By 2027, 23% of retail purchases are expected to be made online. Amazon is responsible for 37.6% of e-commerce sales.
Focusing on a niche segment makes the seller an expert and therefore helps attract more customers. The competition in the niche market is often reduced due to the specific target audience, so the loyalty to the brand will be higher and the relationships that will be built with the customers will be stronger. The limited audience also means targeted and economical marketing, and because the customers don't get the product or service elsewhere, they won't mind paying more, and you'll win high profit margins. Look for communities based on interests and hobbies on networks, check the size of the market, the total potential income in it, and its growth rate. You shouldn't focus on just one, and you should find several niches and narrow them down later in order to determine the demand. Pay attention to missing and painful points for consumers in the field you chose to provide a solution. Analysts predict that the global health and wellness market will reach $8.5 trillion by 2027. Niche markets include personal care, nutrition, yoga, and alternative therapies. When building a shopping site for such consumers, the ecological aspect of the business and the environmental benefits of the products must be emphasized. The global pet care market was valued at $235.40 billion in 2022, and is expected to reach $363.19 billion by 2030. It is worthwhile to initiate health challenges for surfers and use innovative means such as a dedicated app and packaging with QR codes that will strengthen the consumer's relationship with the brand. Such sites should be very personal and convey a lot of emotion. That's why you should create Instagram accounts for pets, ask surfers to share cute photos or organize events, adoption days, and pet contests. For more information on how to start a business in China, go to www.cnn.com/business/how-to-start-a-business in China.