Are you thinking about starting a jewelry business? Well, you are on the right track. Globally, the jewelry market has been growing in leaps and bounds and it is projected to reach nearly $270 billion by 2027. That means there is a large market for all kinds of jewelry, from necklaces and rings to earrings and bracelets.
Luxury brands such as Tiffany and Co, Cartier, David Yurman, and Harry Winston are proof that the jewelry business never goes out of style. However, the fact that there’s a ready market for jewelry products doesn’t mean it’s going to be an easy ride. Read on to discover essential tips and tricks to creating a successful jewelry business.
1. Choose a Niche
There’s more to a jewelry business than creating a necklace that your friends love. In fact, jewelry is a broad term for a wide range of products. Generally, they are categorized under fine jewelry and fashion jewelry.
Fine jewelry is an alloy of precious metals along with precious or semi-precious gems. Popular gems used for fine jewelry include sapphire, diamond, and chalcedony. Unlike other kinds of mass-produced jewelry, fine jewelry is usually skillfully crafted by expert jewelers. That gives these jewels a high price point, and they last a lifetime – or longer. Often, fine jewelry pieces are passed down as heirlooms, and never go out of style.
Nearly every woman has some fashionable jewelry in her jewelry box. Because they are usually cheap and in vogue, fashion jewelry is a great way to make a big statement while spending little money. They are made of inexpensive materials such as beads, plastic, synthetic gems, stainless steel, titanium, tungsten, and the like. They are typically mass-produced and are perfect for the always changing tastes and styles of the everyday customer.
Once you have settled on the kind of jewelry you want to sell, carve out a niche for yourself. Decide on the ideal customer you want to sell to. Are you looking at the working mom who needs jewelry to go with her work clothes, or do you want to specialize in bridal jewelry? You can also be a generalist and produce jewelry for every kind of occasion. Choose a niche based on your expertise and market research.
2. Choose a Supplier
Another crucial step in building a successful jewelry business is deciding on your supplier. This is especially true for people looking to sell fashion jewelry. A good supplier will have a wide range of quality products at low prices. That way, when you purchase items in bulk, you can sell them at a higher retail price and make significant profits. In addition, you can order custom-made jewelry for your clients more economically.
You can often get volume discounts when you purchase large amounts of stock, according to WeSilverJewels, a reputable online supplier. You may also get free shipping when you order a certain number of items over a certain price range.
3. Brand Your Business
Branding is the process of creating a positive perception and reputation for your company. To put it simply, your brand is your company’s promise to a customer. Regardless of how good your products are, if you do not master the art of branding, you won’t make much headway in this competitive and rather noisy business world.
Your business’s name is important. Choose a name that reflects your values or personality but something your customers can easily understand at the same time. Names such as Rings and Bling, The Sparkle Sisters, Gems Galore, Diamond Dreams, Cool Jewels, and Special Stones have a nice ring to them. Or, go with a more edgy name such as Dare to Dazzle and Give Me Gems. Just choose a name that best fits your brand and you love.
Your logo should be simple and meaningful. Avoid complicated logos that have no meaning. Use colors that are in line with the kind of feeling you want your customers to get when they see it. For example, red is perfect if you’re going to convey excitement, youthfulness, and energy. On the other hand, blue is a more understated color that represents peace, loyalty, confidence, and excellence. Read this guide to get more tips on color psychology for businesses.
Make sure that your posters and flyers are always of high quality. A terrible design gives off the wrong impression about the quality of your products. Your copy on your website and your product listings should also be excellent. No one would want to buy products from a company whose listings are full of grammar and spelling mistakes.
4. Excel at Marketing
As has been said time and again, “Doing business without advertising is like winking at a lady in the dark.” You may think you are working hard, but as long as customers are oblivious to what you are doing, your company won’t get the expected returns.
Marketing is what makes a business tick. Through marketing, you can generate, nurture and convert leads. There are various ways, including SEO, content marketing, social media marketing, paid ads, and email marketing, to reach your customers. Have a clear marketing strategy based on your customer’s buyer persona.
Another important aspect of selling your products online is deciding where you’ll sell them. Displaying your jewelry on your website and setting up payment systems is a great way to get started. For a greater reach, sell your jewelry on a variety of online marketplaces. A google search of online marketplaces will return hundreds of results. However, the best marketplaces are those with large numbers and an active user base. Without a doubt, platforms such as Amazon and eBay are the first on the list when you start thinking about online marketplaces. There are other sites to consider as well, such as Etsy, Bonanza, and Overstock where you can make good money.
Simply listing your jewelry products on an online marketplace and hoping customers buy them simply won’t cut it. Don’t forget that you are in a world where many other businesses are offering the same products as yours. So, you need to be strategic when listing your products.
First of all, conduct keyword research to find out what the search patterns are. What kinds of jewelry are people searching for most often? Which ones are in demand, but have a low supply on the site? Answering those questions can help you create keyword-rich listings that attract customers.
5. Always Learn
Just like any field, mastering the art of crafting and selling jewelry requires time. No matter how gifted you are, you have to learn the ropes and understand how the market works. That’s why it’s always helpful to read and research extensively before taking a plunge into the jewelry selling world.
Fortunately, there are several online courses designed to help you learn how to make jewelry and sell it effectively. These courses can be found on Udemy, Skillshare, Jewellers Academy, and At The Bench. Check out this article from The Spruce to find out more about the best jewelry courses online. If you can find someone with experience selling jewelry, that’s even better. You can learn hands-on and ask questions that books and courses may not be able to answer.
Keep at It
Starting an online business is not an easy venture. There is a steep learning curve, especially if it’s your first time. Expect to have challenges and to make several mistakes along the way. But whatever happens, make up your mind not to give up. Be persistent until you get your desired results. Think of each mistake as an opportunity to learn and improve your business. That way, you’ll always move forward, regardless of what happens. Above all, make sure that your products are always high-quality. Nothing drives customers away like inferior products.