Following Mother’s Day, the e-commerce world is rapidly preparing for the approaching Father’s Day. Celebrated every year on the third Sunday of June in most of the countries including the UK and the US, in 2023 Father’s Day falls on June 18th. Father&#8217;s Day is celebrated on May 18 in Germany and on September 3 in Australia.



Apart from being a day when loved ones and friends express their affection and gratitude towards fathers, e-commerce websites should also not overlook the chance to boost Father’s Day sales with their marketing and sales strategies.



According to <a href="https://money.yahoo.com/15-fascinating-fathers-day-facts-191300529.html" target="_blank" rel="noreferrer noopener nofollow">research</a>, there is currently an estimated 72 million fathers in the United States and Americans plan to spend more than $20 billion to buy gifts for the fathers in their lives. The amount to spend for each person is up to $250. The amount of retail spending in the <a href="https://trulyexperiences.com/blog/fathers-day-statistics-uk/" target="_blank" rel="noreferrer noopener nofollow">UK</a> is no different; being £951 million in total.



As an important observance day, Father’s Day is significant in terms of being one of the most important dates throughout the summer and until Thanksgiving.



<h2 class="wp-block-heading" id="h-how-to-increase-sales-on-father-s-day">How to Increase Sales on Father&#8217;s Day?</h2>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://cms.ikas.com/wp-content/uploads/2023/05/Increase-Sales-1024x538.webp" alt="How to Increase Sales on Father's Day?" class="wp-image-40983" srcset="https://cms.ikas.com/wp-content/uploads/2023/05/Increase-Sales-1024x538.webp 1024w, https://cms.ikas.com/wp-content/uploads/2023/05/Increase-Sales-300x158.webp 300w, https://cms.ikas.com/wp-content/uploads/2023/05/Increase-Sales-768x403.webp 768w, https://cms.ikas.com/wp-content/uploads/2023/05/Increase-Sales-24x13.webp 24w, https://cms.ikas.com/wp-content/uploads/2023/05/Increase-Sales-36x19.webp 36w, https://cms.ikas.com/wp-content/uploads/2023/05/Increase-Sales-48x25.webp 48w, https://cms.ikas.com/wp-content/uploads/2023/05/Increase-Sales.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Boosting e-commerce sales on Father’s Day can also help increase the total revenue.



It is crucial for e-commerce websites to start at least a month before Father’s Day to prepare special campaigns for their customers. In 2023, the campaigns can start just after Mother’s Day on May 14, gradually implementing a sense of urgency as the day approaches. The start date of the campaigns may vary according to the country that the e-commerce website is most frequently preferred.&nbsp;



Like all the similar occasions before it, Valentine’s Day and Mother’s Day, Father’s Day holds sentimental value in addition to its economic significance. Therefore, e-commerce websites can easily integrate storytelling into their marketing efforts.



Here are some tips to increase your Father’s Day sales:



Related Article: <a href="https://ikas.com/blog/8-ways-to-increase-online-sales">Increase Online Sales</a>



<h2 class="wp-block-heading" id="h-plan-your-digital-marketing-strategies">Plan Your Digital Marketing Strategies</h2>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://cms.ikas.com/wp-content/uploads/2023/05/Marketing-Strategies-1024x538.webp" alt="Plan Your Digital Marketing Strategies" class="wp-image-40987" srcset="https://cms.ikas.com/wp-content/uploads/2023/05/Marketing-Strategies-1024x538.webp 1024w, https://cms.ikas.com/wp-content/uploads/2023/05/Marketing-Strategies-300x158.webp 300w, https://cms.ikas.com/wp-content/uploads/2023/05/Marketing-Strategies-768x403.webp 768w, https://cms.ikas.com/wp-content/uploads/2023/05/Marketing-Strategies-24x13.webp 24w, https://cms.ikas.com/wp-content/uploads/2023/05/Marketing-Strategies-36x19.webp 36w, https://cms.ikas.com/wp-content/uploads/2023/05/Marketing-Strategies-48x25.webp 48w, https://cms.ikas.com/wp-content/uploads/2023/05/Marketing-Strategies.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Before e-commerce websites start implementing their promotional strategies, it is important to consider whether their product line is suitable as a part of a Father’s Day gift. Next, the target audience(s) for marketing campaigns should be determined and the messages of this year’s Father&#8217;s Day should be tailored to the target audience(s).&nbsp;



Finally, e-commerce websites should reflect on what worked and what did not in previous Father&#8217;s Day campaigns and brainstorm with their team on how to scale up successful strategies for this year&#8217;s promotion.



The target audience(s) for several marketing campaigns can be the young adult children of the fathers as well as the mothers so that young children can also buy gifts with the help of their mothers.&nbsp;



Creating a Father&#8217;s Day gift guide can make it easier for customers to find suitable presents for their fathers while offering special promotions and discounts can attract new customers and encourage existing ones to make purchases. Gift guides can be implemented on the website and shared through social media and e-mail marketing.&nbsp;



A gift guide can also personalize the shopping experience for the customers and can make them feel a powerful emotional connection with the brand.&nbsp;



There is a diverse range of digital marketing strategies available for promoting Father&#8217;s Day, including Google Ads, discounts, email marketing campaigns, influencer marketing, and social media advertising.



Related Article: <a href="https://ikas.com/blog/digital-marketing-channels">Digital Marketing Channels</a>



<h2 class="wp-block-heading" id="h-apply-the-cross-selling-tactics">Apply the Cross-Selling Tactics</h2>



One way to increase the average order value of the customers is by applying cross-selling tactics. Cross-selling includes offering different products or services to customers before the checkout. For example, for Father’s Day, it is possible to sell other products with special discounts or free delivery to customers who buy a certain product, so that they would be more inclined to buy more gifts, potentially for the other fathers in their lives such as grandfathers or fathers-in-law.



