In 2016, more than 29 million people purchased jewelry online daily. So buying and selling jewelry online is big business and can be hugely lucrative!
With stats like these, however, it’s safe to say that competition is huge. Not to worry though! We’re here to provide you with an expert guide to get you on the right track.
Ready to become an entrepreneur selling jewelry online? Let’s dive in!
With jewelry being a billion-dollar online marketplace, why wouldn’t you want a slice of that pie?
Because jewelry is a consumer product, it knows no boundaries! Jewelry appeals to both men and women no matter their age (or culture)! With this in mind, you know that you’ll never run out of buyers.
Check out what’s being bought online:
Image Via: brandongaille.com
Jewelry is also hugely diverse:
Sellers can offer rings, necklaces, bracelets, anklets, or belly rings, just to name a few. Each of these products can be made from hundreds of different mediums such as gold, diamonds, gemstones, shells, beads, and more!
In fact, jewelry is so diverse that if you start digging into the multitude of options, you may find your head spinning. For each unique piece comes a unique design and so on. Take a look at the image below for a better insight.
Image Via: pinterest.com
Head spinning, yet? These are just the clasps available to tie your jewelry together! If something so small is this diverse, there should be no problem finding unique pieces to offer your customers, right?
Right! The number one thing you should focus on before starting your jewelry store is understanding how to keep it running.
So, how do you sell jewelry online to make a living? We’re glad you asked!
Because fashion is a fluid industry, you’ll need to keep your customers engaged by updating your product range and adding up to date trends to your store. Keep in mind that fashion is an ever-evolving niche with new trends and fads.
Your customers will constantly be on the lookout for new pieces to add to their wardrobe. In order to make sure you have these new hot items in stock, you need to know about the trends even before the most devout fashionistas!
But, how do you know when new trends roll in? Great question! One way is to follow jewelry blogs such as:
But here’s a pro tip for you: Plug in the keyword “jewelry trends” into Google Alerts for up to date trends. When you do this, Google will help you out by emailing you when a new article pops up including your keyword - nice!
Finally, SaleHoo also offers a way to find new jewelry by using the Market Research Lab. Here, you’ll find hot new products including how much an item is selling and average profits.
To be honest, it’s going to take more than following a few well-known jewelry blogs and typing in keywords to rank your online store.
A few extra tips to follow are:
One of the toughest decisions you’ll have to make: pricing your jewelry. A good rule of thumb to follow when starting out is to start with four times your material cost and packaging.
Most consignment or wholesale opportunities take up 40 to 60 percent of your retail cost. By starting your base price at 4 times your materials cost will keep you from working for free (or worse, losing money).
Think about whether or not you’re going to charge customers for shipping, too. If so, be sure to add in how much it’ll cost them before they abandon their cart at checkout.
Other questions to ask:
Will you accept returns? What about refunds? What will you do if your jewelry breaks before your customer gets it? Have a backup plan in mind for freak accidents, and you’ll be good to go.
Now that you’ve got a good idea on how to start up your online store, as well as what you’d like to sell, we’re going to offer you some pro tips to keep your store up and running.
Don’t worry, these tips are free of charge! All we ask is that you implement them daily (and share this article, if you found it helpful). Sound good? Great!
This is probably the most important tip we can offer you. By avoiding fake products, you’re saving your customers (and yourself) from grief. Did you know that brand-name jewelry (like Tiffany and Co., Bvlgari, and Gucci) are all victims of counterfeiters?
One sure-fire way to avoid selling fake jewelry is by only supplying materials from suppliers who are members of the BBB (Better Business Bureau).
Image Via: kfoods.com
As shown in the image above, it’s easy to spot fake jewelry. Most fake products will turn your skin green after a while (and, in some serious cases, can cause rashes). This ring, however, looks like costume jewelry, so the buyer should have seen this coming.
There are so many suppliers out there currently selling cheap products. Here’s the problem, though: If you’re caught selling knock-off items, you could have your website shut down. You could even face prosecution by the original brand owner!
Even if that doesn’t happen, your customers will still be unhappy and won’t come back.
Think about it - would you rather buy items at a higher cost to please your customers (and keep your store up and running), or buy dirt cheap knock-off items and get tons of negative reviews?
The answer should be simple: stay away from fake products.
Selling jewelry online can get pretty competitive, as we talked about before. It's vital to think of a way to differentiate yourself from the hundreds of other sellers before you get started!
Selling fair trade items is a great way to do this. Fair trade jewelry is made by artisans who work under safe and humane working conditions.
These workers are also are paid a fair wage for their work. Another great thing about fair trade jewelry is the fact that it’s also made without child labor and is crafted using environmentally sustainable methods!
If you labeled your jewelry as “Fair Trade” and explained what that meant to your customers, they’d go crazy over it. Knowing that they’re buying jewelry from a reputable source is something they’ll pride themselves on.
Facebook campaigns will quickly become you best friend. Because you’re able to target consumers according to certain demographics (age, gender, and location) you’ll be able to reach a multitude of people whether they’re currently connected to your business, or not.
You’re also able to set a strict daily budget as well as select how long you want your advertising campaign to run. For more help on Facebook ads, check out this post by KlientBoost.
Sharing posts on social media is vital to keeping your business in the loop, but you have to share content daily!
This means you have to constantly post pictures, blog posts, and simple status updates on Facebook, Twitter, Instagram, and Pinterest.
Take some time at the beginning of the week to gather some photos, quotes, or product shots and schedule them for different times during the week. Once you get good at this, try to schedule for two weeks at a time. (You can use a tool like Buffer to do this on the cheap.)
You’ll end up saving a lot of time by putting posts in the que. Doing this will ensure that you’ll never forget to post again.
While you obviously don’t want to overwhelm buyers with huge paragraphs for each item, you’ll want concise and descriptive information for each piece of jewelry.
Most people want to know what they're getting ahead of time and, if anything is unclear, most won't reach out to ask questions.
By providing the materials used in designs up front, your customers will know exactly what to look forward to. You can even add why you love the piece!
More information also includes making sure your policies are easy to find so there's no confusion about returns, exchanges, etc., later on.
Finally, strong product descriptions can improve your store’s search rankings.
Without further ado, here are four up to date jewelry niches to dig into!
This website carries affordable fashion jewelry for, well, everyone! They carry nearly every staple piece of jewelry you can think of at a great price.
Salamander jewelry is more or less an alternative wholesaler. They carry body jewelry such as nose rings, eyebrow rings, belly-button rings, tongue rings, and more.
Can you guess what this wholesaler carries? You guessed it… Silver plated jewelry! They’ve been in business for over 15 years and are well trusted by many.
Remember when we said that fair trade jewelry was incredibly popular? This wholesaler boutique offers tons of fair trade jewelry at a low cost. Their jewelry is unique and will help you stand out from your competition!
We’ve talked about why you should sell jewelry online, how to do it correctly, what to avoid when selling products, and even gave you a few wholesale jewelry suppliers to get started.
I’m afraid that it’s now time for us to part ways. Before we do though, let’s go over some of the most important details when it comes to selling jewelry online.
Now it’s time for you to spread your wings and fly! Or at least, spread your wings and create a kick-ass jewelry store. Have fun!