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There is a great opportunity to sell jewelry online, but it can also be highly competitive. Existing major brands dominate with larger advertising budgets, large social media followings, and established brand recognition, making it difficult for smaller, growing jewelry businesses to keep up.
How To Start Online Jewelry Business
However, online jewelry sales are expected to grow by 11% by 2021. The growth of direct-to-consumer (DTC) brands has led to new jewelry businesses emerging and taking market share away from traditional brick-and-mortar jewelry stores.
Tips On How To Start A Successful Jewelry Business
While starting your own jewelry business in a competitive market can seem daunting, if you follow the right steps to create a brand that offers something unique to online shoppers, you will be on your way to great success.
In this post, we’ll cover everything you need to know about how to start and grow your online jewelry business.
Because the jewelry and accessories market is highly competitive, you must first identify a niche or specialty by offering a product that is hard to find or does not already exist.
A great example of a successful DTC jewelry brand is Ocean & Co., which sells high-quality, eco-friendly jewelry and donates a portion of sales to organizations working to reduce ocean pollution. Their jewelry line is aligned with a goal that appeals to a specific audience based on values.
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There are several different ways to make your jewelry stand out. You can sell jewelry for a specific audience and/or for a specific purpose (weddings, parties, 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 jewelry, also known as fashion jewelry, is meant for everyday wear. Unlike fine jewelry, costume jewelry uses lower cost and imitation materials such as synthetic diamonds, wood, plastic, brass, copper, and other metals.
A piece of costume jewelry should be affordable, between $1 and $100. A great example is BaubleBar, one of the largest online jewelry brands available. They first launched the brand with a focus on affordable jewelry. As they established a reputation, they expanded their product line to offer higher end “luxury” pieces.
If you’re thinking about selling costume jewelry, be sure to create a product pricing strategy that’s affordable, or you’ll miss out on a lot of potential customers.
How To Start An Online Jewelry Business
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. This type of jewelery is stylish, high quality and usually worn for special occasions.
For example, Brilliant Earth is a great jewelry brand that offers vintage-inspired engagement and wedding rings. Unlike going to a jewelry store and choosing a ring, Brilliant Earth offers an innovative online shopping experience, allowing buyers to fully customize their ring (eg metal type, gemstone, shape, etc.).
Fine jewelry can range from $100 to $3,000 per item (sometimes even more), depending on the type of materials used, size, source, and brand reputation.
The popularity of online marketplaces like Etsy has shown that customers are willing to purchase handmade jewelry and other handmade products. While handmade jewelry cannot be mass produced, it is a viable option for business owners who want to make and sell unique jewelry or custom pieces.
How To Start An Online Jewelry Business From Scratch In 2023
While marketplaces like Etsy provide a great opportunity for jewelry artists to sell their 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 buyers to your store. It’s also difficult to scale if you make each piece yourself or if the jewelry is custom-made.
Despite the high competitiveness, there is a great opportunity to build a jewelry brand. Here are some statistics that show the current state of the online jewelry market.
The jewelry industry is expected to reach $480 billion by 2025. China, the United States, and countries throughout Europe are great markets for jewelry. However, the more newly industrialized countries are expected to account for a larger share of jewelry sales as their per capita incomes continue to rise.
Specialty jewelers generate more than 43% of total US industry sales. 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 outsell fine jewelry by 10% in e-commerce. When shopping online, shoppers are more willing to buy jewelry at an affordable price than paying $1,000 for a piece of jewelry because it’s difficult to make a large online purchase without trying it on first.
If you want to start selling jewelry online, you’ve come to the right place. Below are the 10 steps to take before starting a jewelry business.
Before making your jewelry business idea a reality, first make sure there is a viable target market, preferably one that isn’t too saturated. When customers begin their jewelry search online, they often have an idea of what they’re looking for already, so always consider the type of customer you want to attract and make sure you understand what they’re looking for.
Understanding your ideal customer can help improve your return on ad spend (ROAS) through better targeting, ultimately helping you spend less and drive more sales.
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Once you know what type of jewelry you want to sell and the audience you want to attract, it’s time to research the competition. Explore their pricing, offers, social media channels and social commerce strategy, reviews and press coverage to find out how you can gain a competitive edge. You’ll want to consider what the competition is 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 they break. With that information, you can decide to promote how your costume jewelry products last longer or offer an extended return policy.
Another potential competitive advantage to look for is speed of delivery, as delivery can build customer loyalty. Most online shoppers want their products shipped within two days. If you want to offer 2-day shipping and compete with jewelry brands sold on Amazon, you might want to consider a third-party logistics (3PL) provider such as:
Whether you are self-funded or funded by a bank, family, e-commerce venture capital or foundation, you will need a detailed business plan. With a business plan in place, you can calculate the number of products you need to produce and your path to profitability. A business plan also makes you appear more legitimate to financiers and makes a great first impression convincing them to invest.
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Take the time to come up with a creative name that fits your brand’s mission and purpose. Your business name is important because it needs to be unique enough that customers remember it and not so abstract that people don’t understand what type of product you sell.
You’ll also want to check with the US Trademark Office to make sure your business may or may not currently have a trademark. Even if the name is available, you’ll want to check for website domain availability, which you can do at website domain and hosting sites like GoDaddy.com.
If you’re into jewelry because it’s 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 product, you’ll need to figure out how to handle production and bulk supply.
Once you have design ideas for your jewelry line, you’ll want to research potential manufacturers and decide whether you want to manufacture products locally or overseas. If you are making your designs by hand, you will need to purchase jewelry making tools and equipment.
How To Start An Online Jewelry Business Part One
It can also be helpful to ask other jewelry designers about trusted wholesale distributors or to look into getting a reseller license so you can avoid local sales taxes when buying in bulk.
Developing a brand identity will set your custom packaging and marketing materials apart, all of which contribute to creating a remarkable unboxing experience. Find a great custom packaging company to partner with, like noissue or Packlane, to make your packaging stand out.
Don’t forget about your website. It’s also worth hiring a graphic designer to help create a logo and other branding materials for a consistent brand look and feel.
Finding potential customers 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 compiled, including insights into the competition, to develop a multichannel marketing strategy.
Business Plan Of Our New Online Jewelry Shop.pptx
Customers like to research products and reviews before making their decisions. 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 and
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