So, you want to start an online boutique, but you have no idea which kinds of products to choose. Good day entrepreneurs! I’m Krystal C. Barnes-Miller, and my husband and I are owners and operators of a professional barber and beauty supply company so, we get it – the options are endless, and you might feel overwhelmed by the competition.
Fortunately, there’s one easy way to stand out in the e-commerce world: find a niche! Below we’ll explore the most profitable fashion-based niches for online boutiques, and discuss how to identify and target a specific group of customers. If you’re ready to take your online boutique to the next level, read on!
Why Should You Niche Down?
Niching down is a good idea in any business. It’s been proven time and time again that choosing a niche is the first step to entrepreneurial success.
Now, we know what you’re thinking – doesn’t narrowing down your product range isolate you from more customers?
While that is kind of true, the pros of niching down far outweigh this small con. The phrase “jack of all trades, master of none” perfectly explains why choosing a niche is essential. It allows you to position yourself as a specialist business with a higher quality product. Think about it: when you’re shopping for a specific item (particularly one with a higher price point), would you rather go to a generalist store or a specialty store? Probably the latter.
Here are just a few more benefits of choosing a niche for your online boutique:
- You can focus your marketing efforts on a specific target audience, which can increase the effectiveness of your campaigns and ultimately lead to more sales.
- You can differentiate your business from larger, more generic e-commerce stores, which can make it easier to establish a unique brand identity and build customer loyalty.
- A niche market typically has less competition, which can make it easier to acquire customers and increase visibility for your business (the further you niche down, the more true this is).
- You can develop a deeper understanding of your customers’ needs, which can help you curate a more targeted product assortment.
Ready to choose a niche? Here are some of the most profitable categories you can choose in the fashion and beauty realms.
Clothing, Shoes & Handbags
The global fashion industry is estimated to be worth a whopping $1.7 trillion – why shouldn’t you have a slice of that enormous pie? Clothing is a universally needed item that can be targeted to a wide variety of age groups, genders, seasons, and occasions. The fashion industry understands that people have an intrinsic desire to look stylish, which creates a constant demand for on trend clothing. Fashion is continually evolving, so there is always an opportunity to introduce new and unique products to the market. From a business perspective, clothing can be easily shipped and delivered, making it an ideal product for online sales.
Jewelry
Meaningful and luxurious, the jewelry industry has been booming for centuries. It’s a time-honored choice for birthdays, anniversaries, and holidays, and it can be further targeted for weddings, festivals, and other special events. Jewelry can often have a high markup, which means higher profit margins for you. Online jewelry sales have been increasing in recent years and are expected to grow even more. The convenience of shopping online and the ability to compare prices and styles easily are some of the factors that contribute to its growth, so now is the ideal time to shoot your shot in the online jewelry world!
Celebrity Hair & Wigs
Wigs and hair extensions have become the go-to choice for people looking for a quick and easy way to change their hairstyle, or for those experiencing hair loss. With all the different styles, colors, and textures being regularly introduced, you’ll have plenty of options for keeping customers interested and coming back for more. Wigs and hair products tend to have a relatively high markup, so you can enjoy higher profit margins. Online wig and hair sales have been growing in recent years, and their popularity is expected to increase as people become more comfortable with online shopping for personal care items.
Make-up & Lashes
The makeup industry is known for its constant introduction of new products, trends, and techniques, which can help attract customers and drive sales. Paired with the fact that makeup needs to be bought on a semi-frequent basis and tends to have a high markup, you’ll be looking at a lot of repeat customers as an online makeup boutique owner. The global makeup industry is currently valued at $500 billion, and that number is expected to rise to $750 billion by 2025 – the love and demand for makeup is definitely not going anywhere!
Swimwear & Sunglasses
Swimwear may not seem like an obvious choice as a seasonal item, but if you capture the attention of the right audience you can make a killing. There will always be people on the hunt for new swimwear, whether they’re going on vacation or living in tropical destinations. Traditional brick & mortar stores in the northern hemisphere typically only carry swimwear in the summer, which will give you a big advantage as someone who provides customers with trendy options all year round. Swimwear also tends to have a high markup, and you’ll have the potential to earn even more based on the classic principle of supply and demand.
Adult Toys & Costumes
The term sex sells doesn’t just apply to advertising. Adult toys and costumes have become increasingly popular as more people seek to explore their sexuality. However, just because society is becoming more comfortable with sex, it doesn’t mean they want the world to see their purchases. Online adult toy sales have been increasing recently as people are, understandably, seeking more discreet ways to shop.
Note: This industry is heavily regulated and there may be legal restrictions in certain areas. It is essential to ensure compliance with all relevant laws and regulations before venturing into this niche.
Found your dream niche in the list above? Learn exactly how to move forward and start your online boutique with the help of our Vendor Catalog Authority ebook. You’ll learn exactly how to source the products you need to build a successful online boutique in no time!
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