When starting an online fashion business, finding a profitable and lucrative niche is essential for your success. Since the fashion industry is broad and includes thousands of various fields, finding the perfect one for you will help you develop your brand and your business. To do so, you must research the market and discover the needs of the customers.
The truth is, you won't be able to compete with some of the big brands out there. But finding the market you can cater to will help you develop a niche and have a continuous base of customers. If you plan on running a niche fashion brand, conduct a survey in which you'll discover the needs of customers that aren't fulfilled by mainstream providers. Then, you can choose your niche!
1. Source inspiration from your passion
You’re the muscle and the brain behind the brand. Therefore, sourcing inspiration from your passion and experiences is essential if you want to build your dream business. Whether this is your first run or you’ve already sailed the business waters, you certainly know that doing something you love minimizes the hardships and maximizes the rewards.
So, make a list of things you're passionate about. It can be anything from art to the military all the way to science. Write down the ideas on how to merge your passions into a profitable business. Keep in mind the needs of the market, as well as your knowledge of a certain subject. That way you'll have a smoother start.
2. Stay in touch with your brand's values
When starting an online fashion business, creating your brand's values is one of the first things you need to do. While it will happen with business development, the brand's values serve marketing purposes as well. If your values align with customers', chances are you will generate more profit and attract more potential buyers. How can you stay in touch with the brand's values while choosing a niche?
Firstly, list all the values you want to represent. Try researching the niches that will allow you to follow such preferences. For instance, vegans and animal lovers will rarely, if ever, go for the leather clothing niche. So, ensure your brand serves the community you want to cater to.
3. Understand your customers
In every industry, especially fashion, you need to know your target audience and understand their needs. Offering a clothing or fashion line that doesn't align with their needs and expectations can cost you your brand! So, understanding what your customers desire is crucial when choosing a niche for your business.
Who is your target audience? What is their gender, race, age, and status and what can you do to appeal to them? Do they have any special needs in terms of clothing? Your ideal customer needs to understand the purpose of your brand and see the actual value of what you have to offer. Choosing a niche based on your target customers can be tricky, yet extremely profitable.
4. Implement one-of-a-kind value
Surfing the web, you have surely noticed numerous online fashion brands that offer various kinds of apparel from clothes to shoes and accessories. Considering that almost everything already exists on the market, how will your niche business stand out and become noticeable on the market? Well, you need to offer extraordinary value to your customers to attract them and make them stay!
That being said, customization is one of the biggest perks you can offer that creates extraordinary value for your customers. For instance, if you specialize in teamwear and sports equipment, you can offer custom teamwear your buyers can design. Implement software that allows codesign and various patterns and colours for your customers to choose from.
5. Evaluate your competitors
In the end, when finding a niche and settling on one, you need to evaluate your competitors. Who are the competitors in the area and do you have anything to offer that they don't, and vice versa? Do the SWOT analysis that includes strengths, weaknesses, opportunities, and threats of your business to see where you stand. This will help you create a better strategy and choose a niche you enjoy.
How can evaluating competitors help when choosing a niche? Competitors that already exist on the market surely went through a similar process, made some mistakes we can learn from, and implemented some strategies and trends we can borrow. It will help you know what to avoid and how to dissolve any potential issues in the industry.
Final thoughts
Fashion niche businesses are gaining popularity in the online world. With specialization in certain items, you will gain popularity among your target customers. While selling online allows you to broaden your area of influence, you can always attract more customers online with the value and perks you provide. So, are you ready to choose a niche for your fashion business?
