Untapped Markets: How To Identify an Untapped Market
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About this post
- The article defines an untapped market as a segment where demand exists but competition is limited, offering a growth opportunity for businesses.
- It emphasises the importance of spotting hidden opportunities by analysing customer needs, market gaps, trends and underserved niches rather than just competing in saturated spaces.
- The piece outlines practical steps: gather data (sales, search volumes, competitor presence), profile your potential customers, evaluate market size and accessibility, and test assumptions before full-scale entry.
- It highlights that entering an untapped market can give you a competitive edge, higher conversion rates and better brand visibility because you’re among the early movers rather than fighting established players.
- Finally, it suggests that for e-commerce stores (especially platforms like Magento 2) this means aligning your product/market fit, optimising your offering for that niche, and then scaling once you’ve validated traction.
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