If you're a big fan of the color purple, you'll probably also love the Purple Store, an online store with a home base in Seattle, Washington. There, you'll find every kind of product you can think of -- and it's all only in one shade. From bandages to briefcases, wallets and Christmas trees, the Purple Store has it all.
Implications - Brick-and-mortar retailers are enduring an onslaught of obstacles, from the recession to the advent of online shopping. Novelty stores that cater to a very select target market may offer a solution. By addressing an unusual niche -- in this case, purple products -- these retail shops may be able to convert curious pedestrians into diehard customers.
Key Themes Behind This Trend
- Hyper-specific Stores
- Opportunity for niche stores to cater to a specific target market by offering products that are unique and appealing to the customers.
- Monochromatic Products
- Opportunity for stores to offer products in one specific color to cater to customers who have a liking for that particular color.
- Online Novelty Stores
- Opportunity for online stores to offer novelty products that are seldom found in regular stores to cater to their target audience.
Where This Applies
- Specialty Retailers
- Opportunity for specialty retailers to embrace specific niches by setting up hyper-specific stores that carry products that cater to specific customers' needs.
- E-commerce
- Opportunity for e-commerce businesses to offer monochromatic products, which don't require a physical brick-and-mortar store to manage their inventory.
- Novelty Products
- Opportunity for the novelty product industry to offer products that cannot be found in regular retail stores catering to niche customers with hyper-specific preferences.
