The big market for small things
Times are changing, and with those times so too do the top hot-niche markets for your e-tail business. Keeping up with your customers’ needs can be exhausting and confusing – one moment they love what you’re doing, the next all that’s left is a cloud of dust and the vague feeling you’ve missed something important. It can seem unpredictable, but there is hope – and by hope, we mean data.
As much as it feels like you understand your market until you look at the actual numbers, it’s impossible to really grasp where and when the tide is turning. Even if you are keeping your head above water competitively, there is always the possibility you are working yourself to the bone in vain if a more sure-fire market is burgeoning and ready to be pounced on.
So, what is dominating the e-tail space these days?
There will always be a new Next Big Thing but for now, the smart money seems to be on women’s accessories. That’s right, your bangles, your scarves, your sunnies, these humble knick-knacks are breaking the bank when it comes to e-tail orders. Why? Well, there could be a number of reasons. From the seller perspective, it’s at least partially to do with the potential for mark-up. If you get yourself a reasonable supplier, small, inexpensive pieces can be sold at comparatively large profits – as long as you get your shipping and your product selection right. The trick with selling inexpensive products is to make sure your customer purchases enough of them to make it worth your while. Try putting a minimum for reduced or free shipping as well as accessory ‘packs’ with a number of themed accessories sold as a bundle.
As well as the mark-up, accessories are an easy sell when it comes to marketing. The idea of buying a small piece to change or elevate an outfit seems less expensive – barely a purchase at all – even when they end up adding other items or bundles. The key is selling a theme. Data says, people, but let’s face it, mostly women, don’t mind buying something for a single occasion or outfit as long as they don’t feel like the price is astronomical. Accessories are great for repeat business as well, unlike when a customer purchases a large item, like a dress, and accessory purchase feels like much less of a big deal, just a little something extra – and maybe they’ll get another something extra next month too!
Additionally, as we’ve mentioned before, variety is a huge drawcard for customers -especially in Australia and Oceania more broadly. You don’t want to go completely off the reservation with your choices, try to think about simple pieces or staples that are usually hard to find in store at a reasonable price.
Whilst most of the data suggests women’s accessories are the big seller, there is definitely still a market for men’s stock. Think ties, cufflinks, anything simple, inexpensive and diverse.
Key though is to consider who you’re selling to. Today’s men might be a lot more comfortable following their own fashion instincts, but the women in their lives still often enjoy finding that special something to dress him up. Whoever your target is, brand appropriately and make sure your products tell a story – one that ends with a purchase and a happy customer.
If you’d like to chat with someone about nailing down your next niche market and making sure you can ship quickly, easily and without fuss, we’d be delighted to help. You can always give us a call on +61 2 9828 0111 (Sydney), +61 3 9240 6300 (Melbourne) or +64 9 263 8855 (Auckland) or drop us a note via the form below. Alternatively, you can find a full list of available services here.