The growth in online shopping in the past few years is tremendous. Currently, people prefer online purchasing rather than visiting crowded offline markets. In this scenario, one of the fastest-growing trends is to sell fashion jewellery online.
Research shows that around 29 million people shop for jewellery every day. This fact is enough to establish that the online jewellery market is on the rise, and investing in it can be very profitable. But we have a few more for you.
According to a report, the worldwide online sale of jewellery will reach a market value of $340 billion by the year 2023 and $645 billion by 2035. The average profit margin of jewellery is around 25 to 75 per cent.
Furthermore, jewellery is not something related to a specific category of people. Everyone purchases and uses jewellery irrespective of their gender, culture, age, and religion. Hence, you will never face a shortage of customers.
Need more reasons to start selling handmade jewellery online? Then, read this article thoroughly. It contains all the benefits of selling jewellery online, problems that you might face in your journey, and tips to overcome all of them.
Advantages of Selling Fashion Jewellery Online
The use of the internet for online shopping is at its peak, and everyone searches for things they need on the internet. Therefore, knowing how to sell fashion jewellery online and the benefits it brings is crucial.
1. Reaches Wider Audience
Setting up an e-commerce platform gives your brand global recognition. Using online promotions and ads, you can reach the audience of any location, which is not possible with an offline store.
Building an online jewellery selling platform is a great way to create brand value. When people hear about your products, they will search for them on the internet. Therefore, establishing your website and social media presence is crucial to increase brand awareness and sales.
2. Safe Shopping In Pandemic
The COVID-19 pandemic has affected many offline businesses. The spread of the disease is the main reason that has changed the mindset of people regarding offline shopping.
A recent report claims a rise of 40% in e-commerce since this widespread disaster. Online shopping is safer and eliminates unnecessary gatherings of people. Therefore, if you sell fashion jewellery online during this global pandemic, it will be a practical and secure move.
3. Lower Running Costs
Launching a business online is very economical as compared to starting an offline store. When you sell online, all your processes are automated, and you need minimal staff to operate your website. Also, you will save a significant amount on electricity, rent, and other typical expenses of a brick-and-mortar shop.
The money you save on your expenses can be used for enhancing your business. It also gives you a lot of time to focus on how to sell jewellery online better rather than managing running costs.
4. Convenient for Buyers and Sellers
Selling jewellery online is convenient for both buyers and sellers. When you sell jewellery online, you will save a lot of your time because you don’t have to handle physical customers.
It’s also good from the buyer's perspective because e-commerce platforms provide an option to sort and filter items based on different factors. Also, on a website or app, buyers can save products for the future, which is not possible while shopping offline.
5. Savings and Safety
Safety is a significant concern when you sell jewellery made of expensive metals. This kind of business always attracts more thieves, and they primarily gain entry to your shop as a customer. Thus, learning how to sell jewellery online successfully reduces such incidents.
Also, nearly all payments on e-commerce platforms are made using cards, UPI, and wallets. These payments are directly sent to your bank account. In this way, you can make your savings directly in your account, and you do not need to visit the bank for deposits.
Also read: Artificial Jewellery Manufacturers In India
6. More Measurable
If you haven’t run an e-commerce platform before, then you might be thinking of different ways of measuring the results and the success of the business. You can do this easily with the help of advanced tools like Google Analytics.
With this tool, it’s easy to track and check the number of orders placed, average cart value, location of your customers, total sales, and even which ad platform is sending customers to you. All the data related to your website will be stored, and you can easily access it whenever you want.
Some Initial Challenges
There are always two sides to a coin. We have talked enough about the advantages of starting an online jewellery business. But there are some common difficulties as well, especially in the initial stages.
A list of circumstances that can become barriers to your business’s growth is given below:
- Usually, people prefer to buy jewellery after touching and feeling it. Unfortunately, this is not possible on an e-commerce platform.
- Jewellery items need extra care and supervision. Hence, you have to arrange more secure and better shipping methods.
- To increase the chances of sales, you need to upload videos and photos of the product from all angles. Also, you need to write an informative and attractive description of your product.
- It is challenging to get the first few customers when your brand is new and unknown.
Tips to Start an Online Jewellery Business
Now that you’re aware of the benefits and challenges of starting a jewellery business online, let’s wrap up this article with a few tips to succeed in this venture. Below are a few things that you must keep in mind while focusing on how to start an online jewellery business.
- Ensure you never sell fake products. Always ship original products to build your customers’ trust in your brand.
- Provide complete information about your products. Don’t fool your customers with incomplete or false product descriptions. You can hire content writers to write catchy and informative descriptions.
- Keep yourself active with promotion and run advertisements of your products on different social media platforms.
- Enhance the packaging and shipping speed.
- Run promotional offers and discounts on your website to attract more customers.
Establishing an online jewellery business has a huge potential for success, and there is a lot of money in it. This is an excellent way of creating awareness about your brand, and it has a lot of benefits.
Along with the benefits, we have outlined the possible sets of challenges and pro-tips to avoid them. However, it should be no surprise if you face some other problems as well in the course of your business. Hence, it is critical to remain motivated and upbeat to keep your business growing.
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Q. What types of jewellery can you sell online?
Ans. Short answer – any type. With the proper steps and planning, it’s possible to sell any jewellery online, be it handcrafted, silver, gold, diamond, artificial, or platinum.
Q. Should I have my own website or sell on online marketplaces like Etsy, Amazon, etc.?
Ans. The decision totally depends on you. Both these avenues have their pros and cons. Selling jewellery on your website provides you with an opportunity to create a design that matches your brand, interact directly with your customers, and create a better user experience for them.
On the contrary, selling on online marketplaces gives you access to an ample range of audience. Thus, you won’t have to worry about attracting the audience to buy your products.
Q. How should I price my jewellery correctly?
Ans. Pricing your jewellery is the real challenge – too expensive and no one will buy from you, too cheap, and you won’t earn any profits. Consider the following tips for proper pricing:
- Make sure you are covering all your costs and not selling at a loss.
- Before you set the price, research the market. Check your competitors’ prices, think about why they’re charging those specific amounts, and compare your prices with them.
- Try this formula to set the prices: Total Product Cost + Markup % = Final Product Price.
Q. What payment gateways should I choose?
Ans. There are numerous payment gateways you can choose from, such as PayPal, Stripe, Amazon Pay, Apple Pay, etc. Apart from these, you can also accept wire transfers. The payment options you choose to offer will depend on your location, currency, and your banking preferences.
Q. How can I promote my online jewellery business?
Ans. You can promote your business in various ways like optimising your website for search engines, promoting on social media channels, paid advertising, email marketing, and gathering customer reviews for building brand authority.