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SHOPIFY PART TWO: CREATE A NICHE OR GENERAL STORE?
From my previous post, you already know what is Shopify and dropshipping (If you do not know, read my article Shopify Part One: What are Shopify and Dropshipping)
Now I’m going to explain one of the things you should do before opening your online store, choosing your niche market and products to sell.
The niche market is the people on which a specific product you are going to sell, for example, selling products for cats would mean that you have to look for people who have a cat or who like cats a lot.
There are niches of all kinds, some bigger than others. For example, the pet niche covers all people who have or who like animals, be dogs, cats, rabbits, birds, fish, etc.
A sub-niche is a niche that is part of another bigger niche, for example, the niche of Chihuahuas is within the niche of dogs, which is within the niche of pets.
You can be as specific as you want, but you should not lose sight of the fact that the more specific your niche is, the smaller your potential customers will be. It’s no use selling rhino stuffed teddy with blue dots if only one person likes that.
The larger the niche, the greater the competition. The competition is not necessarily bad, it only means that there is money in that niche and what you have to look for is to deliver quality products in order to get part of the cake.
The 5 niches that are the most lucrative are:
- Weight Loss and Fitness (Articles for exercise, muscle mass enhancers, food supplements, etc.)
- Beauty (Cleansing creams, masks, teeth whitening, waxing products, etc.)
- Pets (Leashes, collars, pet toys, pet clothing and clothing with pets images for people, etc.)
- Gadgets (Drones, photographic accessories, music players, special tools, etc.)
- Fashion (clothes, footwear, pants, dresses, handbags, etc.)
As I mentioned at the beginning, before opening your online store, you should know what you are going to sell and who you want to sell to. Some sellers what they do is have a General Store, imagine Wallmart, where you can find everything. This has the advantage that you are not tied to a single segment of the market and you have the option of having a variety of products for sale.
This can be a problem and something good at the same time. Imagine that you create your store with the name Coffee world, with this you would be tied to sell only products related to coffee, and also that you can perform a very specific marketing towards coffee products.
The advantage of having a niche store is that you can work on that niche in social networks, for example, Instagram, where if you create an account with the name of your store, you can focus on creating a public that likes your niche by publishing images related to this.
Some sellers take the time before opening a store, to grow their social accounts related to the niche they have chosen, so that when they open the store they can offer their products without having to spend on advertising.
On the other hand, if you name your store Susie Store, then you can sell different products, but your marketing will not be as focused because of the variety of products. The advertising you need to do to sell pet products is focused on a different public than the one that likes coffee, to say the least.
So, what is more convenient, a niche store or a General Store?
In my opinion, when starting out in the world of e-commerce, it is best to create a General Store, since those who start will have more product options to try them and find their winning product.
When you create your store, within it you can create collections, so you can have a collection for each of the different niches, that way you can sell virtually anything.
Here I am going to mention the number one mistake made by new entrepreneurs when opening their online store, and it is having a lot of products for sale.
Just a moment ago I mentioned something about a winning product, and this is something that you will be hearing often.
A winning product is one that, when applied advertise, sells well, and has a high return of investment (ROI). Most of the profits are from these winning products, and the other products you have in your store should revolve around this winning product to make an Upsell.
This is why when you start you should focus on finding a winning product, add products related to the winning product, progressively increase the advertising, which will increase sales, to the point of generating constant profit.
With this, it is possible to obtain sales of 5000 to 10000 USD per month for just one product. The next step would be to find a second winning product and start the process again.
That is the reason when starting it is advisable to have between 5 or 10 products at most, find your winning product and start the process.
From all this, I will be creating articles in order that those who start in e-commerce with Shopify can have a higher percentage of success.
Click the link below if you want to start your e-commerce empire with a 14 days free trial.
In my next article, I will be writing about how to choose your products, where to outsource, the price at which you should sell them and why, and the indispensable plugin to bring synchronization between your store and the provider.