<h2 class="wp-block-heading" id="h-send-special-gifts-to-fathers">Send Special Gifts to Fathers</h2>



According to <a href="https://nrf.com/research-insights/holiday-data-and-trends/fathers-day#:~:text=Approximately%2076%20percent%20of%20U.S.,celebrate%20Father's%20Day%20in%202022." target="_blank" rel="noreferrer noopener nofollow">National Retail Foundation</a>, fathers often appreciate receiving clothing, gift cards, and electronics from their children as Father’s Day gifts.&nbsp;



Therefore, for customers who buy Father’s Day gifts for their fathers, thoughtful and personalized small gifts can be included in the delivery boxes. The emotional connection that can be achieved through these small surprises may lead customers to prefer the same e-commerce website for next year’s Father’s Day gifts. This small gesture may lead to brand loyalty in the future, and enhance the brand’s reputation.&nbsp;



<h2 class="wp-block-heading" id="h-apply-discounts-on-products">Apply Discounts on Products</h2>



Discount is always a good idea for selling more products. Applying discounts on your products for Father’s Day is a highly effective way for increasing sales. Exclusive discounts and special promotions, only for the occasion of Father’s Day 2023, encourages customers to make a swift purchase.



Gift bundles with special discounted prices also have the chance to attract potential customers due to the appeal of saving money and taking advantage of the exceptional prices. Discounted products might be offered only for a limited time so that the customers feel the urge to purchase as swiftly as possible.



<h2 class="wp-block-heading" id="h-send-gift-cards-with-special-messages">Send Gift Cards with Special Messages</h2>



Gift cards for Father’s Day have always been among the most irreplaceable gifts for fathers. Gift cards that add a heartfelt touch that resonates with customers can be offered on e-commerce websites alongside special products or as stand-alone products. In this manner, fathers have the opportunity to purchase according to their own needs and wants.&nbsp;



By creating an emotional connection, personalized gift cards with special Father’s Day messages increase the average order value, and total sales. Gift cards provide a versatile gifting option offering customers a flexible gift-giving experience.



<h2 class="wp-block-heading" id="h-special-packaging-for-fathers">Special Packaging for Fathers</h2>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://cms.ikas.com/wp-content/uploads/2023/05/Special-Packaging-1024x538.webp" alt="Special Packaging for Fathers" class="wp-image-40991" srcset="https://cms.ikas.com/wp-content/uploads/2023/05/Special-Packaging-1024x538.webp 1024w, https://cms.ikas.com/wp-content/uploads/2023/05/Special-Packaging-300x158.webp 300w, https://cms.ikas.com/wp-content/uploads/2023/05/Special-Packaging-768x403.webp 768w, https://cms.ikas.com/wp-content/uploads/2023/05/Special-Packaging-24x13.webp 24w, https://cms.ikas.com/wp-content/uploads/2023/05/Special-Packaging-36x19.webp 36w, https://cms.ikas.com/wp-content/uploads/2023/05/Special-Packaging-48x25.webp 48w, https://cms.ikas.com/wp-content/uploads/2023/05/Special-Packaging.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Eye-catching special packaging is essential for a unique customer experience. To create packaging that embodies the spirit of the special occasion, thematic designs can be prepared. Just imagine the excitement of the customers who take a look at these impressive designs. Impressive packaging would enhance customer satisfaction and sales. Moreover, the same customers have a more likelihood of purchasing again next year.&nbsp;



Personalized messages and Father’s Day cards can also be incorporated into the packages so that the unboxing experience of the customers can be elevated. The act of unboxing is also visually captivating and a beloved practice on social media platforms. Therefore, your customers may also prefer sharing their unboxing event with their followers on social media.&nbsp;



The care and effort e-commerce websites put into preparing special packaging would lead the customers to develop positive emotions, leading to strong brand loyalty.&nbsp;



<h2 class="wp-block-heading" id="h-offer-free-shipping-for-father-s-day">Offer Free Shipping for Father&#8217;s Day</h2>



Additionally, providing free shipping can serve as an incentive for customers. Free shipping might be a high barrier to online shopping, and customers are more likely to proceed with completing their orders when there is no extra fee for shipping.



With free shipping for Father’s Day purchases, e-commerce websites can effectively boost sales, while also attracting potential customers. Announced on the website, through email marketing campaigns, and on social media platforms, this limited-time offer would be an attractive opportunity for those who wish to buy gifts for the fathers in their lives with a budget in mind. Repeatedly offered free shipping promotions on Father’s Day or any other special occasion also increase the likelihood of return purchases in the future.&nbsp;



<h2 class="wp-block-heading" id="h-plan-your-social-media-posts">Plan Your Social Media Posts</h2>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://cms.ikas.com/wp-content/uploads/2023/05/Social-Media-Posts-1024x538.webp" alt="Plan Your Social Media Posts" class="wp-image-40995" srcset="https://cms.ikas.com/wp-content/uploads/2023/05/Social-Media-Posts-1024x538.webp 1024w, https://cms.ikas.com/wp-content/uploads/2023/05/Social-Media-Posts-300x158.webp 300w, https://cms.ikas.com/wp-content/uploads/2023/05/Social-Media-Posts-768x403.webp 768w, https://cms.ikas.com/wp-content/uploads/2023/05/Social-Media-Posts-24x13.webp 24w, https://cms.ikas.com/wp-content/uploads/2023/05/Social-Media-Posts-36x19.webp 36w, https://cms.ikas.com/wp-content/uploads/2023/05/Social-Media-Posts-48x25.webp 48w, https://cms.ikas.com/wp-content/uploads/2023/05/Social-Media-Posts.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Social media can also be effective in promoting Father&#8217;s Day products with visually appealing content and captions. By strategically sharing emotionally captivating social media posts, businesses can remind their social media followers and/or customers about the approaching date of Father&#8217;s Day, ensuring they don&#8217;t miss out on the opportunity to celebrate this special day.



Social media posts can be shared before and during Father’s Day and as the customers get familiar with the products of a brand through social media posts and ads, they can also be more inclined to buy certain products. These posts can show compelling visuals and include effective captions to tell the unique features of the products. Moreover, social media can effectively raise brand awareness and increase engagement with potential and existing social media followers.



Moreover, giveaways and contests can be organized for social media followers. Giveaways and contests can gamify the shopping experience for potential customers as they create excitement about the products and the brand. Participation in contests and giveaways can also increase the likelihood of later purchases.



Influencers can also play an important role to improve the social proof and the credibility of the brand. With the reach of influencers, the products can be fully introduced to potential customers. Influencers can also share their own experiences with the products, establishing a sense of trust and authenticity among the followers.



