Does your niche hit your target market?
Your goal of gallivanting around the world while managing a profitable online jewelry business is driven by the desire to live your passion. Yet, no matter how knowledgeable you are about your love of jewelry, your journey begins from finding the perfect e-commerce jewelry niche market that will help you realise that goal. This primary step is crucial in determining the outcome of your online business; a single mistake in interpreting market research data can make that goal disappear in thin air. This is if you even have the time to facilitate an immersive market study.
One of the biggest mistakes often committed by aspiring entrepreneurs is the lack of effort in conducting a thorough research about their jewelry niche market. Perhaps, this may be one of the most neglected aspects in starting an online business. Online retailers tend to become unflinchingly focused on getting their ideas out to their potential customers and are easily distracted by the inflow of cash from their initial sales. Now, this appears like setting a trap for your business to fail in the future. Who would want short-term successes?
To deviate from this undesirable business collapse, here are five foolproof ways to finding the perfect jewelry niche market that will lucratively embrace your well-crafted business idea.
1. FIND A NICHE THAT WILL ALLOW YOU TO ADD VALUE TO YOUR CUSTOMERS’ EXPERIENCE.
Whether you choose Amazon or Etsy, the jewelry category is actually one of the most over-saturated markets in the history of online selling. Jewelry selling is a billion dollar industry that attracts professional and up-and-coming online jewelry retailers who are all competing for the biggest share of the pie. Apparently, the competition is steep. Unless you can showcase a unique value proposition, you’ll be gone long before the busiest season begins.
Adding value to customers’ experience need not be rocket-science. In fact, as simple as educating your customer about your products may make a huge difference. For example, try to search for jewelry items that are being sold by your competitors and find out how they position their jewelry product description. A quick scan would give you an idea that most probably, majority of the online retailers are building their descriptions around glamorous words and covering the product’s lack of value with superfluous adjectives.
To find out how to write better jewelry descriptions, read our guide to perfect jewelry descriptions.
How do you beat them out?
While jewelry product description requires emotive words to translate feelings of love and passion, you can also use your space by being descriptive and informative. Capture your buyers’ attention with your expertise in stones. Think as a buyer for a while and find out what will make you want to buy your jewellry when you can buy it from thousands of online jewelry stores.
If a particular jewelry niche market presents an opportunity for you to fill this gap, dive in. it’s a good sign!
2. UNDERSTAND YOUR TARGET JEWELRY NICHE MARKET BY EXAMINING ITS DEMOGRAPHICS.
So you already know how to strengthen your position in terms of added value; the question now is – Does your target niche market cater to your potential customers?
Understanding age, gender, and location of the market will not only give you insightful ideas on sales strategies, it will also help you tailor your marketing techniques in accordance to their needs and buying behaviour. Based on J2store’s recent study, the differences in men and women’s buying behaviour are pronounced in online shopping. Men tend to make purchases through mobile while women prefer to browse through different categories using their computers. Additionally, although both are price-sensitive, men are more inclined to purchase big-ticket items with assured quality. On the other hand, women will consistently seek the most affordable offer.
3. CHECK WHETHER YOUR TARGET SHOPPERS DISPLAY INTEREST IN YOUR ITEMS.
Before you fill your inventory with stocks, ensure that your target shoppers have their eyes on your products. To know more about this, you can consult Google Keyword Tool. This will provide you with insights on whether people are searching for your items online or otherwise. Once you have seen the result, interpret the data like a true SEO and entrepreneur expert. Remember that too many searches may indicate heavy competition while the lack of numbers may immediately send your business in slump.
4. CONQUER YOUR NICHE BY DIGGING THE WORKS OF YOUR COMPETITORS.
Analysing the strategies applied by your competitors is another possible way to get ahead of them, but only after you have found a technique on how take advantage of their weaknesses. Transform it into opportunities. Look at them as motivators and discover how you can differentiate your products from theirs. This also gives you an idea about the competitiveness of your niche but don’t let it distract you. The only sure-fire way to oust them from the market is by carving your path to the top of online business profitability.
5. MOST OF THE TIME, THE IDEAL JEWELRY NICHE MARKET IS WITHIN YOU.
After all, a niche is not a hidden treasure waiting to be found. It can also be created around your sources of inspiration.
People spend ample time looking for the ideal niche that could make their ideas prosper. While this has been the purpose of market research, most of the time, the perfect jewelry niche market can be found through your passion, your hobbies, and personal experiences. As you learn to unmask your true potential, list down all your interests and start building business inspirations around it. Who knows, this might translate to a one-of-a-kind product brand that would pave the way for your long-term entrepreneurial success.
Finding and crafting a viable jewelry niche market is not a cakewalk. Remember that a perfect niche does not exist but it can be improved, polished, and maintained through time as you act on your business ideas. When you do, you’ll be somersaulting around the beautiful beaches in the world.