Jewellery Businesses everywhere are moving online. You should too! Here’s a quick how-to on getting started with eCommerce!
Technology has dramatically brought everything into the palm of our hands. And it only makes sense that jewellers can realise the advantages it gives them and the gateways it opens towards new audiences. Most people prefer the ease of online jewellery shopping, with some businesses entirely operating online! E-commerce has become a flexible solution for not just buyers but businesses too.
Research says that sales in online stores are expected to reach 22% of global retail sales by the end of this year, compared to 14.1% in 2019, making now the perfect time to take your business online. Ask yourself these questions to make the transition from in-store commerce to online shopping!
- Do you know what your jewellery Niche is?
Selling Jewellery on the internet is exciting because of the vast audience it gives to you. But just like any human being, a jewellery business should not try to please everyone – because you can’t. It’s smarter to find the group of people who will be your target audience and create your marketing campaigns to sell your jewellery to this specific group. Some tips on finding your niche are:
- Look at Google trends and fashionista styles to know trending topics and products in the industry
- Go to social media and forums to see the latest jewellery trends and run surveys on products people love
- Analyze competitors’ blogs and websites to see what your competitors are doing now and how you can differentiate your brand.
But what is a niche, anyway? A niche is a specialized segment of the market for a particular kind of product or service.
- Do you have a Business Plan?
Smart People plan ahead. Do you know why? To ensure that situations like the pandemic do not hamper their long-term plans. This begins by creating a business plan which contains your business goals, target audience, marketing strategies, financial strategies, team, resources, and so on. To create a detailed business plan, you should:
Provide a summary: Keep it simple. People should know what you do, what you sell, what your jewellery brand’s vision is, your niche, and your funding options. These are some of the questions your business plan should provide answers to.
Write your business goals: Your business should have SMART long-term and short-term in terms of sales, revenue, and brand building. Having goals provides a design for your business and makes it easy to track your performance.
Define your target audience: Finding your niche is an important step. If you sell diamonds and gold, your target audience would be people with a high-income level. The more you know about your audience, the easier to develop strategies that will work out effectively.
- What Platform will you sell your Jewellery on?
Global markets are uncharted territory. Therefore, it is important for you to understand where will you be setting up your online marketplace. Do you want to set up an online store, leverage B2B e-commerce sites like Alibaba, or sell on social media? The platform you choose may depend on your business goals and preference.
Here are some options you may explore to get started:
- Sell on your Website: You can use e-commerce website builders like WordPress and Squarespace to build your online store.
- Sell on a marketplace: Instead of setting up an online store, you can pick an online marketplace like Shopify to set up your store.
- Sell on Social media: An increasingly popular selling option is social media sites. Platforms like Instagram, Facebook, and Twitter already have tools to help business owners set up a store on their platforms.
- How are you pricing your jewellery?
Putting a price on your products can be quite a task, but it’s an essential one. You don’t want to set a price too low that you run a loss; neither do you want a price too high that your potential customers run to your competitor. A good tip is to start by calculating how much you spend on each product, including the packaging and marketing costs. Then, decide how much you can sell the pieces without running into a loss.
- How are you planning to market your Jewellery Store?
Shakespeare once said, “A good wine needs no advertising”, but a good wine sells even better when more people know about it. Selling jewellery online doesn’t end with selecting a distribution channel and posting pictures. It’s also essential to build an effective online marketing strategy and follow it. For effective marketing, you need to think about:
- Target audience: Setting a target audience is essential to help make the most out of your marketing campaigns. The target audience is people that are likely to buy your products, their age group, location, and so on.
- Marketing strategies and channels: There are different marketing strategies and platforms to promote your product. The one you choose will depend on your target audience, budget, and preference. Popular marketing strategies include SEO, social media marketing, email marketing, telemarketing, paid ads, and other online options.