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debakshi gupta
CRM and English Skills expert
Asked a question 10 months ago

what is niche retailing?

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Sujai Adithya
Business Development and Banking & Financial Services Expert

A niche market is a focused, targetable portion of a broader market in which specialized products or services can be sold. Catering to the unique demands that aren't being addressed by mainstream providers, businesses pursue niche markets as a way to build loyalty and revenue with a largely-overlooked audience.

Rather than offering a general cleaning service, an entrepreneur might pursue a niche by offering exclusively floor polishing services. Another business in the same city might occupy a separate niche, specializing in the use of exclusively biodegradable cleaning products. Markets of any discernible size contain multiple subsets, although not all of the possible niche markets will be worth targeting.

A niche retailer is a business that sells a single type of product or goods within a specific category, or niche. While niche retailers may not appeal to broad groups of consumers, they can meet the special demands of the smaller 

debakshi gupta
CRM and English Skills expert

This term refers to the practice of selling only to a specific market segment. In other words, if you’re a niche retailer, you specialize in a particular type of product (or sometimes a few closely related ones). Niche retailers can be more nimble with their strategies, compared to broader businesses because they cater to specific audiences. This enables them to identify market segments easily and deploy unique and more targeted strategies to address their market’s needs.