The jewelry industry is worth billions of dollars! In 2021, more than 29 million people bought jewelry online every day. With statistics like these, it is safe to conclude that the jewelry business is lucrative and competitive. Also, because jewelry is a consumer product, you obviously won’t run out of customers.
Are you ready to start selling great jewelry? This professional guide provides everything to get you on your way.
The jewelry industry is worth billions of dollars! In 2021, more than 29 million people bought jewelry online every day. With statistics like these, it is safe to conclude that the jewelry business is lucrative and competitive. Also, because jewelry is a consumer product, you obviously won’t run out of customers.
Are you ready to start selling great jewelry? This professional guide provides everything to get you on your way.
What is a jewelry business?
The first jewelry found can be found 25,000 years ago, when a fish necklace was found in a cave in Monaco. Years later, jewelry is still a functional accessory as a fashion accessory, design, gift, interior decoration, and status symbol.
Simply put, almost everyone loves jewelry, and now is a great time to start your online wholesale jewelry business. As more and more people pay attention to fashion, it is clear that the jewelry business will always be in demand.
Like other retail businesses, wholesale jewelry involves buying jewelry from wholesalers and selling it at discounted prices. In other words, running a jewelry business means buying and selling jewelry products at low prices compared to retail prices.
Meanwhile, retail business does not mean buying in bulk but at a lower price than retail.
Why should you sell jewelry online?
Jewelry is a variety of fashion accessories that appeal to both women and men. As a jewelry seller, you can offer bracelets, wristwatches, belly rings, earrings, anklets, etc. Also, you can have these products in different types, shapes, and sizes. Such as diamonds, pearls, metals, beads, and. Ruby, to name a few. For a consumer product as diverse as this, it’s clear that there is always something different to offer consumers.
2 steps to starting selling jewelry online
Starting a business requires different steps and methods to properly position your brand.
Step 1: Find jewelry online by research
The first step in starting a jewelry business is to research and decide what jewelry to sell. Finding your jewelry niche helps with many things, including defining your target audience, finding a vendor, and choosing the type of jewelry to sell. It is important to see the latest trends and gather inspiration from other jewelers to find your niche.
Having a niche helps your brand better and defines your marketer and audience. Some good jewelry to start with include fine jewelry, handmade jewelry, costume jewelry, body jewelry, etc. You can also start with one type of jewelry and expand to another area. Some tips for successful research before starting your business include:
- Google trends and trends for fashionistas to find out what’s happening with industry topics and products.
- Go to social media and forums to see the latest jewelry trends and run reviews on products people like
- Analyzing competitor blogs and websites to see what your competitors are doing now and how you can differentiate your brand.
Step 2: Create a business plan
This starts with creating a business plan that includes your business goals, target audience, marketing strategies, financial strategies, team, resources, etc. To create a comprehensive business plan, you must:
Provide an overview: Your business overview describes what your business is about in simple terms. What do you do, what do you sell, what is the purpose of the company, your website, and your investment options? These are some of the questions that your business plan should provide answers to.
Write down your business goals: Your business should have SMART long-term and short-term goals for sales, revenue, and brand building. Having goals provides a framework for your business and makes it easier to track your progress.
Define your audience: Your products may not appeal to everyone, and that’s normal. However, you need to know the people that your products will appeal to; they are the people you want.
For example, if you sell diamonds and gold, your target audience will be people with a lot of money. The more you know about your audience, the easier it is to create effective strategies.
Step 3: Choose your distribution platform
The internet is a big place and selling online means you can choose different ways to market your products. Do you want to create an online store, add B2B business sites, or sell on social media? The platform you choose can depend on your business goals and interests.
Some popular ways to start an online business include:
Internet Marketing. Instead of setting up an online store, you can take an online marketplace like Alibaba to set up your store.
Social media. Another popular way to launch your jewelry line is through social media.
Platforms like Instagram, Facebook, and Twitter already have tools to help business owners set up stores on their platforms.
Meanwhile, the beauty of online shopping is that you can be different. Depending on your needs and requirements, you can sell on multiple platforms or stick to one platform.
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