How To Grow Your Jewellery Business Online?
Jewellery business has witnessed a successful surge in the past few years with many retailers venturing into the direct-to-consumer (DTC) business model. This mainly works on ecommerce channels and has contributed immensely to the global sale of jewellery. In fact, statistical analyses of global online trade have predicted the jewellery sale to reach a market value of $340 billion by the year 2025. If you’re a jewellery retailer, now may be the time to promote your business online. Read on to find out more on online jewellery retail.
Why should you consider an online venture?
With most people being stuck at home, online businesses have seen a boost in sales because of several factors such as:
– The pandemic has accelerated trends that were already on the way.
– E-commerce means selling directly to customers, cutting out middle-men and yielding a higher profit margin.
– Tapping into the high average order value and take rate (the percentage charged by the marketplace to match buyers and sellers), of the jewellery business.
– Rising number of private investors.
What are the different ways to sell your jewellery online?
Before we discuss the several ways to boost your business online, let’s look at the various options that are available to pursue online trade. If you’re just starting out with your jewellery business, you can read our article on how to start a jewellery business first.
There are three main channels for online commerce, these are:
|SETTING UP AN ONLINE STORE||ONLINE MARKETPLACES||SOCIAL MEDIA|
Setting up your own online store
This is the most professional way to start an online jewellery business. Although it can be time-consuming, it is an infallible way to create a memorable and consistent brand image. Setting up your own website can help customize your store to reach your target consumers. All the product catalogues can be uploaded at the same time as well. There are several ecommerce builder websites that are present in the market that can be utilized for creating your own domain.
Another method for selling your products can be to utilize online marketplaces like Etsy, eBay or Amazon. This method is less time-consuming and easier. However, you may not have any control over the branding and you may be met with heavy competition from other retailers who sell similar products. In addition, you may also have to remit listing or transaction fees.
A low-cost way of starting an online trade is by promoting your products through social media. Social media is a great way to engage your customers online and it is quite easy to set up. However, it is incredibly time consuming and tedious. Social media can be utilized as a supplemental channel to promote your business in addition to ecommerce websites.
Research is your best friend
Once you set up your online store, you need to gather enough traffic to the websites to make an impact. This can be achieved only with thorough research. Here’s two things that you need to take care of:
– Identifying your niche
Analyzing consumer demographics is vital to a successful online venture. You need to identify your target consumer group to determine whether your products are viable. You need to ensure that you have a clear understanding of your customers’ needs to tailor your products accordingly. You can identify your ideal customers by conducting surveys and polls in social media or email. Product feedback can also be useful in identifying your niche.
– Researching your competitors
Once you’ve identified your target consumers, you now need to monitor your competitors. This can bring a clear perspective while developing business strategies. Some important details you need to research are your competitor’s pricing, offers and social media presence. This can help you understand their behavior and anticipate their next move.
Creating a memorable brand
For any online business to be successful, you need to create a unique brand image. To make your brand stand out, your online store needs to be as appealing as possible. Showcase all your products with good and detailed descriptions. Include high quality images of your products along with their descriptions. Research suggests that 95% of the customers prefer their brands to have at least 3 photographs of the products they are buying.
Promoting the products online
To grow your online business, you need to promote the products. There are several methods to do so:
– Search engine optimization (SEO)
Optimizing the search engines to find your website is essential to promote your products adeptly. Most e-commerce websites have built-in search engine optimizers to help you with this.
– Multiple platforms
Selling across multiple platforms like social media, mobile applications and retail websites can be an effective way to promote your jewellery online.
– Marketing via Email
Emails can be useful for promoting new products or for announcing sales and discounts. You can also utilize emails for making personalized suggestions to your customers.
– Customer reviews
Customer reviews are another great way to boost sales. Although it may seem risky as they are not under your control, studies have shown that more than 2/3rds of the customers read reviews before making a purchase. Respond positively to both positive and negative reviews to gain your customers’ trust.
You can read more about this in our article on how to use technology to change your jewellery business.
To summarize, growing your jewellery business online does not have to be challenging at all. Be sure to conduct thorough research on your target consumers and competitors. Make use of the available ecommerce builders and websites. Stick to the unique selling points of your products to make your ecommerce journey smooth and trouble-free.