Jewellery has been around for centuries, it has already been known in ancient Egypt as the archeology shows. Starting your own online jewellery store might seem overwhelming, but it’s not as hard as you might think.
There is a great amount of opportunity in selling jewelry online, but it can also be highly competitive. Major existing brands dominate with bigger ad budgets, a large social media following, and established brand recognition, which makes it hard for small, emerging jewelry businesses to keep up.
However, online global jewelry sales are expected to grow by 11% by 2021. The rise of direct-to-consumer (DTC) brands has led to new jewelry businesses popping up and winning market share over traditional brick-and-mortar jewelry stores.
3 Types Of Jewellery You Can Sell
1. Costume Jewellery
Costume jewellery, also known as fashion jewelry, is meant for everyday use. Unlike fine jewelry, costume jewelry uses lower cost and imitation materials like synthetic diamonds, wood, plastic, brass, copper, and other metals.
A single piece of costume jewellery should be priced affordably, anywhere between $1 to $100. A great example is BaubleBar, one of the biggest online brands for affordable jewelry. They first launched the brand by focusing on affordable jewelry pieces. Once they established a reputation, they expanded their product line by offering higher-end ‘luxury’ pieces.
If you’re thinking of selling costume jewellery, make sure you create a product pricing strategy that’s affordable, or you’ll miss out on a lot of potential customers.
2. Fine Jewelery
Fine jewelry is made out of precious metals and gemstones like gold, silver, platinum, diamonds, and rubies, and is oftentimes associated with a luxury lifestyle. These types of jewelry products are stylish, high quality, and are usually worn for special occasions.
For instance, Brilliant Earth is a fine jewelry brand that offers vintage-inspired engagement and wedding rings. Unlike going to a jewelry store and picking out a ring as is, Brilliant Earth offers an innovative online shopping experience by allowing shoppers to fully customize their ring (e.g., the type of metal, gemstone, shape, etc.).
Fine jewelry products can range from $100 to $3,000 per item (sometimes even more), depending on the type of materials used, size, sourcing, and brand reputation.
3. Handmade Jewellery
The popularity of online marketplaces like Etsy has shown that customers are willing to purchase handmade jewelry and other handmade products. While handmade jewelry can’t be mass-produced, it’s a viable option for business owners who want to make and sell unique jewelry or custom pieces.
Although marketplaces like Etsy offer a great opportunity for jewelry artists to sell their custom work and build a following, it can be highly competitive unless you’re willing to play the role of the jewelry designer and the marketer to attract Etsy shoppers to your store. It’s also hard to scale if you are making each piece yourself, or if the jewelry is made-to-order.
Sparkling Statistics Of The Jewellery Market
Although highly competitive, there is a great opportunity in building a jewelry brand. Here are some statistics that illustrate the current state of the online jewelry market.
1. Jewellery Industry Market Size
The jewelry industry is expected to reach $480 billion by 2025. China, the United States, and countries throughout Europe are all great markets for jewelry. However, newer industrialized countries are expected to make up a larger portion of jewelry sales as their per capita income continues to rise.
2. Specialty Jewellers Continue To Sparkle
Specialty jewelers generate more than 43% of the industry’s total US-based sales. Finding a unique space in the jewelry marketplace will help you stand out from the competition.
3. Fine jewelry still has a presence in traditional retail
Fashion jewelry will continue to sell better than fine jewelry in ecommerce by 10%. When purchasing online, shoppers are more willing to buy jewelry at an affordable price, rather than pay $1,000 for a piece of jewelry since it’s hard to make a big purchase online without trying it on first.
Also Read : Online Jewellery Shopping | Show the World Your Shine
What Skills Are Required to Become a Jewellery Making Business Owner?
Of course, to set up a jewellery designing business, you’ll need to be experienced in designing jewellery. That entails having a creative flair, knowledge of design and passion for your work. But starting a jewellery enterprise requires more than just artisanal skill.
10 Steps to follow before starting a online jewellery store business:
- Choose a Name
- Apply for GST (If in India)
- Get your Own Website
- Choose a Photographer
- Contact Models
- Contact a Graphics Designer
- Content for Website
- Social Media Post
- Inventory in Spreadsheet
- Take Feedback
Setup An Online Jewellery Store
To ensure your online jewelry store is set up for success, you’ll need the following site functionality:
- User friendly web design.
