Informative guide to selling jewelry online
Recent trends in adopting a minimalist and sustainable lifestyle have boosted the demand for ethically sourced clothes and accessories. More and more influencers are promoting clothing items and accessories that are environment-friendly and fashionable at the same time. Now is the perfect time to get that stash of vintage jewelry that your mother or grandma left behind and sell it for easy money!
Why sell jewelry online, you may ask? Well, it would not be surprising to note that the bags and accessories industry made a whopping USD 98,298 million, and it is expected to grow at 9.6% annually till 2024. https://www.statista.com/outlook/358/100/bags-accessories/worldwide#market-globalRevenue
Now that you are interested in choosing jewelry selling as an online business, let us focus on the most important steps, you need to follow to start making money.
- Brand new or pre-worn
Firstly, you want to decide whether you want to sell estate jewelry, vintage and antique pieces that are pre-worn, or curate your jewelry pieces and start your own brand. Either way, you can set up an online jewelry store with no hassle, and StoresGowill make it even easier for you! More about the perks StoresGo has to offer later.
- Create your own or dropship
It is important that you first research the jewelry industry and find a suitable niche, whether you want to make wedding jewelry or statement pieces to create your jewelry brand. This will give you an outlook on which niche is more competitive and where you have a higher chance of earning maximum profit.
It is not necessary to design your jewelry to create your brand. But on the other hand, hundreds of wholesale dealers are available on Alibaba, AliExpress, and you can drops-ship your items. This will save you from the extra hassle and money, finding the right materials, sourcing them, designing, and producing your pieces. All you have to do is list the items online, wait to be purchased, and ship to the customers.
- Luxury or everyday wear
Secondly, you should have a clear idea of whether you want to sell luxury items or every-day wearables. This will help in choosing the right demographics for your marketplace and promoting your product appropriately. For example, it would be a total loss to promote an engagement ring to a younger audience.
Also, if you plan on selling luxury diamonds and jewelry, you need a bigger investment budget. Diamonds and gold jewelry are most likely never going out of fashion, so that it would be a good selling point. However, you want to make sure that your jewelry itself is of high quality.
- Quality, condition, and grading
High-quality jewelry is not difficult to find but finding it at an affordable price is what customers want. Sure, you are charging less than famous designer brands, but what about the quality? If your customer is getting a good quality item at an even better price, what else do they need?
If you follow this step carefully, you will be able to price your jewelry effectively as well. For example, if you plan to sell a diamond ring, make sure you get your diamonds and precious metals tested from the most reliable gemological institutes. You can also go to WP Diamonds for the recycling of old diamond jewelry pieces.
The carat weight, color grade, clarity grade, and cut grade are the four most important diamond grading factors. This might be costly but think of it as an investment for your business, because the better the quality, the higher will be price and more revenue for you.
- Your target audience
This corresponds to the third point. If you are looking forward to selling everyday wear dainty jewelry pieces, which are not luxury items and are affordable, your target audience would be young adults to middle-aged or even older-aged customers.
A tip would be to go for the audience for which marketing would be easier. For example, if you plan on marketing your product through social media sites, go for consumers between the ages of 18-36, as these are the most active users online. This way, you reach a greater audience, and your product has a better chance of selling.
- Where to sell jewelry?
- Local stores
Setting up a store to sell jewelry is a massive business venture that might not suit newcomers. However, if you are thinking of selling it to retailers, that might not be a good idea. Your jewelry pieces would be undervalued, and you will be making less money than you could by selling online. This also requires a lot of running around to find the best retailer and the highest offer.
- Online Auction
Online auctions might not give you a good value estimation for your item, since you will have to compete with well-established fashion brands, and they might not be a higher demand for the type of product you offer.
Of course, if you sell some vintage or antique pieces, that could generate more money for you, depending on the grade and rarity of that item.
- Pawn Shops
Again, pawn shops can be an option if you want to get rid of some used pieces or need urgent money, but these shops will not give you the value and estimation that your jewelry is worth.
- “Where should I sell my jewelry online?”
You might be wondering, “Okay, now I know that jewelry is a good selling product, but where should I sell it?”. This step involves a quick comparison for you to decide where to begin your online jewelry store.
If you are looking forward to developing your store from scratch, Shopify allows you to build it and beware of its costs and fees. As a newcomer, you want to avoid any extra costs that you must avoid and look for other options. Selling at Shopify means you still have to promote your product, just more money entirely!
Amazon may be a good place for you to start your business but keep in mind that Amazon is a wide online marketplace, and it has thousands of jewelry businesses, thereby increasing the competition. You, as a newcomer, might not find a good spot to start making money.
Also, Amazon has a hefty registration fee and charges you for each listing and a commission on every purchase. Sounds like bankruptcy.
Although many would tell you that eBay is the perfect, hassle-free way for you to begin your online store, but it comes with a lot of risks. First of all, there are over a million jewelry sellers and even more jewelry buyers on eBay, and this is a hugely competitive market, so you want to look out for that. Secondly, there is no guarantee of the selling process. You might get scammed if you are not too careful, and if you are selling used jewelry, it might be undervalued.
Without any doubt, StoresGo is a very easy-going e-commerce platform, especially for new sellers. Firstly, there are no registration fees or listing costs. You can start selling your items today, without having to pay a single penny! How cool is that?
Secondly, StoresGo gives you abundant marketing tools to promote your product. Of course, it is up to you if you still want to approach other marketing channels, like influencers or pay-per-click ads, but that just depends on your budget.
So even if you do not have that extra marketing budget at the start, do not worry, StoresGo will make sure that your product is indexed by the search engines, using the best SEO tools and practices.
Not only that, StoresGo facilitates you even further by providing 24 hours of customer service to make sure your queries are resolved within time, and your business is smooth.
At StoresGo, we thrive on starting your online business without any difficulties, but run it smoothly and make maximum out of it. So, without wasting your precious business hours anymore, start an online jewelry store at StoresGo today!