Starting an online business is a convenient option as compared to offline shops. Setting up your online store in India requires some basic procedures for every business category. As per recent studies, the Indian e-commerce sector is likely to reach US$99 billion by 2024. As people like to buy online, there are certain things to follow to maintain transparency and trust within your customers. This article will help you know about the basic steps you should follow to grow your new online jewellery business in India.
Online Jewellery Business
These are some of the essential factors you will need to consider before starting your online jewellery store in India.
1. Research Your Target Market
To start your online jewellery business, you will have to do some research to know about your target market and audience. Researching online jewellery businesses before launching your own will help you to make a good marketing strategy.
Researching online jewellery markets include:
- Competitor analysis
Analysing your competitor’s website or social media business pages will provide you with many ideas in terms of branding and overall business model. There are many successful online jewellery stores and e-commerce websites from which you can learn everything about the online jewellery business and implement them in your startup.
- Market trends
Research on the previous data and statistics to know about market trends and customer’s buying behaviour. Know about the customer’s demand for jewellery during festivals and wedding seasons in India. Your business should be updated according to the market trends and ready for the changes required.
- Pricing research
Researching online jewellery businesses will help you decide your products’ pricing and be competitive in the online market. Effective pricing can help the business to gain new customers and increase the online presence.
2. Complete Legal Process
You will have to go through some legal process to set up and start your online jewellery business in India. It is essential to complete all the required legal processes and know terms and conditions and laws to run a jewellery business in India smoothly.
Legal procedures to begin your jewellery business in India include:
- Establishment license
It is crucial to apply for the license and register your jewellery business before a few months of setting up an online store. There are certain legal documents and details you will have to provide to get a valid license for your business.
- GST certificate
Obtaining a GST certificate is mandatory in India for all businesses. It is an easy process to get a GST certificate; you can approach a registered tax consultant or any other legal authority who deals in it.
- BIS license
Every jeweller who sells gold jewellery or artefacts needs to obtain the BIS license for selling Hallmark jewellery. You will have to submit the required documents, sign the agreement, and pay the requisite fees to get the BIS license.
- Current a/c & tax registration
Having a separate current a/c for your business transaction will make the business organised and help in accounting. Current a/c will also help the jeweller in the process of making sales tax registration for the business.
Both current a/c and tax registration of the business will increase the chances of getting a bank loan for the business.
3. Top-Notch Website Functionality for Online Jewellery Store
For an online jewellery store, having an error-free and attractive website is a must. Before optimising your website, you will have to purchase a domain name, good quality web hosting, and SSL certificate. However, many content management websites may provide you with a free domain name or SSL certificate.
Good research and consultation will help you buy all the required tools for your website.
There are many website technicalities you will have to know and work on to boost your website’s performance.
Here are some of the essential site functionality you will need to follow to set up your online jewellery shop:
- Web design
It is important to have a well-designed website with an attractive and minimal theme to enhance the user experience and make your website user-friendly.
- Mobile optimisation
Studies say that over 73% of India’s total internet traffic comes from mobile phones. As more people use a mobile device for online shopping and surfing, your website should be well optimised for every mobile and tablet screen dimensions.
- Product content and information
To provide all the basic details about the product, there should be good quality content. Product image, product description, and price details are essential to give better information about the product to the customer.
- Mandatory pages
- SEO optimisation
It is crucial to optimise your website for search engines like Google to rank your website. There should be proper URLs, titles, descriptions, alt text, and tags in the website post to index your page from the search engine crawler. There are many free tools from which you can check your website’s SEO and improve it accordingly.
- Social media integration
Providing your social media business page’s links will help drive traffic from your website to social media. Social media share buttons will also help your customers share your product on their social media accounts without copy-pasting it.
- Payment and return policy
There should be different online payment options like UPI, debit card, credit card, net banking, etc. Cash on delivery option should be available as most people in India prefer the cash on delivery option. As per the recent survey, around 83% of consumers preferred cash on delivery as a mode of payment.
Information and details about the return policy will improve the customer relationship and after-sale service.
4. Invest In Digital Marketing
Once your website is ready and completely optimised, you can start promoting your brand through online marketing. Statistics show that the online advertising market will reach US$2,816 million in 2021. We are living in the digital world, and it is crucial to have an online presence and brand awareness for the growth of the business.
These are some of the ways to grow your business online effectively:
- Search Engine Marketing (SEM)
Promoting your website on search engines like Google and Bing will increase the visibility of your site on search engine result pages (SERP). Search Engine Marketing is proven to be effective for driving huge traffic to websites.
- Social Media Marketing
Another effective way to promote your business online is social media marketing. You can show ads to your target audience and a specific group of people for your Online Jewellery Store. You can choose your platform to promote your brand through Facebook ads, Instagram ads, LinkedIn ads, etc. Spending on social media ads is likely to reach US$863 million in 2021.
- Influencer Marketing
Apart from showing ads on websites and social media platforms, you can collaborate with popular influencers or models who work in the same niche. Social media influencers with their huge following in a specific niche can help you reach your target audience. Promoting your brand through influencers will certainly help your business to build trust with new customers.
5. Figure out Shipping
Good shipping service is one of the major factors to gain the trust of the customer in the Online Jewellery Store business. With the convenience of fast delivery and easy returning, you can retain your existing customers and attract new ones. For having a good shipment process, you will need to tie up with some trustworthy carrier that will work best for your online business. You can handle the shipping from in-house, dropshipping, or third-party logistics, depending on the size of your business and order flow.
To compete with established online jewellery businesses, you will have to develop creative ideas and marketing strategies. An online business initially takes time to grow, so patience and consistency should be practised in the early stage of business. With good online ads campaign and website optimisation, you can undoubtedly achieve your goal and become the next giant of the online jewellery business in India.
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