Philippines is one of the fasting growing e-commerce markets in Southeast Asia. Online businesses, especially those belonging in SMSE category have grown rapidly during the pandemic. And in the world of online commerce, there are two primary categories of products or services that entrepreneurs often conside: commoditized and niche products.
Commoditized Products or Services are the essentials and everyday needs of people. When we think of essentials, these are food, beverages, clothing, transportation, and similar necessities that are usually high in demand.
On the other hand, Niche Products or Services are one-of-a-kind products that businesses usually offer to specific market with unique interests. These are not your everyday essentials; instead, these products cater exclusivity, craftmanship, or tailored appeal. A few of the items under niche products or services are handmade items, limited edition clothing, and collectibles.
Unlike commoditized products, niche items are not for everyone. However, they hold immense appeal for individuals passionate about the particular niche they represent.