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Selling jewelry online can be a profitable business if you know how to do it right, as it’s estimated that more than twenty-nine million people buy jewelry online each day. Therefore, this is a big, lucrative business that can make you a fortune–if you know how to go about it.
How to Start Selling Jewelry Online
Extensive Research
Because the fashion industry is quite fluid, you have to update your jewelry stock continuously to keep your clients engaged and interested. If you’re making the jewelry yourself, you need to work on your creativity by trying different styles and ideas. But if you’re not making the jewelry, you need to work with multiple suppliers who know how to create unique pieces.
Stay updated on the latest trends in jewelry and the overall fashion industry–this calls for regular extensive research into the fashion industry and jewelry. Fortunately, there are countless online sources of information on jewelry where you can learn about the latest creations and jewelry styles.
Be on the lookout for any useful information that might help you understand the prevailing jewelry market. You can even follow the most popular fashionistas on their social media pages to stay informed about the latest trends and unique ornaments to include in your stock. Always read fashion and jewelry blogs and magazines to stay in the loop with the hottest styles.
Set Up Your Online Jewelry Store
If you don’t have the money, time, or skills to develop your own e-commerce store, you can join any of the popular online marketplaces that offer dropshipping and print-on-demand business services–just make sure you choose the best online platform for selling jewelry.
Fortunately, there are numerous reputable platforms where you can sell your jewelry through print-on-demand or drop shipping.
The right print-on-demand jewelry guide will provide all the information you need to get started in the lucrative world of print-on-demand jewelry. The guide should help pick the right platform for your business and guide you through the steps of setting up a successful jewelry store. Luckily, setting up a jewelry store on most of these online platforms is fairly straightforward.
The entire process of creating a store, adding products, and selling usually takes a few minutes. Many platforms have automated most of the tasks involved in setting up a store and selling products.
Choose Multiple Jewelry Suppliers
If you don’t make jewelry, you need multiple jewelry suppliers to help you keep your customers involved and interested. Having multiple reliable suppliers prevents the risk of selling products that are out of stock and having unfulfilled orders. When one supplier runs out of jewelry, you can comfortably get them from another supplier.
Pick the Appropriate Prices for Your Jewelry
Pricing your products is one of the most difficult tasks you need to do when selling jewelry online. The most effective trick is to have your base prices at four times the material cost and packaging. In most cases, the consignment and wholesale aspects of the business take between 40% and 60% of the retail cost, so using this base price will ensure that you don’t work for free.
You also need to factor in the shipping cost, especially if you’re not doing dropshipping or print-on-demand. Let your clients know if the shipping cost is included in the final price or charged separately, and how much it is. This clears any doubts that the clients may have when considering your prices.
Scale and Diversify Your Jewelry Business
As mentioned above, the success of your jewelry business will depend on your ability to find multiple reliable suppliers who can supply you with all kinds of jewelry to help you diversify your business. The online marketplace you choose for your store should also help you to diversify and scale up your business.
Fortunately, most platforms don’t limit the number of products you can list, and offer vendors opportunities to take their businesses to the next level as they continue to grow. For instance, they’ll let you create different categories of jewelry to target different customer segments.
