Table of Contents:
1. How To Expand Jewellery Business?
No doubt the jewellery business is a very profitable market. You can find small jewellery shops in obscure streets and neighbourhoods of small Indian towns, as they are small shops selling limited products. Although for big brands like Tanishq or Kalyan Jewellers showrooms, you may have to go to a nearby bigger city. Since gold is a never perishing commodity traded on the MCX exchange, people can hedge funds to cover their needs in bad times.
For example, take the time of March-December 2020 when the pandemic had started. The gold prices were high, breaking the average previous year record by approx. Rs 1000 per gram. With such a bright prospect of the gold jewellery market, every jewellery shop owner wonders how to make my business grow. But a common question arises here as to how to expand business or how to make your business grow? This article is dedicated to jewellery shop owners looking for a way to expand their jewellery business.
2. Jewellery Business Tips
Following are the tips that you should follow while having an online jewellery shop. These tips can help you in generating more revenue for your brand.
1. Build reputable Online Presence
The best answer to how to grow your business is that you should adapt to the new age marketing techniques. The new age is running on digital communications, and with the current pandemic, we have been forcibly shifted to the online mediums. And most businesses have fared well because of their online presence and sales, as they have identified and used the digital platforms to boost their revenues. People are now more than willing to trust and buy from an online brand without any physical interaction. Although it takes time to establish yourselves as a reputable and consumer-oriented brand, there are still many ways you can boost your sales. One such way is to use the current e-commerce platforms to sell your products to a larger audience. Also, to start with a robust online presence, you need a good web development and marketing team that ensures the proper brand awareness surrounding your unique products. We do not know how to grow business in these technology-driven times if you do not switch to digital marketing and social media presence.
2. Use many payment options
It helps create brand loyalty and sends a message that you are on the same level with all the modernisation going around. Giving multiple payment options also ensures that your prospective customers convert easily and do not hesitate because of payment vendor issues. An advantage of creating multiple payment options is that you can strike a deal with third-party apps like PayTM, Freecharge and get some discounts available for customers. These cash-backs and discounts are good marketing techniques to lure your first-time customer and convert them into potential long-term repeat buyers. This also gives your brand a reputation that sails on the name of reputed third-party applications.
3. Use high-quality images and compact product description
We love jewellery not just for the gold but also for its texture and shiny look that appeals to our eyes. While in the business of selling jewellery, it is essential to provide your customers with high-quality images that immediately grasp their attention. Keep the description short and to the point. Avoid fluff as customers are not there to read long paragraphs. You need good writers here that can produce to-the-point content that goes with the high-quality images.
4. Promotional Contents/ Discounts
Any jewellery shop owner looking for tips on how to expand your business must know that their customers are not buying an essential item but a luxury item. Hence, people will not come easily to buying unless you present a lucrative buying option. Promotional contests and discounts are one way to engage with the customers as it tempts them to think that they are getting some valuable products for free. Exclusive promos work for past customers to make them come back to your shop. Although you may be wondering that your profit margins would reduce, the bulked-up volume would replace that shortcoming.
5. Social Media Advertisements
Most of us use social media in some form or another. It can be Facebook, Twitter, Instagram, Linked In or others. Your target consumers are sitting on these social media, and you need to convert these potential customers through a well-fed marketing funnel. The best small business tip and advice would be to start with a paid social media manager who manages all your social media handles and helps in boosting your sales. Paid ads are also an excellent way to bulk up your website traffic and potential customers. You can use targeted ads for people who are looking to buy things.
When you search for how to expand your business, you should refrain from certain practices that can make you lose money. In this section, know about some better practices to avoid making losses and converting your online jewellery business into a profitable one.
1. Don’t sell ‘no demand’ jewellery
It is one of the most common mistakes done by small jewellery shop owners to include all types of jewellery and compete with the big sharks. You should focus more on researching the latest and upcoming trends of jewellery designs rather than buying all types of jewellery. People buy jewellery that is trending at the current time, and hence most of your stocks will end up with no customers. Hence you should focus on in-trend jewellery designs to get more sales. Stocking up huge inventories are suitable for big jewellery shops that can spend that much initial amount.
2. Don’t sell jewellery based on your likes
It’s more than possible that the jewellery of your choice may not be suitable for the customers. Every customer has different tastes. Instead of forcing your taste on them, you must try to reach out to their interests. So do not show jewellery you like, rather try to ask their interest in designs and show related products. Also, keep taking customer feedback to improve your inventory.
3. Don’t ignore customer queries
Make sure that you spend a good amount of time knowing your customers' interest and queries. Never ignore their queries as they may feel it is a bad experience and never revisit your shop. Remember that there are many jewellery shops from which your customers can buy products. Hence there’s no point in ignoring their queries and thinking that they will have to buy products from you. Even if they are not willing to purchase, thank them for their time. Gratitude will go a long way in scaling your business.
4. Don’t sell jewellery based on price assumptions
We are aware that gold prices fluctuate daily. Hence, you need to remain updated about the price system. Don’t sell your jewellery based on price assumption. You need to check the current price and go for that pricing method.
5. Don’t forget to advertise
Advertising is necessary for luxury items as people have got many options. Lure them through the social media handles, which will cost a very minimal amount for maintenance. Do not cut yourself some slack on advertising your products because visibility matters in the jewellery market.
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FAQs On How To Expand Jewellery Business
Q. How to grow your small business if you are a jewellery shop owner?
Ans. Scaling up any business requires lots of planning along with the increase of risk appetite for business owners. Some of the best ROIs include getting an online presence, leveraging the social media networks and working on customer service areas.
Q. What type of professionals will I need to build an E-commerce jewellery business?
Ans. Building your online jewellery business will require a specific set of talents that include web developers, content writers, finance experts and graphic designers. Also, you need to market your online presence through the help of social media marketers.
Q. Can I maintain my online jewellery brand presence myself?
Ans. Being a small jewellery shop owner, it sounds feasible to maintain your online presence yourself. Since you will not have enough resources initially, hiring one time freelancers is a good start.
Q. How can I get verified payment options installed for my website?
Ans. There are amazing payment options available on most website builders like Woocommerce, Shopify and more that let you add multiple payment options on your site.
Q. How can I generate leads for the online jewellery business?
Ans. Getting customers online requires you to follow the marketing path as the consumers are much more alert in the online mode. They can compare, read and check the jewellery online. Hence you need to be authentic with your products. Also, you can leverage digital marketing tools to boost your sales.