Jewelry is an asset. Although it is beautifully decorated, it is still a real luxury and has a very high value. Its luxury is different from those branded clothes and branded bags.
An expensive jewelry, just like the phrase “diamond is forever”, as long as you don’t smash or lose it, your diamond ring will always be the precious diamond ring. The value of the name jewelry is never outdated, just like the formation of the gems, that it has suffered tens of millions of years of baptism.
Jewelry is luxury, but it’s not a type of price that is second to none, or the type of consumables thrown when used. It’s beautiful, stable, worth adding, and inherited. It has asset attributes and is also a symbol of flavor and wisdom.
Now it seems like people buy jewelry more than before – including engagement rings. Whether it’s a pair of stud earrings or statement necklaces, a new jewelry can spice up your work from home look for a Zoom call.
Unlike shopping for clothes, you don’t need to try anything in – just see something you like and add it to the cart – which mitigates the need for returns.
By 2020, more than 29 million people buy jewelry online every day. So buying and selling online jewelry is a big business and can be very profitable!
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Starting an Online Jewelry Business
Starting a jewelry business is both simple and complex. It will test your creativity along with your sales, marketing, network and customer service skills.
To start a jewelry business, someone must be passionate about jewelry and has talent for design. To be a successful jewelry seller, though you don’t have to be necessarily involved in the creative process, it will also help if you are also knowledgeable and able to understand the complexities in each design.
Another important trait is to be able to read the market and understand the consumer trends. Today, the tastes of consumers change virtually every now and then, and it is a challenge of catering the right market with the right product and avoiding unnecessary and obsolete inventory.
Today, it’s important that every business is Tech-Savvy and Internet savvy as selling jewelry on the Internet is like the bricks and mortar because the internet allows sellers to connect with customers throughout the world.
Due to the increase in e-commerce and its safe payment method, the internet has evolved into a profitable sales channel.
Guide on How to Start an Online Jewelry Business
There are many opportunities in selling jewelry online, but it can also be very competitive. Existing major brands dominated with a larger advertising budget, a large follower on social media, and the recognition of established brands, which makes it difficult for small jewelry businesses to keep up.
Although it seems scary to start your own jewelry business in a competitive market, if you follow these guides to build a brand that offers something unique to online buyers, you will be on the way to great success.
Identify the Type of Jewelry You Sell
Because the jewelry market and accessories are very competitive, you must first identify the niche or specialization by offering products that are difficult to find or do not yet exist.
There are several different ways to make your jewelry products stand out. You can sell jewelry for certain audiences and / or designed for certain purposes like weddings, parties, themed parties, etc. When it comes to starting the jewelry line, there are endless possibilities. Below are the most common type of jewelry brands.
Fine jewelry is made of precious metals and gemstones such as gold, silver, platinum, diamonds, and rubies, and are often related to luxurious lifestyles.
These types of jewelry products are stylish, high quality, and are usually worn for special occasions. It highlights high quality materials over unique craftsmanship. Expensive materials can be cost-prohibitive, but the average return is higher when you make sales.
This type of jewelry is often fun, on-trend, mass produced, and is made of cheap material. Costume jewelry, also known as fashion jewelry, intended for everyday use.
Unlike fine jewelry, costume jewelry uses lower costs and imitation materials such as synthetic diamonds, wood, plastic, brass, copper, and other metals. This makes it very affordable for consumers, but also means that you have to sell a lot to produce a considerable profit.
Handmade jewelry not only shows the skill of the jeweler but also their artistic style. Semiprecious stones and more unusual materials are used to create unique pieces. Customers are more drawn to this one-of-a-kind quality.
This allows them to buy something that feels truly special, without having to splurge on fine jewelry. Handmade jewelry can’t be mass-produced, it’s a viable option for business owners who want to make and sell unique jewelry or custom pieces.
Define Your Target Audience
Men, women, old, young; everyone likes jewelry. But the types of jewelry vary greatly with different people. It’s time to get to know your audience a little better.
Men and women look for different things in jewelry. Older customers are increasingly less likely to buy fashion jewelry for a one time occasion unless it’s as a gift. Most people can’t afford fine jewelry, and a select few think that anything less than diamonds looks cheap.
Some cultures have traditional jewelery styles and understanding it can help you better understand whether the jewelery you are selling fits.
Familiarize yourself with the patterns and traditions associated with the jewelry you sell to better tell its story. This will also help you understand your target client.
Think about the kind of person most likely to be drawn to the type of piece you will sell. If you sell high-quality diamond engagement rings, you are looking for people in relationships with certain income levels. The more you know about your audience, the easier targeting them with your ads and brands.
- Demographics:This includes gender, age, income, geographical location, marital status, and other defining features.
- Psychographics: The behavior of your target audience, including their interests, dislikes, hobbies, lifestyle traits, and shopping preferences.
- Needs and pain points: What kind of issues are you trying to solve for your customers? Why would they come to you?
It is much easier to compete in a busy market like the jewelry sector if you have a specific niche. For example, instead of simply targeting people who want engagement rings, what about focusing on people who need personalized and affordable rings?
Or what about placing your audience in certain groups such as vintage jewelry lovers, saving buyers, gifters, premium buyers?
Build Your Jewelry Store Brand
Now after you define your type of jewelry and niche, you are ready to tell your target customers about your brand. Write something simple that communicates why you start this business, and what makes your jewelry special.
A brand allows you to build affinity with your target audience so that they fall in love with your mission, vision, and product. A good brand requires an impressive brand name, an amazing logo, a strong website, and a striking color palette.
Invest in attractive packaging and brand when you ship your product. Consider adding a thank you note, or even a discount code for the next purchase to encourage more transactions.
Right Price For Your Jewelry
When it comes to determining the price of your jewelry, remain consistent in all your lines. When the price of your product is too high then you might send customers away. When you choose prices that are too low and you risk convincing buyers that you don’t offer quality products.
Start by thinking about the amount of costs to make the items. If you make a jewelry, you already know that the material costs add quickly.
Once you invest in high-end metals and stones, this cost increases. Take the time to understand the total cost of the raw materials of each piece you create. Then, factor in the hours it took you to create it.
Invest in Your Online Jewelry Business
If you see your online jewelery business as a long-term project, consider creating an online store instead. Building an ecommerce website is easier than ever because of the many platforms, applications and ecommerce integrations available. Electronic commerce platforms are designed so that the creation of an online store is as transparent as possible.
The best place to sell costume jewelry online
There are a lot of platforms that you can try in selling your jewelry, below are the best sites to sell your jewelry:
The best place to sell diamond jewelry online
Listed below are also some of the online marketplaces that are better suited to sell diamond jewelry:
Starting a jewelry business is an exciting endeavor, and it’s never been easier to start a successful business online, but that doesn’t mean it comes with challenges.
Jewelry is a consumer product, it knows no boundaries! Jewelry appeals to both men and women no matter their age (or culture)!
With this in mind, you know that you’ll never run out of buyers. As you grow your jewelry business, you might find it hard to keep up with fulfilling a high volume of orders.
Now it’s time for you to spread your wings and fly! Or at least, spread your wings and create a kick-ass jewelry store. Have fun!