Jewelry is the only luxury item that all people must have. For thousands of years, both men and women adorned themselves with various jewelry items from necklaces to earrings and bracelets. Every day, more than 29 million people buy jewelry online. There is a lot of business potential here, but competition is tough.
But if you do it right, you will succeed, and you will be able to create a successful business. You do not even have to put up a brick-and-mortar-store. We will guide you how you can sell jewelry online, and sell them with higher profit margins than renting or paying for a physical store.
Why should you sell jewelry online?
You might say that no one will buy luxury jewelry online because they are afraid of being scammed. Well, there was a time when people felt the same way about phones. The thing is, the times have changed. Today, people are willing to spend money on luxury items. They will even spend $1,000 on iPhones online.
Now, jewelry is a billion-dollar industry. We are no longer living in a period where only a few corporations have control over the manufacture of these things. And with the amount of money being spent, don’t you want to get a share of that market, even just a little?
Here are a few reasons why you should seriously consider selling jewelry online:
- It is a consumer product – people who buy this are the end-users or the customers, not businesses. All people from all walks of life will have at least one jewelry item in their possession.
- It is universal – men and women, young and old, will buy jewelry. The only people who do not buy them are children. All people from different cultures have jewelry, so the world is your marketplace.
- Various items to choose from – while the first thing that comes to mind is diamond, there are actually many kinds of precious stones to choose from. Many of these are much more affordable than diamonds. They also come in many forms like wristwatches, pendants, necklaces, bracelets, anklets, earrings, nose rings, and so much more.
- Less expense on endorsements – you are not creating a new product, and you do not need actors or actresses to convince people to buy jewelry. Big brands already do that. They pay huge sums of money to famous people for advertising jewelry. These ads create demand, and you can be one of the people who supply this demand.
There really is an unlimited number of options to sell jewelry. Since this is a part of society, there will also be new trends all the time, so you always have the option to re-stock your items with new ones that match the demand of the market.
How to make your jewelry business profitable
People’s desire for jewelry change over time. It is a never-ending trend, and you must be able to keep up with what people think is fashionable. To be able to do this, you must follow popular blogs that focus on jewelry.
Here are some examples of blogs that you can keep on visiting so you know what kinds of jewelry are in demand. These blogs have at least 50,000 followers 50,000+ traffic per month.
Gemologue by Liza Urla
This blog is one of the most visited jewelry blogs in the world. Liza is consistent when it comes to sharing jewelry she finds from around the world, and she has a wide range of knowledge about trends, especially on vintage jewelry. Her blog also has a section where she interviews designers. She is not just a fashion expert, but she is also a graduate of gemology in New York.
Gem Gossip by Daniele Miele
Gem Gossip focuses on what is happening in the jewelry world. She writes about jewelry schools, new trends, jewelry shows, and designers. She is a gemologist and she has several years of experience in the field because she worked in an antique store.
Diamonds in the Library by Becky Stone
Becky used to be a writer for the government. Now, she keeps a real library of jewelry through her blog. Her blog covers issues about the jewelry industry, designers, helpful tips like how to pack your precious stones, and she even writes about jewelry stores.
If you follow these blogs, you will have an idea of what is currently hot and what is not. You will also get inspiration about blog topics that you can also write about, or proper ways to market your products online.
Some tips before you launch your jewelry store
Before you set up your online store, there are some important matters that you need to consider. It takes a lot of effort to put up an online store and rushing it can only lead to failure.
Here are some tips to think about before you get started:
- Your niche – jewelry is like clothing. There is a lot of niches in this particular industry. People who buy jewelry are looking for something particular. Some like simple pieces, some want decorative ones. This does not mean that you should limit what you have to sell. All you have to do is to organize your store, so it is easy for people to find what they are looking for.
- Your personal experience – you cannot just sell jewelry because they look good. Jewelry on a person’s body make her feel something else. It can be heavy, or it can be itchy. You can only know this if you wear it yourself. You are not supposed to buy all types of jewelry out there, but you must know what it feels to wear one for each category.
- Pricing and marketing – jewelry is expensive, so people are most likely to buy them in a set. Be prepared to price your products the right way, so you have room for discounts, sale, and even bundles. People find it more appealing if the jewelry is sold at a low price or as a bundle than expensive single pieces.
Always do your research before selling one. This is why it is important to follow famous blogs. Let them do the work, and then take advantage of what you have learned from them, and what the feedback is from their blog followers.
What is the proper way to price jewelry?
We all know that it is expensive. So how will you price it in a way that customers find it affordable, and yet you do not lose money?
As a general rule, you must sell your product at 300% mark-up, or four times the total cost of your capital per jewelry. This capital also includes the cost of your packaging. If you bought the jewelry item for $100, and your packaging costs another $10, your total cost is $110. You need to sell it for $440.
You need to do this to be able to run your business properly. This pricing technique will also help you cover the costs of returned goods, refunds, breakage, lost shipment, and many more issues that you thought would never happen.
Here are two other things to consider for pricing your jewelry:
- Appraisal costs – if you are keeping your own inventory, you will pay somewhere between $50 and $300 per hour of appraisal work.