- Mobile optimization.
- High resolution product and marketing content.
- Social media integration.
- SEO features and fully customizable URLs.
- Product management tool.
- Promotional campaign management.
- Cross-sell and up-sell capabilities.
- Detailed shipping options.
- Security features.
- Advanced payment.
- Clear return policy and FAQ.
These functions are essential to your online business because they support your marketing strategy, frontend and backend operations, and security measures.
With support like this, successfully managing your online jewelry brand will be easier than you ever imagined. It’s a win-win for both your company and your customers.
Types of Jewellery Shopping Mobile App
At the moment, there are three types of jewellery shopping app in the market and we will discuss how they function.
1. Jewellery App dedicated to a Single Brand
This type of jewellery app focuses on promoting and showcasing a single brand of jewellery. A jewellery business of a particular company develops this kind of app where a wide range of their self-developed jewellery products are displayed on the main screen of the app. Customers who are loyal to a specific brand of jewellery tend to enjoy this type of app where they can easily shop products of the brand they trust.
2. Jewellery App that includes Multiple Brands
As we can guess by the name, this type of app includes jewellery products of various brands in a single mobile app. Customers love variety while buying something of their liking and the same goes with the jewellery products. Purpose of this type of jewellery app is simply to attract customers who love to experience different brands before closing down on a product. Customers have on display a variety of world-class jewellery brands under one roof through this type of app.
3. Jewellery Catalog App
Online jewellery store catalogue app is a highly flexible android supported mobile app which presents the customers a catalog of a large number of jewellery items with the help of a custom list of properties. It also helps out small scale businesses by providing them products from a single place. Customers can have a long list of all the jewellery items with an attractive price tag. This type of jewellery app provides assistance to small scale businesses to showcase their jewellery products for their business aspects using smartphones.
Attributes Of A Successful Online Jewellery Store App
Photography & Videography
Photography and videography are pretty important if you are looking to get yourself on the gravy-train of online jewellery shopping. Customers will only be able to see the photos and videos of the jewellery products therefore both of them should be crystal clear in order to attract the customers.
Purity Certification & Product Details
Certification of the jewellery product should be presented to the customers to make them believe the product they are selling is genuine. Details of products also need to be shared in case the customer wants to have a look of the product somewhere else.
Lifetime Exchange & Buyback
Providing the option of lifetime exchange helps the business owners to create a great rapport with their customers. Customers are assured that there is no threshold on the time under which they need to exchange the product they bought. Buyback option should also be made available for the customers to buy back a product they returned.
Free Shipping & Insurance
Free shipping is another way of gaining the trust of the customers as they know that they don’t need to pay anything extra apart from the actual price of the item they are buying. Insurance of jewellery product should also be provided to the customers in case their jewellery gets misplaced.
Provide Jewellery Assistant
A jewellery assistant should be provided to all the customers which will guide them through the whole shopping process. He will keep them updated with all the latest trends going on in the market and which set of jewellery will suit them personality and budget-wise.
Offer Jewellery Customization
Free of cost jewellery customization should be offered to customers when they want to select a piece of jewellery. They should be assured that all of their demands would be met in regards to customizing a set of jewellery according to their needs.
Offer try and buy facility
Providing try and buy facility will further increase the trust of customers on their jewellery providers. In this way, they can order a piece of jewellery to try it at their home and select the one which suits them.
Provide Jewellery Guide
A proper jewellery guide should be provided which would contain all the prices, certifications, gems, diamonds, gold colours to show the customers. The customers can go through this jewellery guide to select the jewellery they were looking for and also clear all their doubts regarding certifications.
Custom & Personalized Packaging
Since a jewellery set is a fragile item therefore it should be packed with all the mindfulness and with customized wrapping which will protect the jewellery from any potential danger along the way.
Display Live Market Rates
Live market rates should be constantly displayed on the app which will give the customers assurance that they are buying the product at the appropriate price. Customers can also manage their budget according to the live market rates.
100% Return Policy
When the customers have the assurity that they will be able to return the jewellery in case they bought it and it didn’t turn out to be the way they thought of it, then they can go on a shopping spree without caring a thing in the world.
If you are in the jewellery business and want to broaden your horizons talk to us. We will help you discover the shine in getting your business online with a jewellery ecommerce store.