Niche Market

What is niche market?

A niche market is a small market segment on which a specific product or service is focused. A niche market has its own demands and preferences. 

A niche market differs from the market at large by:

• product features that satisfy specific market needs
• price range
• production quality 
• demographics it targets.

Finding a niche market helps small businesses gain competitive advantages. It allows them to cater to a specific consumer rather than target a broad audience. That, in turn, helps to increase revenue by catering to the unique demands of a largely-overlooked audience. 

For example, instead of selling regular cleaning products, a small business can sell solely biodegradable cleaning products. It allows them to cater to the demands of eco-conscious shoppers that many mainstream sellers aren’t addressing. 

Here’s how to find product niches for your online store.