- Sales tax – depending on where you are, you may be required by law to pay taxes on your sale; your price should account for this tax rate.
You also need to seriously consider if you will charge for shipping, and more importantly, the cost of insurance. Since jewelry is an expensive item, people who buy it will naturally think that shipping is free. The insurance, on the other hand, is for your protection. If it gets lost, then you are covered.
Where can you sell your jewelry online?
There are many ways to get started in selling. While there is no fast way to succeed, there are online marketplaces where it is easier to sell your products, especially if you did it right.
Etsy is a place for sellers who make their own products. It was made that way, but it does not operate that way anymore. Today, you can sell products on Etsy even if you did not make them. As you can see, Etsy is based on a specific niche, which is called arts and crafts.
Etsy is not like Amazon or eBay. Both eBay and Amazon sell everything. Etsy only sells unique goods. This is where people look for items where there are rarely any duplicates. Today, Etsy has more than 54 million registered users. There are 20 million active buyers on the platform, all looking for that special item.
Ruby Lane is an online site that is dedicated to vintage and expensive, classy goods. This includes collectible items and jewelry. It is not as big as Etsy, but it does have a wide support from customers of this specific niche.
Although Ruby Lane only has one million unique visitors per month, these visitors are targeted users who are looking for either jewelry or collectible items that you cannot buy from Amazon or eBay.
Since sellers here sell high-priced items, expect to shell out money if you set up your Ruby Lane account.
Here are some things you should know:
- It charges $100 for setting up an account and then another $0.19 per listing
- You will also pay a monthly subscription for using the site, and this can cost up to $69 per month
This is a branch of Amazon that is trying to compete against sites like Etsy and Ruby Lane. The sellers here are only allowed to sell hand-crafted goods. It has been around since 2015, and there is a strict requirement before you can even sell your products here.
Here are some important things to know about Amazon Handmade:
- To be able to sell in Amazon Handmade, you will go through an application and audit review by Amazon. They will check if your products are really made by hand or by machines.
- If they find out that what you are trying to sell is generic and cheap, you will not get approved.
- If you get approved, then be prepared to pay 15% fee on commission for every sale made. There is also a monthly subscription that can reach up to $40 per month.
How to find the best jewelry suppliers
Now, this is probably the most difficult part of the process. Fake pieces of jewelry are everywhere, and you need to be smart when choosing a supplier. It takes only one bad jewelry item that comes out of your shop, and your reputation can be destroyed.
Here are some ways and sites where you can look for jewelry suppliers:
This is a site where you can find suppliers not only for jewelry but for everything else. To be able to use this platform, you have to be a member. You can either pay $67 per month or pay a lifetime fee of $27.
SaleHoo is best for dropshipping, as the supplier will be the one to pack and ship the item to your customer. Apart from getting jewelry at low cost, you can also use SaleHoo’s Market Research Labs. It is a system that will show you if the product you chose is selling or not, and you can also learn from the member forum.
You have to attend jewelry trade shows in your area. This way, you can meet new people who belong to the same industry as yours. You can check the jewelry, make deals for discounts, and even ask if the sellers want to do a consignment business with you.
There are many online marketplaces where you can find suppliers of authentic jewelry. An example is AliExpress, where you can buy goods at retail prices. The thing is, you need to be very careful about choosing your supplier here. Sellers are from China, so the shipment can take months to get to your customers.
If you use AliExpress, you are also likely to find mid-class jewelry. These are authentic pieces, but they do not have the same quality as the expensive ones. They have stones and gold plating, but they cannot be compared with those that are made of 100% gold and gems.
Use Google search to look for jewelry suppliers. Focus those that show on the top of the search results, especially those that are sponsored. If a company can afford to advertise on Google, chances are it sells authentic gems.
The right technique is to use the right keywords when searching. You can type “jewelry supplier” + your area. This way, Google will first show the suppliers that are in a particular location only, not global suppliers from other countries.
How to start your online jewelry store
Now is the time to discuss how you will build your online jewelry store. By this time, you should have:
- reviewed the different marketplaces where you can sell your items
- chosen the right supplier
- created a pricing plan for each item
It is likely that you do not want to sell on Amazon, eBay, or Etsy. In that case, you need to build your jewelry store from scratch. If this is the way you want your business to work, then you must use e-commerce platforms that will let you build an online store in minutes.
Here are two that we would recommend:
Shopify is an online platform where you can build your own store. You will pay a monthly fee, and you will be paying commission charges, too. The great thing about this is that it is easy to use, and you can create a website that is already fully functional to make online sales.
Here are the benefits of using Shopify:
- Apps – you can choose from thousands of apps that can help you in your marketing or business management
- Affordable pricing – the price starts at $29 per month
- Unlimited products – you can upload as many products in your store
- Free themes – you do not have to buy a theme for your store; there are at least ten free themes to choose from, and you can edit these theme templates to personalize your store
- Free SSL – you do not have to pay for this certificate; Shopify takes care of this and web browsers will not block your website; you will be recognized as a safe online store
- Different sales channels – if you build a Shopify store, you can also sell on different channels like Facebook and Amazon; after the integration, the products you have on your store will automatically show on your different sales channels. People can also buy from these sales channels.
