Selling jewellery online is highly rewarding when done right.
Though, if you are thinking of starting a successful jewellery business, you will need a pro’s effort to cut through the sector’s tough business rivalry.
Otherwise, you won’t get more customers, make sales, and hoard reasonable profits.
The way out? Take your time to master the creative skills herein, and you’ll be good to compete powerfully.
A majority of jewellery sellers fail because they bank on customers they barely know.
As a result, the entrepreneurs end up acquiring ornaments that don’t resonate with the prospects’ needs, and they go advertising them on the wrong channels.
If you don’t wish to be counted amongst failures, define your customer before you start selling anything.
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That way, you will be in a position to get jewellery that appeals to prospects, list them on appropriate platforms, and advertise them in a way that sells quickly.
At the bare minimum, you should know:
Many online jewellery buyers are internet savvy people in their late twenties to early thirties.
Most of them are status-driven people who love to stand out in appearance.
If you wish to make great sales, this customer segment should take the centre of your focus.
However, jewellery buying isn’t restricted to this age group.
A majority of online jewellery buyers understand the risks and inconveniences associated with less reputable online marketplaces.
As a result, they will most likely shop on reputable platforms like:
As well, they won’t mind buying from independent jewel sellers with a good reputation.
Online jewellery buyers are internet savvy.
You can connect with them on social media platforms like:
Like Facebook and Instagram, some of these platforms have ready marketplaces where you can sell or advertise your jewellery to thousands of potential customers.
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Knowing your customer shouldn’t end after getting a rough idea of who they are.
Rather, you should proceed to know their basic demographics, if at all you want an edge against already established dealers.
The statistics will come in handy when making a targeted marketing plan or when looking to get the exact pieces of jewellery that prospects will love.
That said, the demographic statistics will eliminate gambling when running your business.
What demographic information do you need to know?
When it comes to selling jewellery, women have a greater appetite for ornaments than men.
That’s why women are likely to purchase more pieces of jewellery than men.
For that reason, if you want to boost your sales, you will want to target women more than male buyers.
Age has a strong correlation with a customer’s buying power.
For example, prospects aged 25-44 years are likely to invest more in ornaments since they have a lot of disposable income and a high sense of fashion.
Conversely, those under 25 and above 65 are less likely to buy jewellery.
Income determines customers’ ability to buy.
Those with a high income are likely to purchase several pieces of jewellery frequently.
Moreover, the high-income earners wouldn’t mind buying expensive ornaments.
Their counterparts with low income would prefer cheaper ornaments. They buy occasionally.
Customers from various regions have varying purchasing powers.
For example, those from developed regions are likely to spend on jewellery than those from less developed areas.
Since sales matter, you will want to direct much of your marketing effort to those regions with more potential buyers.
Though considered less important when profiling potential customers, marital status plays an essential role in the jewellery business.
Research by the Global Web Index shows that married people are more likely to buy ornaments than singles or divorcees.
With that said, you would want to prioritise customers in a marriage when looking to boost your jewellery, sales and profits.
Kids can increase or reduce a prospect’s power to buy jewellery.
For example, kids born in high-income families are likely to increase the number of jewellery pieces purchased by that particular family.
On the other hand, raising kids can lower ones’ buying power, especially if the prospective customer earns low.
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Some budding entrepreneurs think that buying counterfeits at a low price and selling them at a slightly high price is a shortcut to profitability.
But, the truth is, selling such products lays a foundation for business failure.
Customers will avoid your business as soon as they discover you are selling fakes.
No one will feel good spending a fortune on cheap imitations that will start discolouring, denting, or chipping after a few uses.
By the way, you won’t just lose the duped customer when selling fakes.
But you will also taint your online reputation, lose referrals, as well as attract hefty penalties from regulatory authorities.
Therefore, if you want an excellent online reputation, steer clear of fakes. Most jewellery buyers will stick to your business as long as they are assured of getting genuine-quality jewellery.
Jewel buyers are intelligent consumers.
Before buying anything, they will take time to compare your products and service with those of competitors.
As a rule, they will settle on businesses that offer the best products.
Therefore, if you want buyers to choose you over competitors, make sure you have something that differentiates your business from the competition.
For instance, you can focus on:
A product description will either convince customers to buy or move to the next seller.
Describe your ornaments as a pro, and customers will buy them without hesitating.
Do it poorly, and your potential customers will keep looking for a better seller.
Since the latter outcome isn’t something you want, make sure you describe your jewellery in a way that sells.