Related Article: <a href="https://ikas.com/blog/social-media-marketing-tips">Social Media Marketing Tips</a>



<h2 class="wp-block-heading" id="h-take-advantage-of-email-marketing">Take Advantage of Email Marketing</h2>



In addition to preparing a gift guide for the e-commerce website, the same gift guide can also be distributed through emails targeting new and/or existing customers.



Newsletters that are sent before Father’s Day to remind the date, create a sense of urgency, and encourage the customers to begin planning their gift ideas well in advance. Valuable gift suggestions and products from the gift guide may inspire customers to make well-informed purchase decisions.



Furthermore, it is helpful to send a reminder email to the customers who bought gifts from the website last year so that they can purchase their gifts for this year’s Father’s Day. Sales can be further increased with special discounts to email subscribers.



Related Articles:



<ul>
<li><a href="https://ikas.com/blog/email-marketing-guide">What is Email Marketing?</a></li>



<li><a href="https://ikas.com/blog/e-commerce-trends">Top 7 E-Commerce Trends For 2023</a></li>



<li><a href="https://ikas.com/blog/product-bundling">What is Product Bundling?</a></li>



<li><a href="https://ikas.com/blog/what-is-ecommerce">What is E-Commerce?</a></li>



<li><a href="https://ikas.com/blog/top-9-e-commerce-tips-for-small-businesses">E-Commerce Tips For Small Businesses</a></li>



<li><a href="https://ikas.com/blog/find-a-product-to-sell-online">Find A Product To Sell Online</a></li>
</ul>



We are here to answer all your questions about setting up an e-commerce site! Get detailed information about the ikas <a href="https://ikas.com/">e-commerce platform</a>!

Boost Your E-Commerce Sales on Father’s Day (9+ Tips)

We are constantly improving the ikas e-commerce platform by adding new features that enable e-commerce merchants to increase their sales quickly and efficiently.



This month we have added new filters, sorting options, employee permissions, and much more. Let’s take a detailed look at the new features.



<h2 class="wp-block-heading" id="h-new-shipping-rules">New Shipping Rules 📦</h2>



We have renewed the shipping rules in order to offer improved shipping management to our users on the ikas platform. Previously, users were only able to input shipping rules based on the country. Now, ikas users can define rules according to the postal codes of their deliveries. 



There is also a new delivery method called &#8220;Fast Delivery&#8220;. We have now two delivery methods in total:



<ul>
<li>Standard Delivery</li>



<li>Fast Delivery</li>
</ul>



Once you have established the time and day for the two different delivery methods, the corresponding rule will become visible on the payment page. In addition, you can also see the estimated delivery time on the same page.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="712" src="https://cms.ikas.com/wp-content/uploads/2023/03/fast-delivery-rules-1024x712.webp" alt="Fast Delivery Rules" class="wp-image-36686" srcset="https://cms.ikas.com/wp-content/uploads/2023/03/fast-delivery-rules-1024x712.webp 1024w, https://cms.ikas.com/wp-content/uploads/2023/03/fast-delivery-rules-300x209.webp 300w, https://cms.ikas.com/wp-content/uploads/2023/03/fast-delivery-rules-768x534.webp 768w, https://cms.ikas.com/wp-content/uploads/2023/03/fast-delivery-rules-24x17.webp 24w, https://cms.ikas.com/wp-content/uploads/2023/03/fast-delivery-rules-36x25.webp 36w, https://cms.ikas.com/wp-content/uploads/2023/03/fast-delivery-rules-48x33.webp 48w, https://cms.ikas.com/wp-content/uploads/2023/03/fast-delivery-rules.webp 1057w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



If you have multiple stock locations, you can set different shipping rules for each stock location. This way you can choose from which stock location the order should be sent to the customer.&nbsp;



Example:



You have two stock locations: One in the city center and the other outside the city. With the new update, you can set different shipping fees and rules for the warehouse location in the city center and the one outside the city.



If there are no products available at your warehouse location, then the shipping rules you set will not be displayed.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="827" src="https://cms.ikas.com/wp-content/uploads/2023/03/shipping-settings-1024x827.webp" alt="" class="wp-image-36695" srcset="https://cms.ikas.com/wp-content/uploads/2023/03/shipping-settings-1024x827.webp 1024w, https://cms.ikas.com/wp-content/uploads/2023/03/shipping-settings-300x242.webp 300w, https://cms.ikas.com/wp-content/uploads/2023/03/shipping-settings-768x620.webp 768w, https://cms.ikas.com/wp-content/uploads/2023/03/shipping-settings-24x19.webp 24w, https://cms.ikas.com/wp-content/uploads/2023/03/shipping-settings-36x29.webp 36w, https://cms.ikas.com/wp-content/uploads/2023/03/shipping-settings-48x39.webp 48w, https://cms.ikas.com/wp-content/uploads/2023/03/shipping-settings.webp 1517w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 class="wp-block-heading" id="h-product-reviews">Product Reviews 💌</h2>



Automating product reviews allow you to send emails to users who have purchased products and ask them to rate them. Furthermore, you can manage all product reviews on the product detail page. 



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="504" src="https://cms.ikas.com/wp-content/uploads/2023/03/reply-to-review-1024x504.png" alt="" class="wp-image-36704" srcset="https://cms.ikas.com/wp-content/uploads/2023/03/reply-to-review-1024x504.png 1024w, https://cms.ikas.com/wp-content/uploads/2023/03/reply-to-review-300x148.png 300w, https://cms.ikas.com/wp-content/uploads/2023/03/reply-to-review-768x378.png 768w, https://cms.ikas.com/wp-content/uploads/2023/03/reply-to-review-24x12.png 24w, https://cms.ikas.com/wp-content/uploads/2023/03/reply-to-review-36x18.png 36w, https://cms.ikas.com/wp-content/uploads/2023/03/reply-to-review-48x24.png 48w, https://cms.ikas.com/wp-content/uploads/2023/03/reply-to-review.png 1139w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



You can access all the product reviews and respond to them in the “Automations” section. Your response will be sent via email to the user’s email address. If you select the &#8220;Private&#8221; option, the user&#8217;s rating will not be publicly visible, allowing you to modify the review.



