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There is a huge amount of opportunity to sell jewelry online, but it can also be very competitive. Large existing brands dominate with large advertising budgets, large followings on social media and established brand recognition, making it difficult for smaller, newer jewelry companies to keep up.
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However, global online jewelry sales are expected to grow by 11% by 2021. The growth of direct-to-consumer (DTC) brands has seen new jewelry companies emerge and gain market share over traditional brick-and-mortar jewelry stores.
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While starting your own jewelry business in a competitive market can seem daunting, if you follow the right steps to build a brand that offers something unique to online shoppers, you will be on your way to great success.
In this post, we’ll discuss everything you need to know about how to start and grow your online jewelry business.
Since the jewelry and accessories market is highly competitive, you must first identify a niche or specialty by offering a product that is difficult to find or does not already exist.
A good example of a successful DTC jewelery brand is Ocean & Co. Yes, which sells high-quality eco-friendly jewelry and donates a portion of sales to organizations dedicated to reducing ocean pollution. Their jewelry line is aligned with a purpose that appeals to a specific audience based on values.
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There are different ways to make your jewelry product stand out. You can sell jewelry for a specific audience and/or designed for a specific purpose (weddings, proms, theme parties, etc.). When it comes to starting a jewelry line, the possibilities are endless. Here are the most common types of jewelry brands.
Costume jewelery also known as fashion jewelery is meant for everyday use. Unlike fine jewelry, costume jewelry uses cheap and fake materials such as synthetic diamonds, wood, plastic, brass, copper, and other metals.
A piece of jewelry should be reasonably priced, anywhere between $1 and $100. A good example is BaubleBar, one of the largest online brands for affordable jewelry. They first started the brand with a focus on affordable jewelry. Once they established a reputation, they expanded their product line by offering high quality “luxury”.
If you are thinking about selling costume jewelry, make sure you create a pricing strategy for affordable products, or you will lose a lot of potential customers.
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Fine jewelry is made of precious metals and precious stones such as gold, silver, platinum, diamonds and rubies, and is often associated with a luxurious lifestyle. These types of jewelery products are stylish, high quality and usually worn for special occasions.
For example, Brilliant Earth is a fine jewelry brand that offers vintage-inspired engagement and wedding rings. Unlike visiting a jewelry store and selecting a ring, Brilliant Earth offers an innovative online shopping experience by allowing shoppers to customize their ring (eg metal type, gemstone, size, etc.).
Jewelry products can range from $100 to $3,000 (sometimes even more) per item, depending on the type of materials used, size, purchase and brand reputation.
The popularity of online marketplaces like Etsy has shown that customers are willing to buy handmade jewelry and other handmade products. Although handmade jewelry cannot be mass produced, it is a viable option for business owners who want to create and sell unique jewelry or custom pieces.
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Although marketplaces like Etsy offer a great opportunity for jewelry artists to sell custom work and build a following, it can be very competitive unless you’re willing to play the role of jewelry designer and marketer to attract Etsy customers to your store. It is also difficult to measure if you make each piece yourself, or if the piece is made to order.
Although very competitive, there is great opportunity to build a jewelry brand. Here are some statistics that illustrate the current state of the electronic jewelry market.
The jewelry industry is expected to reach $480 billion by 2025. China, the United States, and countries across Europe are all great markets for jewelry. However, newly industrialized nations are expected to account for a larger share of jewelry sales as per capita incomes rise.
Specialty jewelry generates more than 43% of the industry’s total sales in the United States. Finding a unique niche in the jewelry market will help you stand out from the competition.
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Fashion Jewelry will continue to sell fine jewelry by 10% on e-commerce. When buying online, customers are more willing to buy jewelry at an affordable price rather than paying $1,000 for a piece of jewelry, because it is difficult to make a large purchase online without trying it on first.
If you want to start selling jewelry online, you’ve come to the right place. Below we describe 10 steps you should take before starting a jewelry business.
Before making your jewelry business idea a reality, make sure there is a viable target market first, preferably one that is not oversaturated. When customers start looking for jewelry online, they often already have an idea in mind of what they’re looking for, so always consider the type of customer you want to attract and understand what they’re looking for.
Understanding your ideal customer can help you improve your return on ad spend (ROAS) with better targeting to help you spend less and attract more sales.
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Once you know the type of jewelry you want to sell and the audience you want to attract, it’s time to take a closer look at the competition. Research their pricing, offers, social media channels and social commerce strategy, reviews and press coverage to see how you can gain a competitive edge. You should pay attention to what your competitors are doing so you can look for ways to further differentiate your product.
Let’s say your competitor sells costume jewelry for teenagers, but their negative reviews mention how quickly the items break. With this information, you can decide how long your jewelry product will last or whether to offer an extended return policy.
Another potential competitive advantage to look for is delivery speed as shipping can build customer loyalty. Most online retailers want their products delivered within two days. If you want to offer 2-day shipping and compete with jewelry brands that sell on Amazon, you might consider partnering with something like a third-party logistics provider (3PL).
Whether you are self-funded or getting funding from a bank, family, e-commerce venture capital or fund, you need a detailed business plan. With a business plan in place, you can calculate the number of products you need to produce and the path to profitability. A business plan makes you look more legitimate to financiers and makes a good first impression when convincing them to invest.
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Take the time to find a creative name that fits your brand’s mission and purpose. The company name is important because it should be unique enough to be remembered by customers and not too abstract that people don’t understand what kind of product you are selling.
You may also want to check with the US Trademark Office to make sure your business may or may not currently be trademarked. Even if the name is available, you’ll want to check the availability of the website domain, which you can do at website domain and hosting sites like GoDaddy.com.
If you are getting into jewelry because it is your passion, this is the easy part. There are many great places to find inspiration such as your favorite jewelry designers, the latest trends, and more. Once you’ve designed your products, you need to figure out how to handle the product and buy supplies in bulk.
Once you have the design concepts for your jewelry line, you will research potential manufacturers and decide whether you want to produce the products locally or overseas. If you handcraft your design, you may need to purchase jewelry tools and equipment.
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It may also be beneficial to ask other jewelry designers about reliable wholesale distributors or to seek a dealer’s license so you can avoid paying local sales tax when buying in bulk.
Designing a brand identity will set your custom packaging and marketing materials apart – which plays into creating a remarkable unboxing experience. Find a great custom packaging company to work with, like Noisue or Packlane, to help make your packaging stand out.
Don’t forget your website! It’s also worth hiring a graphic designer to help create logos and other branding materials for a consistent brand look and feel.
Finding leads to get your first sale is a challenge for any new jewelry business. Target your marketing to the demographic most likely to buy. As you focus on building a customer base, use the research you’ve gathered along with competitive insights to develop a multi-channel marketing strategy.
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Customers like to research products and reviews before making a decision. In social media posts, you can highlight what makes your brand different. For example, if you are focused on sustainability, then post about how your products are good for the environment
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