A brief guide for the newly online Jeweller!
25,000 years ago, a simple fish bowl necklace was discovered in a cave in Monaco. The significance and meaning of this necklace could have been anything — a gift, a status symbol or even just part of interior decor. But that was the first known discovery of jewellery – and humankind hasn’t looked back ever since.
Thinking about taking your jewellery store online? The timing could never have been better! Current forecasts suggest that the worldwide jewelry market will grow to $291.7B by 2025 — up from a forecast of $229.3B in 2019.
Why take your business online?
About 40% of total shoppers belong to the GenZ – those born between mid 1990s – early 2010s. This dynamically young hoard of the population was influenced or grew up around technology, making them more naturally adaptive to advancements caused by the internet. They are on the path to becoming the dominant spending force, creating a shift in the way that people of all generations make purchase decisions.
As the first generation of digital natives, this group relies on social media and online retail experiences to discover new products — a trend that has increased during the pandemic, according to the National Retail Federation (NRF). Research from the NRF has also found that 87% of parents rely on recommendation from their children when deciding what to buy.
These trends point to a historic shift in the way that people shop for new jewellery, which is a timeless cultural staple to our human society. The key to getting started is to find the right niche and to build a brand that stands out.
What is a niche, and how do you find yours?
When you sell jewellery online, there’s an opportunity to reach people with your brand all over the world. This expansive market means that there’s an opportunity for all retailers — from Tanishq to the local costume jewellery store — to attract and engaged a loyal customer base.
However, opening your jewellery brand to the world also means inviting yourself to competitors from across the world too. In that case, making your brand discoverable can be a challenge, especially since attention spans are tough to capture. Shoppers have a seemingly infinite number of options to navigate their purchase decisions. So, how do you ensure your place in this digital ocean of marketplaces?
We’ve formulated a few questions you might want to think over as you transition to your online jewellery store:
- Who is your target audience?
Usually, your primary customers are ones who are regular shoppers of your brick-and-mortar store. Having an existing customer base can give you a significant advantage, as businesses can get a running start with an audience that’s already interested in your brand.
- What is your jewellery brand’s vision?
What do you want your jewellery store to become? Do you have a vision for your store? If you do, make sure that your marketing strategies convey that to your customers. Buyers tend to stick to brands whose visions they can resonate and identify with. Make sure you tell them what your values are.
- Are you using technology to your advantage?
Augmented Reality (AR) is making all the waves right now, and for all the right reasons! First popularised by Pokemon Go, AR allows your buyers to try your jewellery online before purchasing, while also showing your existing and potential customers that you’re a store that is changing with the times!
AR-powered virtual jewellery try-ons are easy to integrate. Power up your store with AR today!
- Do you have a marketing strategy?
Make sure that the story of brand reaches out to people. We’ve listed down the most used marketing tools you can use to get started:
- Social media ads. Use social media platforms like Facebook, Instagram and Twitter to target potential customers.
- Google Ads. Google’s advertising platform places ads on websites related to your jewelry.
- Email marketing. Send emails to customers who have opted-in to receive them, highlighting new products, sale events or blog content. There are many great email marketing tools to simplify and improve your campaigns.
- Content marketing. Write blog posts, create how-to guides or host webinars related to your product. For example, a webinar can teach how to select the perfect engagement ring.
- Affiliate marketing. Work with bloggers and other content creators to promote your jewelry. In exchange, they’ll receive a commission for each sale generated through their promotion.
- Trade shows and pop-ups. Attend local trade shows or host pop-up shops to get your jewelry in front of potential customers.
- Building loyalty. Using CRM software to stay in touch with customers after they’ve placed an order can go a long way toward encouraging repeat business.
A good eCommerce site is more than just a place to sell products. It’s where a business can create an experience that strengthens its brand, draws in new customers, and converts casual shoppers into loyal ambassadors. Choosing the right eCommerce platform and having a marketing strategy to create a successful online store can give you a headstart in being an eCommerce success.