Some of the best ecommerce business are found within a Niche of a Niche. In other words a market within a market. Example: Costumes then Halloween Customes
Here are some sources and methods to use to discover market ideas:
- ebay and Amazon have already laid out the biggest niches and the sub-categories to discover
- ebay pulse used to be around but the equivalent is WatchCount.com
- Another way to think about ideas is to think about enthusiasts and hobbyists and what they spend money on. Model airplanes, kickboxing, yoga, sailing, remote planes etc..
- Wierd and embarrassing topcis that people would be embarresed to buy in person
- Internet Retailer.com – they publish a book caleld “top 500 guide” on annual sales, growth percentages, upcoming markets, whos up and down, top 100 markets by category.
- Get sneaky.Look at the top designers on top platforms who have portfolios, redesigns which indicates they are doing well if they are paying to get their site redone. Look at the stores they have redesigned. Developer platforms you can research are:
- Yahoo Store
- Amazon Web Store
- 3d Cart
- OS Commerce
- Zen Cart
- Brainstorm 5 market ideas yourself. Write them down.
Never sell a commodity. A commodity happens when it losses it’s differentiation. Walgreen’s for example has all kinds of super-ready available products for people you can get anywhere.
Does your product line have at least 70 products. Are there accessories. Have around 500 to 1000 SKU’s is best which allows you to really grow your business. Have a big enough net to generate traffic with.
Is there competition? Take your top 5 Keywords and type them into Google…you should see a full page of paid ads for each one. This indicates there are people making money in that market.
None of the points above are deal breakers on there own which is the point of the checklist.