<h2 class="wp-block-heading" id="h-google-xml-and-update-times">Google XML and Update Times ⏱️</h2>



The feed you uploaded to Google Merchant Center used to be in .tsv format which caused problems with the transfer. With the latest update, you will receive the feed file with the .xml extension from Google Merchant Center, and product feed files will be updated immediately.



<h2 class="wp-block-heading" id="h-exclusion-filter">Exclusion Filter 🔍</h2>



With the new update, you can now select custom fields and categories. There are two new options: &#8220;include&#8221; and &#8220;not include&#8220;. You can select these two options as rules.&nbsp;&nbsp;



Example: Take a look at the example below. You can exclude the brand MEDUSA, but include the color black.



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="525" src="https://cms.ikas.com/wp-content/uploads/2023/03/dynamic-category-conditions-1024x525.webp" alt="" class="wp-image-36710" srcset="https://cms.ikas.com/wp-content/uploads/2023/03/dynamic-category-conditions-1024x525.webp 1024w, https://cms.ikas.com/wp-content/uploads/2023/03/dynamic-category-conditions-300x154.webp 300w, https://cms.ikas.com/wp-content/uploads/2023/03/dynamic-category-conditions-768x394.webp 768w, https://cms.ikas.com/wp-content/uploads/2023/03/dynamic-category-conditions-24x12.webp 24w, https://cms.ikas.com/wp-content/uploads/2023/03/dynamic-category-conditions-36x18.webp 36w, https://cms.ikas.com/wp-content/uploads/2023/03/dynamic-category-conditions-48x25.webp 48w, https://cms.ikas.com/wp-content/uploads/2023/03/dynamic-category-conditions.webp 1071w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 class="wp-block-heading" id="h-package-split">Package Split ✂️</h2>



Packages with the status &#8220;ready to shipment&#8221; or &#8220;shipped&#8221; can be canceled. If the order contains several products, you can remove them now without canceling the whole order. 



You can create a new shipping code for the removed product and ship it separately. This function is especially useful in case of missing or wrong shipments.&nbsp;&nbsp;



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="792" height="370" src="https://cms.ikas.com/wp-content/uploads/2023/03/split-package.webp" alt="" class="wp-image-36720" srcset="https://cms.ikas.com/wp-content/uploads/2023/03/split-package.webp 792w, https://cms.ikas.com/wp-content/uploads/2023/03/split-package-300x140.webp 300w, https://cms.ikas.com/wp-content/uploads/2023/03/split-package-768x359.webp 768w, https://cms.ikas.com/wp-content/uploads/2023/03/split-package-24x11.webp 24w, https://cms.ikas.com/wp-content/uploads/2023/03/split-package-36x17.webp 36w, https://cms.ikas.com/wp-content/uploads/2023/03/split-package-48x22.webp 48w" sizes="(max-width: 792px) 100vw, 792px" /></figure>



<h2 class="wp-block-heading" id="h-other-improvements">Other Improvements 🎉</h2>



<ul>
<li>The rule &#8220;Maximum cart amount&#8221; has been added to the campaign function</li>



<li>The &#8220;Gift Package&#8221; rule has been added to the order filter.</li>



<li>You can update the language preferences of the customers according to the actions performed.</li>



<li>When you copy the product description from another place, the style of the copied text is not applied in ikas. Only styles such as color, background color, list, bold, italic, underlined font, etc. will be copied to ikas.</li>



<li>You can add billing information and a custom title to the shipping label.</li>



<li>With Twilio integration, you can send SMS notifications&nbsp;</li>



<li>You can define the file names of the product images</li>



<li>If a shopping cart reminder email is sent, you can see it in the order timeline</li>
</ul>



<h2 class="wp-block-heading" id="h-other-functions-on-our-roadmap">Other functions on our roadmap ⏳</h2>



<ul>
<li>Grouping products and selling them with the bundle function</li>



<li>Enter separate prices for bundle products</li>



<li>When a bundle of products is sold, you can calculate the stock or product prices separately for the products in the bundle</li>



<li>The ikasPOS will be work on both Android and iOS devices</li>



<li>Collect and obtain contracts and permissions from customers on new displays</li>



<li>Etsy integration</li>



<li>New price-lists&nbsp;&nbsp;</li>



<li>Separate display of sales from abandoned shopping carts</li>



<li>Ability to download digital products</li>



<li>New website theme for beauty products</li>



<li>Dynamic customer groups</li>



<li>Better visibility of category pages on the website</li>
</ul>



Related Article: <a href="https://ikas.com/blog/ikas-november-update-is-live" target="_blank" rel="noreferrer noopener">ikas November Update</a>

ikas March Update

Do you want to start a business and successfully turn your idea into reality? To achieve both of these goals, you need to create a business plan.&nbsp;



In this blog article we will explain what exactly a business plan is, why you need it, and how to write an excellent business plan.&nbsp;



At the end of this blog article, you will find two business plan examples that you can download for free!



<h2 class="wp-block-heading" id="h-what-is-a-business-plan">What Is a Business Plan?</h2>



A business plan is a road map for the next 3 to 5 years and guides you through each step of starting and running your business. It describes your business, your products, your strategy, your goals, your customers, and your competitors.&nbsp;



The business plan helps you achieve your short-term and long-term goals and covers these four main areas:



<ol>
<li>Company profile</li>



<li>Sales and marketing</li>



<li>Operations</li>



<li>Financials</li>
</ol>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://cms.ikas.com/wp-content/uploads/2023/03/what-is-a-business-plan-1024x538.webp" alt="" class="wp-image-35833" srcset="https://cms.ikas.com/wp-content/uploads/2023/03/what-is-a-business-plan-1024x538.webp 1024w, https://cms.ikas.com/wp-content/uploads/2023/03/what-is-a-business-plan-300x158.webp 300w, https://cms.ikas.com/wp-content/uploads/2023/03/what-is-a-business-plan-768x403.webp 768w, https://cms.ikas.com/wp-content/uploads/2023/03/what-is-a-business-plan-24x13.webp 24w, https://cms.ikas.com/wp-content/uploads/2023/03/what-is-a-business-plan-36x19.webp 36w, https://cms.ikas.com/wp-content/uploads/2023/03/what-is-a-business-plan-48x25.webp 48w, https://cms.ikas.com/wp-content/uploads/2023/03/what-is-a-business-plan.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 class="wp-block-heading" id="h-what-are-the-types-of-business-plan">What Are The Types of Business Plan?</h2>



