According to statistics, 29 million people purchase jewelry daily. This shows that selling jewelry can be a good idea if you’re looking for a business venture.
Most people tend to think that big businesses have the upper hand. But 46% of consumers stated that they like buying from small businesses instead. Thus, you can start a small jewelry store and get good returns from your investment.
You can also explore various ways of maximizing your profits. For instance, you can consider selling your jewelry online. And don’t you worry! This article will teach you how lucrative selling jewelry online can be.
Let’s get started.
1. Do Enough Research
Investing in an online business comes with various uncertainties. It is vital to research and know what you’re getting yourself into beforehand. Proper research will allow you to set your expectations and list dos and don’ts. Combining sets of advice will help you a lot in your new venture.
You can also consider gathering inspiration from established online jewelry sellers. Many top performers in the industry can provide invaluable advice. You can speak to some and even observe how they do it.
Try ordering jewelry like diamond rings from other sellers as well to know what kind of experience customers are getting from them.
2. Decide Where to Sell
There are various places you can sell on the internet. One of the first places to set up shop as an online seller is on your website. You can design a wedding jewelry website that showcases your products. It should have a user-friendly design, shopping cart feature, and secure checkout.
It would be best to make it easy to navigate by having categories. Name the categories according to the types of diamonds you sell. Also, you can use gender and have wedding rings for women and men in different categories. This will simplify things for anyone looking for wedding jewelry.
Also, you can consider selling on social media platforms. There’s a massive market on social media that you can take advantage of as a jewelry seller. Identify platforms on which your potential customers spend time. Then, use high-quality images on your posts to boost sales.
3. Use a Third-Party E-commerce Platform
It will be good to select a reputable e-commerce platform for a sales partnership. As a new seller, you might not have the capacity to build an in-house store. Even if you do, there will be security and compliance concerns. You can consider selling your diamond earrings through a third party.
Third-party e-commerce platforms are already set up and ready for selling. All you need to do is agree with owners to sell on their platform. You won’t be in charge of maintaining the forum and many other tasks that happen in the background.
But you need to select a good e-commerce platform. It needs to have core functionalities and provides excellent customer service. Once you pick one, please provide them with pictures of the various types of diamonds you want to sell along with their prices.
4. Provide Excellent Customer Service
You can bring customers to your business but fail to retain them. Thus, it would help if you focused on ensuring customers have an excellent experience as they purchase jewelry. For instance, you need to make it easy to access products, more so on your website.
Add a search functionality that will simplify work for them. You can also develop an application for your online store. In addition, you should be there to answer customer queries. Provide a chatbot to provide quick customer service and set up a live chat feature.
These features will impact the experiences customers have with your store. Your customers will feel more secure if they can get real-time support. That will, in the end, increase your customer retention rate. Also, it will bring new customers through referrals and positive reviews.
5. Have Secure Shipping
As mentioned earlier, security concerns arise when setting up an online store. The internet has become a hunting ground for various kinds of criminals. You must invest in ensuring security all over your network. This includes your jewelry website and also your social media platforms.
You should ensure that customer information submitted to your website is secure. Also, it would help if you made the checkout process as safe as possible. This will make it easier for people to find you credible. Your store will appeal more to customers and also more conversions.
Besides, you will need to work with third-party companies in shipping jewelry. You need to choose the best companies to facilitate deliveries on your behalf. One of the significant factors to consider when choosing a company will be the shipping security guarantee.
6. Price Your Products Well
Product pricing is an essential factor when setting up a jewelry store. How you price your products can determine the direction your business takes. Your competitors will be looking at how you price your diamond jewelry. Some will be looking to bring you down by pricing their diamond lower.
There are various ways to price different types of diamonds. One of the best options is to use a diamond price chart to price your diamond jewelry. This will ensure you get the best prices for your products. Also, you will find it easy to attract new customers with your attractive pricing.
In addition, you should ensure there are secure payment systems on your network. You can partner with reputable payment providers like PayPal. The aim should be to partner with a payment provider that guarantees safety. That will help you to sell jewelry securely on the internet.