The pandemic opened the business world even more to the online space and forced a lot of merchants to digitalize their companies. Are you thinking about how to start a jewelry line or want to know how to start a jewelry business? We have got all your basic questions answered in this article.
Starting a jewelry line is challenging, but fortunately for you, we have listed out steps to make yours a success story.
If you are ready, let the journey begin.
Which portion of the jewelry market are you interested in?
To make your jewelry business stand out, you must decide what jewelry type you will sell and who your target audience is. This is your first clear-cut step before anything else.
Your decision here will determine the products, purpose, designs, materials, marketing strategy, and ultimately a strategy to beat the competition.
Today, the US jewelry market has over 19,000 stores, and more than 4000 are online stores, 4.6% more than the previous year, 2021. Furthermore, the market is worth 229.3 billion USD and is expected to reach $292 billion by 2025.
The global luxury market was worth $35.2 billion in 2020 and valued at over 51 billion dollars by 2027.
As lucrative as this industry is, one must choose a particular niche before diving head-on.
The jewelry market is categorized into
- Bead jewelry
- Fashion jewelry
- Handmade jewelry
- Luxury jewelry
- Antique jewelry
- Custom made jewelry
Additionally, you must know where to sell the jewelry category to make more money and build a base.
For example, handmade jewelry is sold in several stores like Etsy and Shopify. They have a simple selling process that allows you to grow your audience effortlessly.
Step 1: Pre-planning the process
In continuation of the above, you must precisely decide what type of jewelry you want to sell and identify the process to go about it. However, discovering your niche encompasses other areas such as;
- Who are your buyers?
- How to source the products or pieces to make the jewelry
- How to stand out in the market
- Determining your unique selling point
- Choosing a trend and ensuring it fits into the target demographic
- Your competition and a marketing strategy
Overall, determining your niche is like drafting a business plan for your jewelry business.
Know your competitors
There will be competition in any niche you choose, and you must understand who they are, what they are doing, how they are doing it, and how to beat them.
If you ignore the competition, you will lose a market and fall short in the strategy to attract the target audience.
While searching for our competition, take the following into consideration.
- Their pricing, offers, and promo strategies
- Social media commerce strategy
- Their competitive advantage
For example, assuming you want to sell your own jewelry line like the biggest competitor, find their weak point. If their weak point is a lack of originality and their delivery is poor,
You can take advantage of this by offering your customers better products and quicker delivery times.
Step 2: Find your online space
Choose a selling platform
The next step is how to sell your jewelry online. This is a crucial decision too. If you make the wrong one, you lose customers and turn in a failed business months down the line. If you succeed, you will have a thriving business in the years to come.
So what selling platforms are available for an online jewelry business?
Do you have a jewelry line or make your own specialty jewelry? Then an online store is the best platform to sell your brand and build an audience.
An online store gives you total control over every aspect of the business, including branding, designs, marketing, and customer interaction.
However, there is a clause; you need a professional, well-designed website and a support system to get the best experience. Additionally, having Ecomitize create your online store increases the customer’s journey and boosts your jewelry business.
Your online store is a daunting challenge, but if you are looking to create a sustainable business for years to come, this is the way to go.
If you want to skip all the hard work and just upload your jewelry pictures directly to your page, this is for you.
Online marketplaces take the stress of building and managing your online store and put you in front of a massive customer base.
All you need to do is ensure your jewelry line is unique, authentic, and price compliant. For example, marketplaces like Shopify, Esty, and Amazon offer a starting point for jewelry makers.
But, there is a downside to this luxury.
You have no control over little details like branding and design or the competition, especially from sellers in the same niche as yours.
Furthermore, there are charges associated with using their platforms that might hinder your dream of creating a memorable and profitable jewelry line or brand online.
We advise you to check all the requirements before you dive headfirst into an already booming marketplace.
Whether you are selling handmade jewelry or looking to start your own jewelry line, social media is the best selling point for your business. 92% of marketers intend to start using social media for marketing, while 93% are already on it.
Social media allows you to reach your target audience faster, cheaper, and easier. It is your account and hence does not need any special skills to sell.
However, it is time-consuming and difficult to manage. That is why you need a professional business team like Ecomitize.
They will ensure your target is met, assist with the branding and design of a beautiful page suitable for your business, engage customers, and define your demographic.
Build a Website
You do not need a fairy godmother to know this. An online jewelry business deserves an online store that gets your brand in front of the clients you want.
To get this done, you need to;
A website developer is a right way to own a professional online store. Using a web developer takes the stress of doing the job yourself. The developer will customize the design to your specific needs, handle the domain name, and launch your business for you.
But there is more.
The Ecomitize team will assist you in establishing your store on an existing online jewelry marketplace like BigCommerce, Amazon, Shopify, or any other of your choice.
Ecomitize specializes in growing and launching startups, and your jewelry business is just right. We will create beautiful pages and homepages to announce what you do for your specific demographic.
How to Start Your Own Jewelry Business?
Now that you have gotten the fundamentals down, it is time to decide how to get your jewelry stock for your store.
If you choose to make yours, then do the following.
- Learn the jewelry-making process or get registered with the appropriate institutes
- Have the right tools and materials
- Design your jewelry pieces and post samples on your website for customers to see them.
If you are ordering the jewelry pieces from a vendor, do the following.
- Find a competent manufacturer
- Discuss the types of jewelry you want and how fast you want them
- Ask for samples before paying for anything (check for quality, durability, and design).
- Post beautiful images of the samples on your website
Tip: Try ordering jewelry pieces from small manufacturers or artisans; they put loads of love into their products and are cheaper too.
Set the prices for your jewelry
This is a crucial step; when prices are too high, customers will not buy from you, and when prices are too low, customers think your goods are substandard.
To set the price,
- calculate the cost of making or ordering the item
- Shipping cost
- The cost of displaying/photography and labor
- Overhead cost and the cost of running your online store
- Sum it up and then allocate the price for each jewelry piece.
Market your jewelry pieces
Marketing your jewelry business starts from your page. The following tips should help.
- Customize your page and use high-quality images.
- Give a detailed and accurate description of the jewelry piece.
- Have multiple payment routes for customers buying from different locations.
- You should have a shipping and delivery strategy that will ensure customers get their product at the due date and time.
- Ask for reviews and build your brand to satisfy the customers.
Are you about ready to sparkle?
The jewelry business is a profitable one. However, you must ensure you know how to start a jewelry business online and have the required skills before you delve right in.
Pay attention to the products and your customers as you build your brand.
Need help starting, launching, and growing your online jewelry business?
Contact Ecomitize, and let’s get that dream started now.