A good description should capture essential features like size, weight, material, design, and anything unique with your ornaments.
Use a tone that will make prospects associate the jewellery with deep-rooted feelings of love, beauty, class, happiness, or strength.
Your killer product description will not be complete without a high-resolution product photo.
Why?
An image will give your prospective customer a chance to inspect your product visually before making the final decision.
Since poor quality photos can break the deal, here are vital factors you need to take into account when looking to capture that perfect photo.
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Product categorisation is one of the most forgotten or ignored aspects of boosting sales.
Presumably, this could be why some entrepreneurs struggle to make sales despite having great ornaments, reasonable prices, and a powerful product description.
Remember to categorise your jewellery when listing them on marketplaces if you don’t want a similar outcome.
The categorisation will help prospects to spot your jewellery easily from the thousands of products listed on marketplaces.
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Customers don’t buy blindly.
They take their time to compare prices offered by various sellers.
After the comparison, they settle on the dealer with high-quality, uniquely designed, fairly-priced pieces of jewellery.
As long as you want to make a good profit from every sale, make sure your price wouldn’t make a prospective customer avoid you.
Don’t overprice.
Even with unique jewellery and great prices, you’ll need to advertise your products to get new customers.
That’s the only way consumers will get wind of your new business selling authentic pieces of jewellery at a competitive price.
When it comes to strategic advertising the best platforms to reach out to potential customers are:
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The platforms have over 3.5 billion users, and they categorise potential customers according to:
The profiling will help you target prospects with tailored ads rather than generalised ones.
Presumably, this is the reason why 73% of the world’s marketers regard social media as the most effective marketing platforms.
Jewellery designs change day by day.
Trends that appeal today will not appeal in the next few days.
So, when restocking your shelves, make sure that all the pieces of jewellery you are buying are in trend.
Otherwise, you may lose a couple of customers to competitors who stock in trend products.
Naturally, you will tend to ignore a couple of essential pro tips once you start getting more customers, making several sales, as well as growing your profits amazingly.
It may seem okay at first, but rest assured that you are likely to lose your glory in no time.
Competitors who are always looking to improve their business prowess will overtake you.
Therefore, if you don’t want to be counted among the successful businesses that dwindled, make sure you keep it consistent.
Know your customers better, avoid fake jewellery at all costs, give customers a reason to be loyal, and market your products creatively.
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Online marketplaces are the number one place to sell your jewellery online.
They have an already established reputation and a ready market with millions of local and international customers waiting to buy your jewellery.
They will save you from the effort of setting up an independent online platform, advertising it to get more traffic.
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Facebook and Instagram marketplaces are other excellent places to sell jewellery online.
They have a marketplace with millions of prospects waiting to buy your jewellery.
Thus, you won’t have to invest heavily in marketing to make a sale.
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If you want to operate independently, you can set up an online store built on reputable platforms like Shopify and BigCommerce.
An independent store will give you the chance to operate independently, thereby avoiding the price war associated with selling on shared marketplaces.
FAQ—Selling Jewellery Online like a Pro
The gemstone business is a billion-dollar industry, and there are thousands of people looking to buy jewellery every day.
Therefore, with the right products and a creative marketing strategy, you will likely make great profits.
However, making those profits isn’t a walk in the park. You will have to market your items smartly to make more sales.
A majority of ornament buyers are women.
Most of them report that they prioritise necklaces and earrings more than any other ornaments.
So, logically, necklaces and earrings would sell better than most pieces of jewellery.
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Rings, earrings, bracelets, and necklaces made of precious metals like gold, palladium, diamond, platinum, and silver are likely to appreciate with time.
Their counterparts made from stainless steel, metal alloy, leather, and tungsten have a lower resale value.
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The startup amount for a jewellery store will depend on your business location, the type of trinkets you intend to sell, and your business’s size.
Starting bigger businesses in locations where the cost of living is high would be quite expensive.
But, the good thing is, if you don’t have enough startup cash, you can start selling a few pieces on already established platforms like Amazon and Etsy as you work your way up slowly.
The profit margin on jewellery ranges from 42-47 per cent.
Selling jewellery online is an excellent money-spinning venture.
However, surviving this industry’s heavy competition requires top-notch business skills.
You will need unique jewellery to stand out, a creative marketing plan to outwit customers, and a competitive pricing strategy to make customers choose you over competitors.
Without creativity, you will struggle to make the huge profits associated with this industry.
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