Online Company Niche Identification

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Online Company Niche Identification
The online apparel company's primary niche is millennials (born 1983-1998), and this decision is anchored on specific reasons. According to Berthiaume, millennials are increasingly demonstrating online shopping habits. They also comprise the most populous cohort in the United States and the biggest portion of its workforce. As younger individuals within this group enter the labor force, their older counterparts are advancing in their careers. This implies this niche's earnings potential and spending capability are increasing (Drenik). Therefore, the online apparel business will design strategies to tap into the spending habits of the millennial niche. This paper discusses the online apparel company's value for the millennials, compares and contrasts its value proposition to its competitors and area that the niche values, and recognizes the target segment is a moving target.
Research indicates millennials are increasingly fashion-inclined individuals (Samala and Katkam 233). The online apparel company will provide value by ensuring short lead times, limited supply, and providing more styles. Short lead times will keep the company's range up-to-date with innovative trends. The firm's limited supply will allow it to sell less of each item while ensuring that new products are released regularly to meet the needs of millennials. Instead of selling more of the respective individual styles, the company will bring out innovative ranges more than two times every week. These values coincide with millennials, described as innovative groups participating in social media and online shopping (Samala and Katkam 233). These efforts result in an increasingly fresh apparel range that is always adaptable and allows millennials to have "unique" looks.
Nike is focused on developing high-quality products, being the industry leader in technology, and offering competitive sports brands to celebrities. The company has created separate pages for its products as part of efforts to diversify its online presence and capture the millennials' niche (Backman and Lundgren 23). Ben & Jerrys also uses social media tools to reach millennials (Backman and Lundgren 27). These companies offer innovation via social media to capture the needs of millennials,...