Niche Retailing- All you need to know

Niche Retail

As the name suggests, nice retailing is the practice of selling only to a specific market segment. Nice retailers specialise in one particular type of products or similar products. The more narrowly a niche retailer can define his target market, the better.  While niche retailers may not appeal to a broad group of consumers, they meet the special demands of smaller groups they target.

Here are examples of niche retailers:

  • Amazon.com
  • Volvo Trucks
  • Sports channels like STAR Sports, ESPN, STAR Cricket, and Fox Sports target a niche of sports enthusiasts.

In fact, niche marking can be very cost effective. A business could invest time and resources in offering better products/services for a select demographic or ethnic group. Meeting unique needs, speaking their language and positioning are three things a niche retailer has to get right to stay competitive.

 

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