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Selling jewelry online offers many opportunities but can also be very competitive. Large incumbent brands dominate with larger advertising budgets, larger social media followings and an established brand, making them difficult for smaller jewelry start-ups to follow.
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However, global online jewelry sales are expected to grow by 11% by 2021. The rise of consumer-facing (DTC) brands has resulted in new jewelry companies emerging and increasing their market share compared to traditional brick and mortar jewelry stores.
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While starting your own jewelry business in a competitive market can seem like a daunting task, if you follow the right steps to build a brand that offers something unique to online shoppers, you’ll be well on your way to great success.
In this post, we will discuss everything you need to know about how to start and grow your online jewelry business.
Since the jewelry and accessories market is very competitive, you first need to define a niche or specialty by suggesting a product that is hard to find or doesn’t exist yet.
A great example of a successful DTC jewelry brand is Ocean & Co., which sells high quality, sustainable jewelry and donates a portion of its sales to organizations dedicated to reducing ocean pollution. Their jewelry line is focused on a specific audience based on values.
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There are several different ways to make your jewelry stand out. You can sell jewelry to a specific audience and/or purpose (weddings, graduations, themed parties, etc.). When it comes to launching a jewelry line, the possibilities are endless. Here are the most common types of jewelry brands.
Costume jewelry, also called fashion jewelry, is designed for everyday use. Unlike jewelry, costume jewelry uses cheaper materials and imitations such as synthetic diamonds, wood, plastic, brass, copper and other metals.
One piece of jewelry should be affordable, somewhere between $1 and $100. A great example is BaubleBar, one of the largest online jewelry brands available. The brand was first launched with a focus on affordable jewelry. As they gained notoriety, they expanded their product line with more expensive “luxury” items.
If you are thinking about selling jewelry make sure you create a product pricing strategy that is affordable or you will miss out on a lot of potential customers.
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Jewelry is made from precious metals and precious stones such as gold, silver, platinum, diamonds and rubies and is often associated with a luxurious lifestyle. This type of jewelry is elegant, high quality and usually worn for special occasions.
For example, Brilliant Earth is a jewelry brand that offers vintage style engagement and engagement rings. Unlike visiting a jewelry store and choosing a ring as is, Brilliant Earth offers an innovative online shopping experience, allowing shoppers to completely personalize their ring (such as metal type, gemstone, design, etc.).
Fine jewelry can cost anywhere from $100 to $3,000 apiece (sometimes even more), depending on the type of materials used, size, origin, and reputation of the brand.
The popularity of online marketplaces like Etsy has shown that shoppers are willing to buy handmade jewelry and other handicrafts. While handmade jewelry cannot be mass-produced, it is a viable option for business owners who want to create and sell unique jewelry or bespoke pieces.
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While marketplaces like Etsy offer a great opportunity for jewelry artists to sell their work and win fans, they can be very competitive, unless you’re willing to play the role of jewelry designer and marketer to get Etsy shoppers to your store. . It’s also hard to measure if you make each piece of jewelry yourself or if the pieces are custom made.
Despite a lot of competition, there are huge opportunities in jewelry branding. Here are some statistics to illustrate the current state of the online jewelry market.
The jewelry industry is expected to reach $480 billion by 2025. China, the United States and European countries are excellent markets for jewelry. However, the newly industrialized countries are expected to account for a larger share of jewelry sales as their per capita income continues to rise.
Specialized jewelers generate over 43% of the industry’s total sales in the US. Finding a unique location in the jewelry market will help you stand out from the competition.
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Jewelry will continue to sell 10% better in e-commerce than jewelry. When shopping online, shoppers are more likely to buy jewelry at an affordable price than paying $1,000 for a piece of jewelry, since it’s hard to make a large online purchase without trying it on first.
If you want to start selling jewelry online, you have come to the right place. Below are 10 steps you should take before you start making jewelry.
Before you bring your jewelry business idea to life, first make sure there is a viable target market, preferably one that is not oversaturated. When customers start looking for jewelry online, they often have an idea of what they are looking for, so always think about the type of customers you want to attract and make sure you understand what they are looking for.
Understanding your ideal customer can help you increase your return on ad spend (ROAS) through more accurate targeting so you end up spending less and increasing sales.
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Once you’ve decided on the type of jewelry you want to sell and the audience you want to reach, it’s time to take a look at the competition. Explore their prices, deals, social media channels and social trading strategy, reviews and media coverage to learn how you can gain a competitive edge. You will need to consider what your competitors are doing so you can find ways to further differentiate your product.
Let’s say your competitor sells jewelry for teens, but the negative reviews mention how quickly the products break. With this information, you can advertise how your jewelry product will last longer or offer an extended return policy.
Another potential competitive advantage to look out for is speed of delivery, as delivery can increase customer loyalty. Most online shoppers want their items delivered within two days. If you want to offer two-day shipping and compete with the jewelry brands that sell on Amazon, you might consider partnering with a third party logistics provider (3PL) such as .
Whether you are self-funding or receiving funding from a bank, family, venture capital, or an e-commerce 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 will also make you more legit in the eyes of financiers and make a great first impression to convince them to invest.
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Take your time to come up with a creative name that aligns with your brand’s mission and purpose. Your company name is important because it needs to be unique enough that customers can remember it, and not too abstract so people don’t understand what product you’re selling.
You may also contact the United States Trademark Office to verify that your business entity is or is not currently a trademark. Even if the name is available, you’ll want to check the availability of the site’s domain, which you can do on the site’s domain and hosting sites like GoDaddy.com.
If you’re into jewelry because it’s your passion, this is the easiest part. There are so many great places to find inspiration like your favorite jewelry designers, the latest trends and more. As you design your products, you need to figure out how to handle manufacturing and bulk inventory.
Once you have the design concepts for your jewelry line, you will want to research potential manufacturers and decide if you want to produce locally or overseas. If you are making your jewelry by hand, you will need to purchase jewelry making tools and equipment.
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It’s also a good idea to ask other jewelry designers about reliable wholesale distributors or look into getting a reseller license so you can avoid paying local sales taxes when buying in bulk.
Branding will make your custom packaging and marketing materials stand out, all contributing to an exceptional unboxing experience. Find a great custom packaging company like Noissue or Packlane to make your packaging stand out.
Don’t forget your site! It is also worth hiring a graphic designer to help create the logo and other branding materials for a consistent brand look.
Finding your first sale is a challenge for any new jewelry business. Target your marketing to the demographics most likely to buy. With a focus on building a customer base, use the research you’ve collected, including competitor information, to develop an omnichannel marketing strategy.
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Customers love to study products and reviews before making a decision. Social media posts can highlight what makes your brand different. For example, if you are focused on sustainability, write about how your products are good for the environment and