There is a growing demand for businesses to be online. Although Covid-19 became a catalyst to spur the transformation, the process started long back. Earning money by selling jewelry online can be one of the most lucrative businesses. However, you can take care of a few aspects to make your business sustainable.
Moving your business online can be a confusing, seemingly never-ending process. While you may not be the type of person to sit and gaze at the ocean for hours on end, you are certain that you have any questions about this shift. The good news is that for those who may not have a clear vision of what moving their business online means to them, we’re here to fill in some blanks.
You’re probably thinking what we’re thinking: there’s got to be more than just a website and a logo. An online business is made up of many different things, but the most basic components are the information you want people to see (your shop’s products or services), how those products are displayed (the design of your site), and how they can find you (search engine optimization).
That’s right—we’ve found that if someone would like to buy something from us directly in our shop, they still need to know where we are physically based on both our physical location and our store locator. So let’s break down all these items so no misunderstanding will occur.
Identifying a Niche to Make a Mark
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While setting up an online jewelry shop, shortlisting a niche can be the first thing on your checklist. But how can you identify this niche? You should note that selecting a niche does not mean focusing on your specialization. The following pointers will help you identify your niche and make a business plan.
What Will You Sell?
Jewelry is a trend-led industry. Therefore, you need to subscribe to the latest trends, from high-end luxury to costume jewelry. After you go through these latest trends, you can ask yourself:
- What helps your jewelry to stand out?
- What is your unique selling proposition?
- Does your offering fit with the current trend?
You should note that matching your offerings with a unique one may not always be possible. Therefore, you can be cautious while choosing the trends and not overreact to them.
Who Will Buy Your Jewelry?
Understanding your target audience will help you have a crisp and crystal brand message. In the future, this will stop you from moving on from your core thought process. It will help you operate within your selected niche and help your customers have a coherent picture.
From Where Do You Procure Your Jewelry?
Identifying the source of your products and developing a logistics chain is crucial to helping your brand remain alive. You can choose to make your own jewelry and sell them. In this case, stocking the jewelry in sufficient quantities will be essential.
If you choose to procure your jewelry from numerous vendors, you can opt for a dropship model. It will help you reduce your inventory cost and save on inward and outward logistics.
What Are the Prevailing Market Conditions and Competitors?
You can refer to the numerous folios of jewelry designs displayed by prominent players online. You can take a look at the purple diamonds collection on Leibish while browsing through the latest diamond jewelry designs.
Colored diamonds have become extremely trendy in the last few years due to their uniqueness and ability to add more vibrance. It is crucial to refer to such details as your business will not be the first one in the space you plan to operate. Referring to your competition and market data will help you ideate better about products, pricing, and targeted geographies.
Where Do You Want to Sell Online?
Deciding on selling online and actually doing so has a lot of differences. The internet is a vast space, and you should have a clear idea about where you want to sell your jewelry. To do this job appropriately, you need to scout for the apt space for you.
- An online store of your own – you can use the platforms like BigCommerce, Shopify, or Squarespace,
- Opting for a listing on the online marketplaces – you can go for Amazon, eBay, Etsy, and
- Social media can also be a relevant space for selling – you can use Instagram and Facebook for this purpose.
Setting up Your Store
Once you finalize where you will sell online, you will have to set up your shop and showcase your products. Setting up a shop requires you to undertake a few fundamental activities that include:
- Choosing a domain name that fits your brand,
- Selecting a template for your online shop,
- Tailoring the settings as per your requirement,
- Customizing the look of your online shop as per your brand’s athletics,
- Designing creatives and banners to put forward the various information regarding the brand as per the shortlisted color palette,
- Putting up the products that you want to highlight in the different segments like homepage, product master page, or category page,
- Publish your online shop after reviewing all the details.
Showcasing The Products
The various e-commerce builders help you customize your website as per your intent and taste. Since jewelry is about looking good and beautiful, you need to pay a lot of attention to clicking appealing pictures to hook your target audience.
The online shop will have only one difference from the brick and mortar store is that your customers will not be able to touch the product.
So, you are aware of the variables to shortlist your target market. You have an idea about what is trending in the jewelry segment currently. You have set up your online shop and showcased your products. The critical final step that you can follow is setting up a payment gateway.
The pandemic has forced many businesses to go digital, which is here to stay. The future of jewelry is digital. To jumpstart your journey to the top and get ahead of the competition, try different things to understand what your customers want from you and create a strong brand image. Don’t be afraid to experiment and ask for help when needed.