Is selling jewelry online profitable?
Now, more than ever, it is a great time to launch your own online business, and the best way to do it is with one of the fastest growing industries in the world: jewelry.
From jewelry boxes to fine pieces of precious metals, you should define a couple of points before launching into the adventure of starting your own online business.
Jewelry plays an important role in personalizing an outfit. Whether it is a necklace with precious stones or a diamond bracelet, it is often the touch that makes the difference. And it could make a difference to your finances.
To sell jewelry could be a good way to start a business and make the leap into the world of e-commerce. For instance, this is the case of Kina Jewels, one of the Clip businesses we recently interviewed.
So what we want to say is that no matter if you already have a store or you want to start completely online, an online store is the key in our days for the jewelry market.
Yet, it may be difficult to start. We are sure that, if this is your plan, doubts like these will arise in your mind: Is selling on the Internet reliable? How do I open an online store? Do I really need to make the leap to the digital world or can I keep my traditional store? In order to solve them, you can consult this article where we discuss the importance of selling online.
Overview of jewelry in business
Jewelry market is a billion-dollar market worldwide. So it doesn't matter if you are an artist who designs your own pieces, distribute leather jewelry boxes, costume jewelry or fine jewelry, or simply want to start your own brand, you can earn good profits.
Being a consumer product, there are no limits for this business, as it is attractive for both men and women, of any age, social status, culture... You can find rings, necklaces, bracelets, anklets, piercings, and watches. In addition, each of these products can be made from many different materials, such as gold, silver, diamonds, precious stones...
Actually, jewelry has so many different types that if you start researching the multitude of options, you won't find an end, there's everything! And therein lays the valuable opportunity to open your business: a distinctive stamp, a hallmark, something that makes you different from the rest, unique.
As fashion is a volatile industry, you'll need to maintain interest through updating your product range and incorporating the latest trends. Keep in mind that fashion is a rapidly developing market niche.
Benefits of selling jewelry online
E-commerce advantages apply equally to any product or service, but in the particular case of jewelry three points stand out:
- Shipping: jewelry takes up little space and is lightweight, which makes it an excellent product for shipping. Since they require small packaging, shipping costs will be low.
- Sizing: jewelry selling online has an important advantage. Contrary to clothing, most people will not need to try on jewelry to know if it fits or not. There are exceptions, of course, such as rings, but this is a very small niche that is not very complicated.
- Assortment: there is a great variety of jewelry with a wide range of prices. Like we said before, from the materials to the designs, the universe of jewelry goes almost infinite.
How do I start selling jewelry online?
Once you have decided to start your digital business selling jewelry, jewelry boxes or any other product related to it, please pay attention to the first steps you will have to follow to start your project.
1. Determine the type of jewelry you want to sell
This is certainly the first aspect to consider. Take the time to identify and define what type of jewelry you want to sell. Basically there are the following categories:
- Fine jewelry: jewelry elaborated with precious metals and stones such as diamonds and sapphires. It emphasizes the high quality of the materials over the design or processing technique. Even though prices will be rather high, they mean higher profits when you sell.
- Handmade jewelry: this type of handmade jewelry highlights for its artistic style. Semi-precious stones and unusual materials, such as bone, are usually used to create one-of-a-kind pieces. Customers are attracted by this characteristic, and not so much by the material.
- Costume jewelry: this kind of jewelry is more affordable, fashionable, produced in larger quantities and made of inexpensive materials. Although the prices are lower, it also means that you will have to sell a lot to make a considerable profit.
- Vintage Jewelry: antique jewelry and jewelry boxes have become an increasingly popular choice. Certain people simply enjoy treasure hunting, so vintage jewelry gives you the chance to buy something both unique and with a history.
2. Define your target market
Customers look for different things regarding jewelry. Men usually look for different things than women, just as age also plays a role. Some people associate the word jewelry with luxury, while others prefer antique treasures. The majority of people cannot afford the cost of diamonds and choose costume jewelry pieces, while for others gemstones are synonymous with engagement rings.
Once you have chosen the type of jewelry you want to sell, it is convenient to delimit the market segment, and this will be very useful when creating and designing your brand, as well as planning your advertisement.
3. Develop your brand
Having defined the type of jewelry and niche, you are now ready to create your brand. Marketing can be a little overwhelming at first, but do not forget to hire experts who know how to capture your ideas and design all you need to launch your online business: from the name of your store, logo and slogan, to your website and social networks.
If you found this guide useful, don't hesitate to share your ideas in the comments and even leave the link to your online store, we are looking forward to hearing about your business project.
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