There are two types of business plans:



<ul>
<li>Traditional Plan: The traditional plan contains all the details and is more than 20 pages. This plan requires more work.</li>



<li>Lean Startup Plan: This plan usually consists of a single page and summarizes only the most important points. The disadvantage of this plan is that it does not include all important and relevant information. For investments, entrepreneurs need a detailed plan.</li>
</ul>



<h2 class="wp-block-heading" id="h-why-write-a-business-plan">Why Write a Business Plan?</h2>



Here are the top 10 reasons why you should create a business plan:



<ol>
<li>Guides you through every step of starting and managing your business</li>



<li>Helps you to clarify your ideas</li>



<li>If you write a business plan and review it regularly, you will grow 30% faster and achieve better results than other businesses that don&#8217;t</li>



<li>A better understanding of your competition</li>



<li>Investors will demand a business plan</li>



<li>You do a thorough customer analysis and understand your customers</li>



<li>A business plan will help you manage the future of your business</li>



<li>Allows you to make smarter decisions</li>



<li>Helps you determine your financial needs</li>



<li>You better understand your market, and that knowledge helps you make decisions that can improve your success</li>
</ol>



Related Article: <a href="https://ikas.com/blog/soft-skills-every-entrepreneur-should-have">Soft Skills for Entrepreneurs</a>



<h2 class="wp-block-heading" id="h-what-does-a-business-plan-need-to-include">What does a Business Plan need to include?</h2>



<ul>
<li>Executive summary</li>



<li>Company Overview</li>



<li>Problem and Solution</li>



<li>Market research</li>



<li>Competition</li>



<li>Service and product&nbsp;</li>



<li>Marketing</li>



<li>Financial statement</li>
</ul>



<h2 class="wp-block-heading" id="h-how-do-i-write-a-business-plan">How Do I Write a Business Plan?</h2>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://cms.ikas.com/wp-content/uploads/2023/03/how-do-i-write-a-business-plan-1024x538.webp" alt="" class="wp-image-35777" srcset="https://cms.ikas.com/wp-content/uploads/2023/03/how-do-i-write-a-business-plan-1024x538.webp 1024w, https://cms.ikas.com/wp-content/uploads/2023/03/how-do-i-write-a-business-plan-300x158.webp 300w, https://cms.ikas.com/wp-content/uploads/2023/03/how-do-i-write-a-business-plan-768x403.webp 768w, https://cms.ikas.com/wp-content/uploads/2023/03/how-do-i-write-a-business-plan-24x13.webp 24w, https://cms.ikas.com/wp-content/uploads/2023/03/how-do-i-write-a-business-plan-36x19.webp 36w, https://cms.ikas.com/wp-content/uploads/2023/03/how-do-i-write-a-business-plan-48x25.webp 48w, https://cms.ikas.com/wp-content/uploads/2023/03/how-do-i-write-a-business-plan.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3 class="wp-block-heading" id="h-1-executive-summary">1. Executive Summary</h3>



The executive summary is the most important part of your business plan because it is the first thing your investors will read. Imagine that this part is your elevator pitch and you want to convince the investor in a few minutes.



Your executive summary should include the following information:



<ul>
<li>Concept</li>



<li>Goals and vision</li>



<li>Description of the product or service and why it is different&nbsp;</li>



<li>Target market</li>



<li>Marketing strategy</li>



<li>Current and expected financial situation</li>
</ul>



We recommend that you write this part last. This way, you will know what important information to highlight in the summary.&nbsp;



Related article: <a href="https://ikas.com/blog/business-ideas">High Profit Business Ideas for 2023</a>



<h3 class="wp-block-heading" id="h-2-company-overview">2. Company Overview</h3>



In the company overview, you provide detailed information about your company, its purpose and goals.&nbsp;



This part consists of 3 main parts:



<ol>
<li>Mission Statement</li>



<li>History</li>



<li>Objectives</li>
</ol>



<h4 class="wp-block-heading">Mission Statement</h4>



In the mission statement, you explain in simple and concise terms what the purpose of your company is. This part is short and usually consists of a single sentence.&nbsp;



<h4 class="wp-block-heading">Company History</h4>



In the company history, provide an overview of how and why your company was founded. Include in your company history the most interesting highlights of your journey. This part will help others understand why you started and the challenges you faced.



<h4 class="wp-block-heading">Objectives </h4>



In this part, you set goals which you hope to achieve. Your goals should be SMART, which stands for:



<ul>
<li>Specific</li>



<li>Measurable</li>



<li>Achievable</li>



<li>Realistic</li>



<li>Time-bound</li>
</ul>



<h3 class="wp-block-heading" id="h-3-problem-solution">3. Problem &amp; Solution</h3>



Describe the consumer’s problem and how your product or service solves that problem.



<h3 class="wp-block-heading" id="h-4-market-research">4. Market Research</h3>



The right market is the market that needs your products.&nbsp;



Choose the right market for your products and outline your potential customer and the size of your market.&nbsp;



<h4 class="wp-block-heading">Potential market</h4>



A potential market is a market that includes people who are interested in your product but are not yet buyers.



<h4 class="wp-block-heading">Potential customer</h4>



A potential customer is a person who might be interested in your product or service. There are two types of potential customers:



<ol>
<li>One, who has expressed interest in your business</li>



<li>One, who has not yet expressed interest</li>
</ol>



Consider the following information when searching for your potential customer:



<ul>
<li>Location</li>



<li>Income</li>



<li>Age</li>



<li>Gender</li>



<li>Education</li>



<li>Profession</li>



<li>Hobbies</li>
</ul>



Related Article: <a href="https://ikas.com/blog/digital-skills">Digital Skills You Should Learn In 2023</a>



<h3 class="wp-block-heading" id="h-5-competition">5. Competition</h3>



Identify other companies that currently offer products or services in the market you want to enter. List 3 to 5 companies you see as competitors.&nbsp;



To identify your competitors, you can perform a SWOT analysis to help you identify the strengths and weaknesses of each competitor.



