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There are a lot of opportunities in selling jewelry online, but it can also be very competitive. Major established brands dominate with larger advertising budgets, a large following on social media and established brand recognition, making it difficult for small and emerging jewelry stores to keep up.
How To Start Own Jewelry Line
However, global online jewelry sales are expected to grow by 11% through 2021. The rise of direct-to-consumer (DTC) brands has seen new jewelry businesses emerge and gain market share over traditional jewelry stores.
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While it might seem daunting to start your own jewelry business in a competitive market, if you take the right steps to build a brand that offers something unique to online shoppers, you’ll be well on your way to success.
In this post, we’ll discuss everything you need to know about starting and growing your online jewelry business.
As the jewelry and accessories market is very competitive, you first need to identify a niche or specialty offering a product that is difficult to find or that does not yet exist.
A great example of a successful DTC jewelry brand is Ocean & Co., which sells high-quality eco-friendly jewelry and donates a portion of sales to organizations dedicated to reducing ocean pollution. Your jewelry line aligns with a purpose that appeals to a specific audience based on values.
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There are several different ways to make your jewelry product stand out. You can sell jewelry to a specific audience and/or that are designed for a specific purpose (weddings, graduations, theme parties, etc.). When it comes to starting a jewelry line, the possibilities are endless. Here are the most common types of jewelry brands.
Costume jewelry, also known as costume jewelry, is intended for everyday use. Unlike fine jewelry, costume jewelry uses low-cost, imitation materials such as synthetic diamonds, wood, plastic, brass, copper and other metals.
A single piece of jewelry should be affordable, ranging from $1 to $100. A great example is BaubleBar, one of the biggest affordable jewelry brands online. They initially launched the brand with a focus on affordable jewelry. After building a reputation, they expanded their product line, offering high-end “luxury” pieces.
If you’re considering selling jewelry, make sure you come up with a product pricing strategy that’s affordable, or you’ll miss out on a lot of potential customers.
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Fine jewelry is made from precious metals and gemstones such as gold, silver, platinum, diamonds and rubies and is often associated with a luxurious lifestyle. These types of jewelry products are elegant, high quality and usually used on special occasions.
For example, Brilliant Earth is a fine jewelry brand that offers vintage-inspired engagement and wedding bands. Unlike going to a jewelry store and choosing a ring as-is, Brilliant Earth offers an innovative online shopping experience, allowing buyers to fully customize their ring (e.g. metal type, gemstone, shape, etc.) .
Fine jewelry can range from $100 to $3,000 per item (sometimes more), depending on the type of material used, size, font, and brand reputation.
The popularity of online marketplaces like Etsy has shown that customers are willing to buy handmade jewelry and other handcrafted goods. While handmade jewelry cannot be mass-produced, it is a viable option for business owners who want to manufacture and sell unique jewelry or custom pieces.
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While marketplaces like Etsy offer a great opportunity for jewelers to sell their custom work and build a following, it can be very competitive if you’re not willing to play the role of jewelry designer and merchant to attract Etsy shoppers to your store. It is also difficult to size if you are making each piece yourself or if the jewelry is custom made.
Despite being very competitive, there is a great opportunity to build a jewelry brand. Here are some statistics that illustrate the current state of the online jewelry market.
The jewelry industry is expected to reach $480 billion by 2025. China, US and European countries are big markets for jewelry. However, newly industrialized countries are expected to account for a larger share of jewelry sales as their per capita income continues to increase.
Specialty jewelry generates more than 43% of the industry’s total sales in the United States. Finding a unique space in the jewelry market will help you stand out from the competition.
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Fashion jewelry will continue to outsell fine jewelry on e-commerce by 10%. When shopping online, shoppers are more willing to buy jewelry at an affordable price rather than paying $1,000 for a piece of jewelry, as it is difficult to make a large purchase online without trying it on first.
If you want to start selling jewelry online, you’ve come to the right place. Below we outline the 10 steps to take before starting a jewelry business.
Before making your jewelry business idea a reality, first make sure there is a viable target market, preferably one that is not oversaturated. When customers start their search for jewelry online, they usually already have an idea of what they’re looking for, so always consider the type of customer you want to attract and make sure you understand what they’re looking for.
Understanding your ideal customer can help improve your return on ad spend (ROAS) with better targeting to help you spend less and drive more sales.
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Once you know the type of jewelry you want to sell and the audience you want to attract, it’s time to look at the competition. Research their pricing, offers, social media channels and social commerce strategy, reviews and press coverage to discover how you can gain a competitive advantage. You’ll want to keep track of what your competitors are doing so you can look for ways to further differentiate your product.
Let’s say your competitor sells teen jewelry, but your bad reviews mention how quickly the items break. With this information, you can decide to promote how your jewelry product lasts longer or offer an extended return policy.
Another potential competitive advantage to look for is delivery speed, as shipping can build customer loyalty. Most online shoppers want their products delivered within two days. If you want to offer 2-day shipping and compete with jewelry brands that sell on Amazon, consider partnering with a third-party logistics provider (3PL) such as
Whether you are self-funded or get funding from a bank, family, e-commerce venture capital or a fund, you will need a detailed business plan. With a business plan in place, you can calculate the number of products you need to produce and your path to profitability. A business plan also makes you look more legit to funders and creates a great first impression to convince them to invest.
Official Website Wellendorff
Take the time to find a creative name that matches your brand’s mission and purpose. Your business name is important as it should be unique enough for customers to remember and not too abstract that people don’t understand what kind of product you sell.
You should also check with the US Trademark Office to make sure your business entity can be registered or is not currently registered. Even if the name is available, you should check the availability of the website’s domain, which you can do at the website’s domain and hosting sites like GoDaddy.com.
If you’re making jewelry because it’s your passion, this is the easy part. There are lots of great places to find inspiration, like your favorite jewelry designers, the latest trends, and more. Once you’ve designed your products, you need to figure out how to handle manufacturing and buying supplies in bulk.
Once you have the design concepts for your jewelry line, you’ll want to research potential manufacturers and decide whether or not you want to make products locally or abroad. If you are making your designs by hand, you will need to purchase jewelry making tools and equipment.
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It can also be helpful to ask other jewelry designers about reliable wholesale distributors or look into obtaining a dealer license to avoid paying local sales tax when buying in bulk.
Designing a brand identity will make your custom packaging and marketing materials stand out – which goes a long way in creating an exceptional unboxing experience. Find a great custom packaging company to partner with, like noissue or Packlane, to help your packaging stand out.
Don’t forget your website! It’s also worth hiring a graphic designer to help create a logo and other branding materials for a consistent branded look.
Finding potential customers to make your first sale is a challenge for any new jewelry business. Target your marketing to the demographics most likely to buy. As you focus on building a customer base, use the research you’ve compiled, including competitive insights, to develop a multichannel marketing strategy.
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Customers like to research products and reviews before making their decisions. In social media posts, you can highlight what makes your brand different. For example, if you’re focused on sustainability, post how your products are good for the environment and
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