If you have a vision for fine things and to create your jewelry boutique, starting an online business could be a great way to ignite this journey. It is a smart move to operate online as it will be safe and efficient for customers and, at the same time, save additional expenses of running a physical business. You should note that the global jewelry market is expected to increase to $292 billion by 2025. To make your jewelry business profitable, you should have a specified plan. Here, we present a guide on how to start a jewelry business to help you build a brand that stands out.
Trending Jewelry Brand Niches
The market is crowded with a lot of options. Jewelry is indeed timeless and an essential part of our day-to-day lives. Before starting your business, you need to identify the niche or category you want to target. Here are the seven common types that most online jewelry stores fall into:
- Affordable Fashion Jewelry: Fashion jewelry trends keep changing, and these pieces are generally low in quality. You will find everything from necklaces to rings and bracelets to costume accessories at stores that sell in this category. These pieces are often made from low-quality materials and stones.
- Body Jewelry: Here is another category that jewelry owners can target. The body jewelry is more personal and comprises pieces such as nose rings, eyebrow rings, tong rings, and belly button rings. Make sure you pay attention to the material you are using because low-quality material can cause harm to the skin.
- Handmade Jewelry: Handmade is gaining wide popularity because it provides a lot of scope for creativity. Moreover, handmade jewelry pieces are exclusive and unique. Customers can even ask for a special message and name to be embedded in the design. Artists have started experimenting with resin art, wire jewelry, clay art, and other forms.
- Plated Jewelry: Plated jewelry is another common category in the jewelry industry. Most shoppers are enthralled by precious jewelry pieces but often cannot afford them. Maintain transparency and be clear about the type of materials you are using.
- Fine Jewelry: Pieces made with precious stones and materials can be considered fine jewelry. The craftsmanship is high, and these jewelry pieces are expensive. It will be profitable to turn this business online only when you have a good reputation and offline presence.
- Vintage Jewelry: These antique jewelry pieces have a distinctive style and tend to be more than 50 years old. Vintage items are second-hand, and the prices may vary.
- Fair Trade Jewelry: Consumers are becoming more ethical and conscious about their choices. Fair trade jewelry brands are socially responsible brands that aim to limit environmental harm.
These are some of the standard categories. Once you have narrowed it down to one, you must look at the trends online. Make sure the designs align with your target audience’s preferences and appeal to them.
How to Start a Jewelry Business Online?
Once you have identified the niche, you should focus on your designs. Look for production supplies, equipment, tools, and educational resources, and outsource whatever is required. Running a jewelry line entirely digitally can be a daunting process. Here, we have listed some essential steps that you must follow to start a jewelry business online.
Identify the Market Opportunity
Your first step should be to understand if there is a need for a jewelry brand in the industry. The market is already saturated with a lot of similar jewelry brands. If finding ideal customers for your business is challenging, here are specific steps you must take to identify and discover more about the market:
- Conduct product research – Check what the trending patterns are and what are the types of jewelry pieces that people are buying—study research papers on jewelry brands and materials. Try to create a jewelry brand that is more conscious and ethical in its approach. Buying research papers and reports will help you understand the different psychographics and personalities of the shoppers. If you are spending high on the initial materials, you can also consider selling them at higher prices to maintain the brand name and quality.
- Conduct a competitor analysis – The next step you should take before starting your jewelry business online is to study the competitors. Prepare a list of competitors and find out what they are doing. Try to find out the loopholes and gaps in the industry to understand what you can do better.
- Study jewelry sites and blogs – You must consider studying jewelry sites and blogs to understand the trends and patterns in the jewelry industry.
- Run surveys – You may consider running surveys on social media to understand the ideologies and patterns of your potential customers.
Define Your Ideal Target Audience
Once you have identified the gap and opportunities, it is time to know more about your potential audience. Finding the exact target audience that caters to the demand in the industry are two critical aspects you must pay attention to. You must understand that every customer will have a specific customer, and your products may not be ideal for everyone. Therefore, it is essential to find the perfect audience for your brand. Here are some of the aspects that you must focus on:
- Demographics – This includes factors such as age, family size, race, gender, education, and income.
- Psychographics – It aims at understanding potential customers’ personalities, traits, beliefs, attitudes, interests, and other lifestyle factors.
- Behavioral – Segment your customers based on their behavior. Try to understand the shopping habits, actions taken on the website, usage rate, and time spent on each activity.
