What is Niche Market in Retail? Explained

A Niche Market is a specialized and narrowly defined segment of the market that caters to the unique needs and preferences of a specific group of customers. Unlike broader markets, niche markets focus on serving a distinct and often underserved customer base with specialized products or services. Retailers targeting niche markets tailor their offerings to meet the specific demands of their chosen audience, allowing them to establish a competitive advantage and build strong customer loyalty. Niche marketing involves understanding the particular characteristics, behaviors, and preferences of the niche market to create targeted and effective strategies.