- Payment gateways – you have hundreds of options on how to charge your customers; you can use PayPal, Stripe, 2CheckOut, and many more.
- Staff accounts – once your business gets big, you can add staff accounts; you can control their administrative access if you want.
You can start selling on Shopify for as low as $29 per month. This is the basic plan where you can build an online store and then charge money from your customers.
BigCommerce is like Shopify. You can build an online store, add apps, and then complete the sales process because customers can pay you on your website. The only thing you need to worry about is marketing your products and then shipping them as fast as you can.
Here are the benefits of using the BigCommerce platform:
- Multi-channel selling – you can sell on eBay, Amazon, Facebook, and other sales channels. All you need to do is to integrate your BigCommerce accounts with these platforms.
- Free Templates – there are hundreds of free templates on the platform. They also come with Akami Image Manager. It is a software that automatically adjusts the image size depending on your customer’s device.
- Customizable website – if you know how to code, or if you know someone who does, you can change how the website looks like. You can customize the position of the menus, the functions of the buttons, and so much more.
- Migration – you can use BigCommerce to migrate your already existing store into your new one.
- Fast Build – this is a feature where you can build a website without using the available templates. However, you need to be a programmer to make it work. It also allows you to test your new site before you even launch it.
BigCommerce and Shopify are two biggest e-commerce platforms in the world. They make it easy to build a website, so easy that putting up one is not as tiring as you think. After setting up your shop, the thing that you have to focus on is marketing and making sure that your customers get their products on time.
Are there tips to make you successful?
Yes, there surely are tips to help you become successful in selling jewelry online, and you need to make sure that you follow these tips, so you do not face big problems later on.
Tip #1: Do no sell fake jewelry
Nobody wants a rip-off. Leave this to cheap sellers. What you want is to build a positive reputation. You can do this only if you sell authentic jewelry. This is why finding a supplier is the most important thing that you do if you want to sell jewelry online.
To protect yourself and to make sure that you do not sell counterfeit jewelry, read the tips below:
- Only do business with those who are registered with government branches like the Better Business Bureau
- Check the items yourself; it is a good practice to be able to hold the actual jewelry you are selling
- Choose a good appraiser and spend if you have to
- If it is too good to be true, then it probably is; be careful doing business with suppliers who offer cheap jewelry
The jewelry business is a tough business. It is an industry where there are a lot of scams and fraud. Be careful and make sure you and your buyers do not become victims.
Tip #2: Give value to your buyers
You are not the only person selling jewelry online. What you need to think about is the value you bring. Sometimes, it is not just discounts that make customers feel valued. Sometimes, it takes the right customer service.
Here are some tips to make this happen:
- Offer discounts that make sense like bundling different products
- Respond to customer inquiries and be polite
- Learn to ask them what they need, or if they are looking for something that you can supply
- Offer help and special treatment, like fast shipping and discounted rates if that is their concern
- Appreciate their business, even if they do not buy; customers will remember how they felt dealing with you and think about your store when the time comes that they are decided to buy a jewelry item
Always focus on customer service whether they spend money or not. If you give a customer what he expects, he will just feel neutral about your business. But if you give something, more, he will feel that he got more than his expectations.
Tip #3: Always advertise
The online world is huge, and you cannot expect that millions of people will know about your online store. You must use the power of social media to make sure that you have an online presence. You can do this by advertising consistently in either Facebook or Instagram.
Here are some tips when you launch advertisements:
- Advertise to the right market – do not advertise to teenagers as they do not have the financial capacity to buy expensive jewelry; target adults
- Keep track of the data insights – if your ads are not showing good results, change the approach
- Use lots of pictures – jewelry is better seen than described. Use lots of photos and fewer words
- Watch your competition – get ideas from other jewelry stores what they do; do the same if you think it applies to your store
Always make sure that your ads are targeted to the right market, and that you use stock and lifestyle photos. The stock photo will focus on the product, while the lifestyle photo will show your product as it is worn by a model.
Tip #4: Be honest
When posting your product description, it has to be complete. This is called an in-depth product description. People hate it if they have to ask for details of your product. We are now living in a world where information has to be complete and easily accessible.
Here are some tips to make it happen:
- Organize the details; place features in one area, and then the emotional ad copy in one place. Add a section about shipping, and do the same with the rest
- Be honest; do not make a gemstone look bigger than what it really is; use rulers and describe the actual gem sizes in your description. You should also describe the carats of the gold or diamond on your jewelry
This honesty is also called transparency. It makes customers trust you, and they are more likely to buy if they know that you are telling the truth.
Selling jewelry online is easy, but there is a lot of hard work to be done. It is important that you follow these steps carefully, and that you do not skip them. Choose your suppliers wisely, price your jewelry in a way that you can compete with others, and make use that customer satisfaction is something you can guarantee.
Lastly, choose the right platform where you want to sell. Each marketplace has a different target audience. If you will build your online store, make sure that you also use the one that has the right apps that can help you manage your business from the backend.