<h3 class="wp-block-heading" id="h-6-product-and-service">6. Product and Service</h3>



Describe your product or service and provide all details such as costs, suppliers, distribution, production process, etc. Explain what benefits you offer your customers and why your offerings are better than those of your competitors.



<h3 class="wp-block-heading" id="h-7-marketing">7. Marketing</h3>



List your key marketing activities and answer following questions:



<ul>
<li>How do you plan to generate sales?</li>



<li>How do you want to convince customers to buy your products or services?</li>



<li>How do you want to retain customers?</li>
</ul>



The 4 Ps of Marketing can help successfully market a product or service.



<ol>
<li>Product Define your product. Who needs it, and why?&nbsp;</li>



<li>Price Set a price for the actual value of the product. What amount are my potential customers willing to pay?</li>



<li>Place Where should your product or service be available?</li>



<li>Promotion How will you communicate with your customers? Promotional activities include advertising, public relations and media strategy.</li>
</ol>



Related Article: <a href="https://ikas.com/blog/brand-awareness-101-how-to-measure-it">Brand Awareness</a>



<h3 class="wp-block-heading" id="h-8-financial">8. Financial</h3>



If you are just starting out, you may not have a lot of financial data or reports. Investors want to work with businesses that can provide a clear financial statement.&nbsp;



To give investors a clear statement, you need to create a budget and financial plan with following information:



<ul>
<li>Income</li>



<li>Profit and loss</li>



<li>Cash flow</li>



<li>Balance sheet</li>
</ul>



<h2 class="wp-block-heading" id="h-what-are-the-advantages-of-preparing-a-business-plan">What Are The Advantages of Preparing a Business Plan?</h2>



Here are 7 benefits of creating a business plan:



<ol>
<li>A clearer picture of your business as a whole</li>



<li>Brings clarity to the decision-making process</li>



<li>Helps you identify critical priorities&nbsp;</li>



<li>Allows you to track your progress and identify new developments</li>



<li>Helps you define marketing aspects such as target market and customers, how to promote and place your product, etc.&nbsp;</li>



<li>All important information such as profitability and revenue is summarized in one document</li>



<li>Helps you to track the right and important things</li>
</ol>



<h2 class="wp-block-heading" id="h-tips-for-creating-a-good-business-plan">Tips for Creating a Good Business Plan</h2>



<ul>
<li>Organize your business plan into sections so investors can read it quickly and identify all the important information&nbsp;</li>



<li>Check for typos and grammatical errors</li>



<li>Create a business plan with high-quality design and printing</li>



<li>Update and revise your business plan</li>
</ul>



<h2 class="wp-block-heading" id="h-business-plan-examples">Business Plan Examples</h2>



Here are 2 business plan examples that you can download for free. Click on the file and download it as a Microsoft Word file.&nbsp;



<ul>
<li><a href="https://docs.google.com/document/d/1rgkqZwf-JbD0PH2ILgd4bG8TClLj-qQLXjKPGJAUukI/edit?usp=sharing" target="_blank" rel="noreferrer noopener">Download Tradition Plan</a></li>



<li><a href="https://docs.google.com/document/d/1a9gAUGwJAzpkJkBQvzYE0Vl8H9VwBJdXon3gc5-G4iU/edit?usp=sharing" target="_blank" rel="noreferrer noopener">Download the Lean Startup Plan</a></li>
</ul>



Related Articles:



<ul>
<li><a href="https://ikas.com/blog/what-is-entrepreneurship">What is Entrepreneurship?</a></li>



<li><a href="https://ikas.com/blog/inspirational-quotes">Inspirational Quotes</a></li>



<li><a href="https://ikas.com/blog/8-ways-to-increase-online-sales">8 Ways To Increase Online Sales</a></li>
</ul>

Business Plan: Best Business Plan Examples for 2023

The biggest challenge for e-commerce businesses and retailers is inventory management.



By creating an SKU number system, e-commerce businesses and retailers can professionally track the inventory, organize the warehouse, increase the visibility of the sales data, improve customer experience, identify products, and many other benefits.



In this blog article, we will explain what exactly an SKU number is and how you can create your own SKU number.



<h2 class="wp-block-heading" id="h-what-is-an-sku-number">What is an SKU Number?</h2>



SKU means Stock-Keeping-Unit and is a barcode, which consists of letters and numbers.&nbsp;



With the SKU number, you can easily follow all details of the product like price, product details, manufacturer, stock level, size, color, etc.&nbsp;



The SKU Number has the following functions:



<ul>
<li>Identifying a product</li>



<li>Tracking inventory</li>



<li>Identifying the most profitable products</li>



<li>8 &#8211; 10 characters long</li>



<li>Seeing all the details of the product</li>
</ul>



<h2 class="wp-block-heading" id="h-difference-between-sku-and-upc">Difference between SKU and UPC</h2>



SKU is used for warehouse management and is an alphanumeric code. E-commerce businesses can create their own SKU codes.



UPC is a barcode and is used for identifying products and manufacturers. Unlike the SKU, the UPC consists of numbers only.&nbsp;



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://cms.ikas.com/wp-content/uploads/2023/02/sku-number-1-1-1024x538.png" alt="SKU Number" class="wp-image-33366" srcset="https://cms.ikas.com/wp-content/uploads/2023/02/sku-number-1-1-1024x538.png 1024w, https://cms.ikas.com/wp-content/uploads/2023/02/sku-number-1-1-300x158.png 300w, https://cms.ikas.com/wp-content/uploads/2023/02/sku-number-1-1-768x403.png 768w, https://cms.ikas.com/wp-content/uploads/2023/02/sku-number-1-1-24x13.png 24w, https://cms.ikas.com/wp-content/uploads/2023/02/sku-number-1-1-36x19.png 36w, https://cms.ikas.com/wp-content/uploads/2023/02/sku-number-1-1-48x25.png 48w, https://cms.ikas.com/wp-content/uploads/2023/02/sku-number-1-1.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Here is a summary:



<h3 class="wp-block-heading">SKU (Stock Keeping Unit)</h3>



<ul>
<li>Internal use</li>



<li>Between 8 and 12 characters</li>



<li>Used to track inventory</li>



<li>Alphanumeric</li>



<li>Individuals for each e-commerce company</li>
</ul>



<h3 class="wp-block-heading">UPC (Universal Product Code)</h3>



<ul>
<li>International use</li>



<li>Always 12 characters long</li>



<li>Identifies manufacturers and products</li>



<li>Consists of numbers only</li>



<li>Used by the Global Standards Organization</li>
</ul>



<h2 class="wp-block-heading" id="h-how-to-create-an-sku-number">How to create an SKU Number?</h2>



Now let&#8217;s see how you can create your own SKU number.&nbsp;



<h3 class="wp-block-heading" id="h-1-top-level-identifier">1. Top-level identifier</h3>



Define a top-level identifier of 2 &#8211; 3 characters. Your top-level identifier is the first character of your SKU number and can be a category, supplier, or department.



