterprises. This market is small and has not been satisfactorily served. Thus select niche products in this market have a profitable foundation. To find and position a niche market, the following points need to be clear first:
- Who is my customer? Are they mass or segmented?
- What services/products do my customers need?
- What services do I provide to my customers? What haven\’t been done? What else can I offer?
- Is the product/service I can provide really needed by customers? Is there any other company doing it? If so, what are their advantages and disadvantages? If I do, what are my advantages and disadvantages?
The niche markets can be further divided. For example: industry → pet niche → dog care, child niche → dog care> dog training, grandson niche → dog care> dog training> dog training Skills can be easily accessed. The following are 9 steps to help you find your niche market.
Step 1. Choose a niche market that interests you and releases your passion
If you enter a niche market that you like and can make you passionate, making money is easy.
For example, if you like fishing, you will know which reel will sell well, and what copy to use to impress consumers and let him place orders online.
If this is the market you are interested in, then you will know the relevant communities and groups, and you can easily choose a good time to promote your products.
Of course, the niche you like are not all profitable. Therefore, it is recommended that you choose at least 5 niche for screening in subsequent steps.
Step 2. Check value of niche markets
Before entering any niche market, you need to have a clear understanding of the market value. This will help you make the decision: whether to enter this market.
For example, entering the market segment of anti-aging equipment will reach USD 43.331 billion by 2026, with a compound annual growth rate of 8.6%, which will bring you more confidence. If you don\’t know the most profitable niche markets for 2020, we will share the 79 most profitable niche market products for dropshipping business in the next article.
Step 3. Check the past and current trends of niche market
Before entering any niche market, you must analyze its trends. It\’s very simple. Using Google Trends is enough.
Just enter your niche keywords in Google Trends.
For example, the keyword I entered is home decor. As you can see from Google Trends, this niche market is a good choice because of its stable trend.
You need to use Google Trends to judge the stability of the niche market. It is best not to choose a niche market that is seasonal or popular in certain period.
Step 4: Identify the pain points in the niche market
You must identify a pain point in your niche market.
If you can solve this pain point, it will bring considerable income. For example, some users are looking for \”how to stop panic.\” This is a serious question. But if you can come up with a solution, don\’t worry about no sales.
Step 5: Is there a suitable product for sale in the market?
In your niche market, are there suitable and sufficient products for promotion and sales?
You must have a \”yes\” or a clear \”yes\” answer to this question.
To get product ideas, you can brainstorm in many ways, such as Amazon\’s bestseller list.
This operation is very simple. Open the best seller sales chart, then enter your market segment and sub-segment, and see what easy-to-promote quality products can be sold in your market segment.
Step 6: Check the user\’s willingness to pay (comment)
If you decide to enter a niche market, you must have a clear answer to the following question: \”Are users willing to pay?\” The answer can only be \”yes\”.
You can determine by the number of user reviews and ratings.
Step 7: Analyzing competitors
Use google to see if a niche-related website already exists. In this way you can analyze any niche marketAnalyze competitors\’ websites for opportunities they missed. In addition, the content or products you create provide more value than your competitors. Just browse through your competitors\’ content, get inspired and provide added value, it\’s easy!
Step 8: View Online Advertising in Niche Markets
An important way to measure the effectiveness of a niche market is to see if anyone is willing to advertise it. If you find that there are search keyword advertisements in the search process, this shows that this niche market is likely to be profitable.
Step 9: The audience loves it
The target audience has a high degree of affection and strong relevance, which will bring you rich profits.
You can use Facebook\’s Audience Analysis to analyze audience likeness. If you answered \”yes\” to almost 85% -95% of the questions, then you can have a cup of coffee and start your niche market business.
9 websites to find niche markets for Shopify dropshipping
If you\’re struggling to find a niche market for affiliate marketing, dropshipping, or online stores, these 9 simple tools can help you.
No.1 Trustpilot.com (best for dropshipping and affiliate marketing)
Trustpilot is a Danish-based customer review company that was founded in 2007 by Peter Holten Muhlmann and has more than 700 employees.
The company\’s main purpose is to collect real buyer reviews that have spent money on online purchases. Every month, more than 29.4 million online users visit Trustpilot.com to view products and services from different brands.
With the help of these customer reviews, can Trustpilot help me find the best profit opportunities for my e-commerce business?
The answer is yes, even if you have zero knowledge of e-commerce business, it is easy to find a profitable niche market.
No.2 Watchcount.com-best for dropshipping
This website allows you to see how many people are viewing a product on eBay in real time. The products that everyone is watching are generally what users are interested in and want. The Ebay platform is the world\’s leading e-commerce platform, with monthly traffic of 810 million.
Therefore, there is a product that is popular here, indicating that it is likely to be popular elsewhere. In just a few minutes of searching on the platform, you can easily find the best-selling products and profitable niche markets.
No.3 EmpireFlippers.com is best for dropshipping and affiliate marketing
Empire Flippers is a marketplace for buying and selling websites. On this platform, you can find the most profitable niche websites through monthly sales and get inspiration from them.
No.4 Google Trends-Past and Current Trends
Google Trends is the best platform to understand global and regional trends. Just enter keywords to learn about global trends in products and specific areas, then write your location in the search term options.
No.5 Amazon.com-best for dropshipping and affiliate marketing
Amazon is the largest e-commerce market in this era. You only need to check Amazon\’s sales charts page, you can easily find multiple ways to make money on Amazon and find the best-selling products and services. Amazon\’s best-selling products page ranks the best-selling products in each niche market and updates the ranking daily.
No.6 Aliexpress.com-Best for Dropshippers
AliExpress is an international version of Taobao. You can find small retailers in China to buy products at reasonable prices. It is one of the best platforms for sourcing your products.
Similar to Amazon, AliExpress also provides a variety of market segments, which are further subdivided into multiple sub-segments.
On this platform, you can quickly find the best products to sell online in any market segment.
Finding a niche that makes money is not as difficult as building a rocket. However, this is not easy. You need to continue to explore and find your audience\’s needs, then you will make more money from 2020.