With the advent of marketing and product personalization, many businesses are wondering about how to conquer niche markets which have usurped the mass market. Consumers now expect their online shopping experience to be customized from beginning to end. The photography market has lead the way in this regard, as every printed photo is a unique personalized document.
Photo printing technologies, however, have expanded beyond memories and have opened up new opportunities in distinct vertical markets. New dye-sublimation printers, for example, can print on objects up to 11 inches in height, opening new avenues for dimensional printing on balls, on wood and other items. Here are some of the now-available niche markets for personalized products:
Gifts and Accessories – There are few things more appealing to Millennials than uniqueness. Whether it’s having an Instagram-worthy offering or proposing a way for them to add their personality, Millennials are willing to pay a 20% premium for the opportunity of personalizing their product. Avid selfie-takers, Millennials are always on the lookout to elevate their online image. The growth of personalized products has opened up a tremendous opportunity for the largest living generation; every major photo personalization company now features a gifting section.
A great example of a premium retailer for personalized products which successfully addresses the phone case niche from that category is KaseMe with an unseen range of selection. Personalization opportunities for gifts & accessories are endless and will get Millennials hooked; not only would they get to display their self-branding on their clothing, on calendars, on computer skins, on mugs, on dishes, and so on… They would even get customized phone or tablet cases to show off on a reflective surface selfie –ideal for a perfectly coordinated social media post. This is really up to the imagination of the user; nonetheless it is up to you to feature customizable gifts and accessories on your eCommerce to conquer this niche market.
Weddings and parties – Most photographic expenditures related to a wedding are conducted during and after the event. Now, with personalized photo products, the opportunity starts with the engagement announcement. Couples are sending out personalized save-the-date cards and invitations, and are even opting for customized decorations for their big day. With an extra memorable touch of personalized bridal party gifts, table favors and place cards, the day-of celebration becomes even more special. Following the big-day, personalized thank-you notes can help couples round out the event. All in all, having a holistic approach to the personalization opportunities in the wedding category will give you a competitive advantage in this niche segment.
Other types of parties like milestone birthdays, retirements, and so on, also open up new opportunities for drink ware, dishes and decorations.
Home Decor – The desire to personalize your living space has carved such a deep niche for itself that you’ll find it everywhere from Inkifi Wall Art to Louis Vuitton’s Haute décor shelves. Novel trends still have their role, but mood and personality have dominated this segment for years. Offering a unique way to express the lives and values of shoppers through art and décor on your eCommerce site is a step toward conquering this niche market.
Indeed, in a world where the majority can only afford mass produced furniture, offering personalized home décor can help you meet the desires of the modern shopper for a more distinguished and personal ambiance in their home. This offering also opens up the opportunity to generate more revenue for your business since customers are quite willing to pay a premium in exchange for unique products that reflect they’re lifestyle.
Naturally, to conquer a niche market, a business must understand and speak that niche’s language. It must offer them a customized online shopping experience from beginning to end with the appropriate offering. This will prove a competitive advantage, especially when targeting Millennials. Keeping their attention will be challenging due to the amount of options they’re accustomed to, but offering them an opportunity to express their personality will certainly win them over.
We are pleased to have a guest blogger, Gary Pageau, co-signing this post with us. Gary is the principal of InfoCircle LLC, continuing his marketing communications career. InfoCircle LLC is a marketing and communications consulting firm, specializing in business-to-business markets. For nearly 25 years, he was with PMA International, serving most recently as Publisher, Content Development and Strategic Initiatives. His primary responsibilities included overseeing the Association’s editorial department, marketing research unit, education, and corporate relations department.