- Geographic – Split your audience and customers based on their location. You may change the language and interests according to the target group.
Try to target a specific niche and market. For instance, you can work on creating customized floral jewelry for weddings or can work on creating personalized bracelets for everyday wear.
Read Also: 6 Tips to Keep Your Audience Engaged
Create a Business Plan
Do not jump straight into the creating and selling process. Have a solid business plan to start a jewelry business online and use it as a guide to sell your pieces online. Your business plan should answer all the answers related to marketing, HR, financial support, and other business needs. The plan should cover the following:
- Executive summary
- Company description
- Market analysis
- Organization and management
- Funding request
- Financial projections
- Service or product line
- Marketing and sales
- Crisis Management
Make Some Jewelry
Consider thinking realistically and see how you will create jewelry. Consider making some sample collections first to test the quality of the designs. Before you start making jewelry, make sure you keep the following things in mind:
- Educate yourself with the right tools and techniques.
- Think about the raw materials.
- Invest in the right tools and software technologies.
- Find a quality jewelry manufacturer.
- Get samples from the manufacturer.
Brand Name That Resonates
Your brand name plays a significant role, and you should take the time to choose your brand name. Make sure that the name is memorable and resonates with your target audience. Most of the time, audiences buy from brands they can emotionally connect with.
Build Your Brand
After deciding on the name, you must consider focusing on building your brand. Focus on creating an identity of your brand and create a solid positive perception in the customers’ minds. As a jewelry brand owner, you will want more customers to recognize your brand and increase memorability. Effective branding can help create loyal customers and may help build trust. Make sure you focus on visual identity as well.
Most startups and small businesses often struggle to set the correct product pricing. Choosing the proper pricing is essential. It would help if you did not keep the price low to attract more customers as it may lead to losses. On the other hand, if you are charging high, you must provide an authentic experience to your customers. You should study different marketing strategies to determine the right one that may suit your business.
Decide Where You Want to Sell
When you want to start a jewelry business online, one of the key factors you must consider is where to sell. Here are some of the options you can consider to sell online.
- Consider setting up your store using platforms such as Shopify or BigCommerce.
- You may consider selling it on social media platforms.
- Consider selling on marketplaces such as Amazon, Etsy, and eBay.
Your online store may be ideal, but it will lead to many expenses. You should read about the website builders in detail to understand the pros and cons of each platform. If you are planning to sell on a marketplace, make sure you read the details related to transactions and charges. Marketing on social media can be difficult and may not provide you with complete control.
Take High-Quality Images
Most consumers want to see the product from different angles. Hire a good photographer to take good-quality images of the product. You should consider the photos’ lighting, background, and overall quality. Ensure that the pictures uploaded on the website are not over-edited. The customers will not click the shop button if the quality is low. You must hire a professional photographer or look online to learn how to create aesthetically pleasing photos.
Write Effective Descriptions
Be it a website or social media, you need to write compelling descriptions that entice the customers. Ensure the descriptions are short and crisp and answer all customers’ concerns. Give correct details regarding the size, material, color, and after-care.
Compare different payment gateways and platforms to determine which will work best for you. Give your customers plenty of options and provide them with the convenience of paying. Check the transaction fees of the platforms in advance to understand the actual profits and sales generated.
Shipping is the most challenging yet crucial part of an online business. Consider the locations that you want to target and can deliver to. Try to identify the list of shipping zones and understand the shipping rates. Read the reviews of the shipping partners before choosing one. Here are the common types of shipping methods that you must know about:
- Exact shipping costs
- Flat rate shipping
- Free shipping
- Price-based shipping
- Weight-based shipping
- Calculated shipping rates
Start with Promotions and Launch
Once you have set up your store, it is time to start with the launch plan and promotions. Start slowly with a soft launch and change your strategy according to the response. If you plan to sell online on social media, make sure you have a dedicated social media calendar. You must consider using different digital media channels to promote your products.
Read Also: How to Advertise Your Business Effectively
Test and Change
Your marketing strategies, target audience, and email marketing list does not have to remain constant. You should consider the response of your customers and keep changing your approach. Do A/B testing to understand which one works better for your audience.
We have covered major aspects of how you can start a jewelry business online. Keep in mind that building your presence online will take time and effort. Conduct proper research and follow the above steps to get the right results. Use the above guide to put your jewelry business together.
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