The strength of your small retail business lies in the word “small.” A manageable size brings an ability to be focused and nimble, developing a truly unique selling proposition and taking advantage of trending products. While it’s tempting to want to emulate big box stores, you’d be making a big mistake, says Doug Stephens, founder of the retail advisory firm Retail Prophet and author of Reengineering Retail: The Future of Selling in a Post-Digital World.
“Amazon, Walmart, and other market competitors are attempting to become as broad as possible in their offerings,” he says. “My recommendation to retailers is to narrow the scope of their offerings, but be absolutely incredible at selling whatever it is they specialize in. Understand your customer better than anyone else in the market and deliver a customer experience that blows their mind. If you can do this, your customers will be the most powerful media you can buy.”
Narrow means niche, but which one? To help you hone in, we’ve compiled a list of profitable retail niches we expect to see exponential growth in 2018 based on trending products.