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There are many opportunities to sell jewelry online, but it can also be very competitive. Large established brands dominate with larger advertising budgets, large social media followings and established brand recognition, making it difficult for small, new jewelery companies to keep up.
How To Start Own Jewelry Line
However, global online jewelry sales are expected to grow by 11% by 2021. The rise of direct-to-consumer (DTC) brands has seen new jewelry companies emerge and gain market share over traditional brick-and-mortar jewelry stores.
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While starting your own jewelry business in a competitive market can seem daunting, if you follow the right steps to build a brand that offers something unique to online shoppers, you’ll be 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 must first identify a niche or specialty by offering a product that is hard to find or does not yet exist.
A good 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. Their jewelry line is aligned 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 for a specific audience and/or designed for a specific purpose (weddings, proms, themed parties, etc.). When it comes to starting a jewelry line, the possibilities are endless. Here are the most common types of jewelry brands.
Costume jewellery, also known as fashion jewellery, is designed for everyday wear. Unlike fine jewelry, jewelry uses cheaper and imitation materials such as synthetic diamonds, wood, plastic, brass, copper and other metals.
A piece of jewelry should be affordable, somewhere between $1 and $100. A good example is BaubleBar, one of the largest online affordable jewelry brands. They first launched the brand, focusing on affordable jewellery. After establishing a reputation, they expanded their product line by offering high-end “luxury” products.
If you’re thinking about selling costume jewelry, make sure you create a pricing strategy for products that are affordable, or you’ll miss out on a lot of potential customers.
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Fine jewelery is made from precious metals and precious stones such as gold, silver, platinum, diamonds and rubies and is often associated with a luxurious lifestyle. These types of jewelry are stylish, high quality, and usually worn for special occasions.
For example, Brilliant Earth is a fine jewelry brand that offers vintage-inspired engagement and wedding rings. Unlike going to a jewelry store and selecting a ring as is, Brilliant Earth offers an innovative online shopping experience by allowing buyers to customize their ring (eg metal type, gemstone, shape, etc.). n.).
Fine jewelry can range from $100 to $3,000 per item (sometimes even more), depending on the type of materials used, size, source, and brand reputation.
The popularity of online marketplaces such as Etsy has shown that customers are willing to buy handmade jewelry and other handmade products. Although handmade jewelry cannot be mass produced, it is a viable option for business owners who want to create and sell unique jewelry or personal pieces.
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While marketplaces like Etsy offer a great opportunity for jewelry makers to sell their custom work and build a following, it can be very competitive unless you’re willing to play the role of jewelry designer and marketer to attract Etsy buyers to your store. It is also difficult to scale if you make each piece yourself or if the piece is custom made.
Although highly competitive, there is a great opportunity to build a jewelry brand. Here are some statistics that illustrate the current state of the electronic jewelry market.
The jewelry industry is expected to reach $480 billion by 2025. China, the United States, and countries throughout Europe are good markets for jewelry. However, more recently industrialized countries are expected to account for a larger share of jewelry sales as per capita income continues to rise.
Specialty jewelers generate more than 43% of total US industry sales. Finding a unique niche in the jewelry market will help you stand out from the competition.
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Fashion jewelry will continue to sell fine jewelry in e-commerce at 10%. When shopping online, shoppers are more likely to purchase jewelry at an affordable price rather than paying $1,000 for a piece of jewelry because it’s 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 you should take before starting a jewelry business.
Before turning your jewelry business idea into reality, you must first ensure that there is a viable target market, preferably one that is not oversaturated. When customers start looking for jewelry online, they often already have an idea of what they are looking for, so always consider the type of customer you want to attract and make sure you understand what they are looking for.
Understanding your ideal customer can help you improve your return on ad spend (ROAS) with better targeting, ultimately helping you spend less and increase 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. Explore their prices, offers, social media channels and social commerce strategy, reviews and press coverage to find out how you can gain a competitive edge. You should pay attention to what your competitors are doing, so you can also look for ways to further differentiate your product.
Let’s say your competitor sells jewelry for teenagers, but their negative reviews mention how quickly the items go bad. With this information, you can decide to promote how your jewelry product lasts longer or offer an extended right of return.
Another potential competitive advantage to look for is speed of delivery, as delivery can build customer loyalty. Most online retailers 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-funding or getting funding from a bank, family, e-commerce venture capital or fund, you need a detailed business plan. With a ready-made business plan, you can calculate the number of products you need to produce and the path to profitability. A business plan makes you look more legitimate to financiers and makes a good first impression, convincing them to invest.
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Take the time to find a creative name that aligns with your brand’s mission and purpose. Your business name is important, as it should be unique enough for customers to remember it, not too abstract that they don’t understand what kind of product you sell.
You’ll also want to check with the US Trademark Office to make sure your business is either trademarked or untrademarked. Even if the name is available, you should check the availability of the website domain, which you can do on the website domain and hosting sites like GoDaddy.com.
If you’re into jewelry because it’s your passion, that’s the easy part. There are so many great places to find inspiration, like your favorite jewelry designers, the latest trends, and more. Once you’ve designed your products, you’ll need to figure out how to handle production and the acquisition of bulk supplies.
Once you have design concepts for your jewelry line, you will research potential manufacturers and decide whether you want to produce products locally or overseas. If you create your designs by hand, you will need to purchase jewelry-making tools and equipment.
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It may also be helpful to ask other jewelry designers about reliable wholesale distributors or look into obtaining a distributor’s license so you can avoid paying local sales tax when buying wholesale.
Designing a brand identity will make your custom packaging and marketing materials stand out – and help create a remarkable unboxing experience. Find a great custom packaging company to work with, such as noissue or Packlane, to make your packaging stand out.
Don’t forget your website! It’s also worth hiring a graphic designer to help you create a logo and other branding materials for a consistent brand look and feel.
Finding potential customers for your first sale is a challenge for any new jewelry business. Target your marketing to the demographic most likely to buy. As you focus on building your customer base, use the research you’ve gathered, including competitive intelligence, to develop a multi-channel marketing strategy.
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Customers like to research products and reviews before making decisions. In social media posts, you can highlight what makes your brand different. For example, if you are focused on sustainability, then post about how your products are good for the environment and