<h3 class="wp-block-heading" id="h-2-middle-numbers">2. Middle Numbers</h3>



Now you must define the middle numbers, which exist of the unique features of your product like color, size, category, or other features that help you organize your products.



<h3 class="wp-block-heading" id="h-3-sequential-number">3. Sequential number</h3>



Finish your SKU number with a sequential number that helps you to identify your older and newer products for example 001, 002, 003. Or like we said before, whatever makes logical sense for the products you sell.



<h3 class="wp-block-heading" id="h-4-pos-inventory-management-system">4. POS &amp; Inventory management system</h3>



After you have defined your SKU number, you can add it to your POS, inventory management system, or e-commerce platform. After you added your SKU number to one of these systems you can create scannable SKU barcode labels for easy checkout and inventory counting.



With the e-commerce platform ikas you can easily create barcodes for your products. The function &#8220;Scan barcode&#8221; enables you to connect your barcode reader with the ikas e-commerce platform. When you scan the barcode, the ikas e-commerce platform automatically counts your inventory.&nbsp;



<h2 class="wp-block-heading" id="h-sku-number-example">SKU Number Example</h2>



Imagine you sell face cleansers and your brand name is &#8220;Kadarius&#8221;. To create an SKU number you must list the needed attributes of the product and define for every single attribute an indication.



Example:



<ul>
<li>Brand: Kadarius (KA)</li>



<li>Category: Face (02 or FA)</li>



<li>Type: Natural (100 or NA)</li>



<li>Gender: Women (01 or WO)</li>



<li>Size: 200 ml (200)</li>
</ul>



Now you can create an SKU Code in two different ways: Either you create an alphanumeric SKU code or only one with letters.&nbsp;



SKU code example for the Kadarius face cleanser:



<ol>
<li>KA-02-100-01-200</li>



<li>KA-FA-NA-WO-200</li>
</ol>



You should keep your SKU number short to make the consignment as easy as possible. If you sell only one product, for example t-shirts, you can use the same SKU number for all products and only add a number at the end.&nbsp;



<h2 class="wp-block-heading" id="h-sku-number-faqs">SKU Number FAQs</h2>



<h3 class="wp-block-heading" id="h-is-the-sku-number-the-same-as-the-item-number">Is the SKU Number the same as the Item Number?</h3>



The SKU Number is at the same time also the item number of the product.



<h3 class="wp-block-heading" id="h-do-my-products-need-an-sku-number">Do my products need an SKU Number?</h3>



All products need a unique identifier. That means you should use SKU numbers for all your products to differentiate from another and to follow the inventory of every single product.



<h3 class="wp-block-heading" id="h-can-two-products-have-the-same-sku-number">Can two products have the same SKU Number?</h3>



No. Every product should have another SKU number to follow the correct inventory and details of the product. But if you need to use the same SKU number for two different products, you can add at the end of the SKU number a letter or number.

What is an SKU Number? (Guide for Businesses)

<h2 class="wp-block-heading" id="h-what-is-a-niche-market">What is a Niche Market?</h2>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-2-1024x538.webp" alt="" class="wp-image-28938" srcset="https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-2-1024x538.webp 1024w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-2-300x158.webp 300w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-2-768x403.webp 768w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-2-24x13.webp 24w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-2-36x19.webp 36w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-2-48x25.webp 48w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-2.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



A niche market is a subsection of a larger market that can be characterised by its own particular requirements, preferences, or identity, distinguishing it from the market as a whole.



For instance, there are numerous niches in the market for shoes. Shoes for plus-sized people, shoes for nurses, and shoes for athletes would all fall into the category of niche markets.



Almost every market can be further segmented or refined based on its participants&#8217; unique requirements and preferences. Some popular standards used to define a niche include Price, Quality level, Demographics, and Location.



Focusing on a particular niche allows companies to serve a specific customer base better than their competitors who pursue a larger market.



<h2 class="wp-block-heading" id="h-what-are-the-advantages-of-niche-markets">What Are the Advantages of Niche Markets?</h2>



<h3 class="wp-block-heading" id="h-greater-return-on-investment">Greater &#8216;Return on Investment&#8217;</h3>



Since niche marketing targets particular user groups, these users are more likely to purchase your product than those caught in a mass marketing reach. It may seem implausible to have less traffic than a more significant site, but if Site X receives ten purchases from 100 visits while Site Y receives ten from 1000, then Site X has a 10% conversion rate while Site Y has 1%. Quality over quantity is the key to maintaining a high return on investment.



Additionally, focusing on a niche market makes it much easier to save funds on marketing since more comprehensive mass marketing strategies typically cost more the broader your target audience gets and if you want to appear on TV or a billboard.



<h3 class="wp-block-heading" id="h-customer-loyalty">Customer Loyalty</h3>



One characteristic of niche marketing is the loyalty of the consumer. You can demonstrate what customers want or need using the niche marketing strategy. In contrast to general offerings, if they visit, they already have the intention to purchase. It can also give you an advantage over competitors because a niche product or service stands out much more, thanks to its advantages.



<h3 class="wp-block-heading" id="h-less-competition">Less competition</h3>



Niche marketing faces much less competition than mass marketing. For example, if you can offer something that not everyone can do for various reasons, you&#8217;ve already surpassed potential competitors.&nbsp;



Besides, generic marketing initiatives don&#8217;t always stand out. You might get lost in an ocean of campaigns with better reach unless you&#8217;re a well-known, recognisable brand like Microsoft.



<h2 class="wp-block-heading" id="h-what-are-the-disadvantages-of-niche-markets">What Are the Disadvantages of Niche Markets?</h2>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-1-1-1024x538.webp" alt="" class="wp-image-28949" srcset="https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-1-1-1024x538.webp 1024w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-1-1-300x158.webp 300w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-1-1-768x403.webp 768w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-1-1-24x13.webp 24w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-1-1-36x19.webp 36w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-1-1-48x25.webp 48w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-1-1.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3 class="wp-block-heading" id="h-smaller-market">Smaller market</h3>



Naturally, your target market will be smaller if you focus on a niche. However, once you try it, you should notice an improvement in your conversions, sometimes a significant one. This is just a matter of how precisely you target your audience with your offers. As a result, you should always compare the results.



<h3 class="wp-block-heading" id="h-a-higher-return-on-investment-is-not-guaranteed">A higher &#8216;Return on Investment&#8217; is not guaranteed</h3>



Working in more specialised markets can undoubtedly impact your Return on Investment, but you should still test this. The growth in conversions can also reduce your ad spending, so you must look at the big picture.



Related Article: <a href="https://ikas.com/blog/what-is-growth-hacking">What is Growth Hacking?</a>



<h3 class="wp-block-heading" id="h-product-perfection">Product Perfection</h3>



Businesses must create perfect strategies and better solutions to compete in the market. There is less room for an error because there are fewer prospects. The business must be able to deliver products that are precisely what the customer wants.



<h2 class="wp-block-heading" id="h-how-to-find-your-own-niche-market-in-2023">How to Find Your Own Niche Market in 2023</h2>



In order to find an untapped niche market, business owners and marketers must first create an overview of the larger market before drilling down from there. A segment of that market, your niche, will help define everything from:



<ul>
<li>Your product features to target the demands of your market.&nbsp;</li>



<li>The plan for how much to charge for your goods&nbsp;</li>



<li>production excellence&nbsp;</li>



<li>Your branding and positioning&nbsp;</li>



<li>Your online marketing approach</li>
</ul>



You can start with a competitive advantage for your online business by picking a niche. You&#8217;ll have a difficult uphill battle against the established competition if you try to open your online store in a crowded product category or market. By concentrating on a niche, you can compete without necessarily offering different products by putting more effort into a particular area of the market.



<h2 class="wp-block-heading" id="h-how-to-build-a-niche-strategy">How to Build a Niche Strategy?</h2>



<ol>
<li>Determine your audience. Start by identifying the general market. Focus on a topic you know well, then identify subtopics.</li>
</ol>



<ol start="2">
<li>Describe an unmet need. Analyse your audience and market gaps. Analyse your products or services and pick a growing sector.&nbsp;</li>
</ol>



<ol start="3">
<li>Customer research. Knowing your audience&#8217;s needs, goals, motivations, frustrations, and expectations. When you start your business, you should research these and regularly reassess your customer base and competition.&nbsp;</li>
</ol>



<ol start="4">
<li>Business plan. Creating a business plan in which you describe your ideal customer and pricing model. Your business idea should reflect your target market.&nbsp;</li>
</ol>



<ol start="5">
<li>Target your customers. Your marketing should be a niche like your product or service. Targeted ads, blog posts, and podcasts are valuable tools for spreading your niche business idea. A small business selling vegan food should appear on a healthy-eating vegan Youtube Video to get actual conversions.</li>
</ol>



Related Article: <a href="https://ikas.com/blog/what-is-video-marketing">What is Video Marketing?</a>



<h2 class="wp-block-heading" id="h-niche-market-examples">Niche Market Examples</h2>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="538" src="https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-3-1024x538.webp" alt="" class="wp-image-28953" srcset="https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-3-1024x538.webp 1024w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-3-300x158.webp 300w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-3-768x403.webp 768w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-3-24x13.webp 24w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-3-36x19.webp 36w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-3-48x25.webp 48w, https://cms.ikas.com/wp-content/uploads/2022/12/what-is-niche-market-3.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



While you may have trending ideas in mind, you can improve your probability of success by beginning with a niche market and then finding niche products with a market fit.



This list of niche markets and product ideas for 2023 is just a starting point; you can always go in a different direction or find niche opportunities within any category.&nbsp;



<ul>
<li>Local Production</li>



<li>Sustainability</li>



<li>Well-being&nbsp;</li>



<li>Travelling</li>



<li>Pets</li>



<li>Movies</li>



<li>Comics</li>



<li>Gaming</li>



<li>Home Decor</li>



<li>Sports</li>
</ul>



Related Article: <a href="https://ikas.com/blog/dropshipping-guide">What is Dropshipping?</a>



<h2 class="wp-block-heading" id="h-niche-markets-faq">Niche markets FAQ</h2>



<h3 class="wp-block-heading" id="h-what-does-a-niche-market-mean">What does a niche market mean?</h3>



A niche market is a segment of a larger market with unique needs, preferences, or identities.



<h3 class="wp-block-heading" id="h-what-is-the-difference-between-the-mass-market-and-the-niche-market">What is the difference between the mass market and the niche market?</h3>



Mass-market aims to reach most people, while niche markets target a specific group. A national grocery store chain serves a mass market, while a local butcher shop serves a niche.



<h3 class="wp-block-heading" id="h-how-do-i-choose-a-niche">How do I choose a niche?</h3>



Pick a large, general audience as your target, and then narrow your focus until you find a niche that speaks to you. Consider researching popular search terms, making a mind map, or using social media to generate concepts.&nbsp;



Identifying a niche may seem hard in the beginning. After a brainstorming session, I am sure you will come up with something brilliant.&nbsp;



Related Articles:



<ul>
<li><a href="https://ikas.com/blog/business-ideas">High Profit Business Ideas</a></li>



<li><a href="https://ikas.com/blog/affiliate-marketing-guide">What is Affiliate Marketing?</a></li>



<li><a href="https://ikas.com/blog/what-is-ecommerce">What is E-Commerce?</a></li>



<li><a href="https://ikas.com/blog/social-media-marketing-tips">Social Media Marketing Tips</a></li>
</ul>

What is a Niche Market? (Best Examples for 2023)

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