Guide: Starting an online Jewelry Business on Shopify
Photo by Marlon Schmeiski: https://www.pexels.com/photo/woman-standing-next-to-yellow-wall-3839904/
There has never been a better time to start or expand your jewelry business online. The New York Times reported in December 2020 that fine jewelry sales increased during the pandemic because people wanted to reward themselves.
According to best estimates, the global jewelry market will reach $291.7 billion in 2025, up from $229.3 billion in 2019. It's also predicted that non-luxury jewelry would account for 79% of all U.S. jewelry sales by the year 2021. This growth presents several opportunities for jewelers.
Whether you’re a pro jewelry maker or a budding beginner, there’s money to be made by selling your jewelry online. Jewelry is an emotional purchase — from the sentimental value it takes on over time to the way it makes a person feel when wearing it, the connection people have to their jewelry makes selling it that much easier.
The question is: How do you make sure your online jewelry business has what it takes to succeed in this market?
In this guide, we’ll answer that question by walking you through how to start an online jewelry business. From finding your niche and product inspiration to identifying your customer base and building your store, let’s get started.
- Identify your niche.
Knowing that the market is crowded, the most impactful first step that you can take in building your online store is to identify your niche. To do so, you would need to conduct market research.
In general, most online jewelry stores fall into one or more of the following seven categories: fashion jewelry, body, plated, handmade, fine, vintage, or fair trade.
- Specify your target market.
Once you’ve decided on a niche to focus on, take a close look at your jewelry pieces, and ask yourself: Who am I selling to?
This is all about your audience. Of course, your audience and your niche are closely tied together. Trends are aimed at certain demographics, with different age groups and genders displaying different purchasing habits. Knowing your audience now will help you to curate a clear and confident brand message. In the long run, this will stop you from trying to do too much at once; this will keep you within your niche, and help your customers understand what your business is all about.
For example, if you want to sell jewelry online that can be worn in both formal and informal settings, with a range of color palettes and designs, your customer base will likely be larger than if you only focus on one or two of those things.
The more information you have about your target audience, the easier it will be to target them with your ads and brand. You should conduct a thorough examination of the people you wish to target. Consider the demographics, psychographics, wants, and pain points of your target.
Demographics include gender, age, income, geographic area, marital status, and other distinguishing characteristics. Psychographics are the characteristics of your target audience's behavior, such as their likes, dislikes, hobbies, lifestyle qualities, and shopping inclinations. Meanwhile, for wants and needs, answer the following questions: What kind of items is your target audience looking for? What problems are they having? What issues will you be able to solve for your customers? What makes your products different from others? Why should they consider yours?
- Source your products.
It's a delicate balancing act: your items must be absolutely original, but they must also fit into a larger trend that buyers are prepared to purchase.
Once you’ve decided what it is you’re going to sell – and who you’re going to sell to – you’ll need to figure out how you’re going to source the products that will make your brand come alive.
There are 3 main ways of sourcing jewelry:
Making it yourself. Jewelry making is an option if you're more artistically inclined. This requires more effort and is frequently more expensive, yet many customers will deliberately seek out unique, original pieces. As a result, you'll be able to command a higher price for these items since your time and effort are worth more.
Buying pre-made pieces from a manufacturer. If you don’t have the skills or tools necessary to make jewelry yourself, then this is probably the best option for you. You could opt to run your store as a dropshipping business or buy wholesale. Dropshipping is a popular model for online sellers but it has its downsides too. Margins are narrow, and your business will be dependent on a third party.
Secondhand. If you want to sell one-of-a-kind, classic, or timeless pieces of jewelry, you may want to look into buying secondhand. You may have stumbled across a treasure trove of heirlooms and vintage objects in your attic, or you may have shopped at a thrift store and found some amazing discoveries. Even if you're selling pre-owned, ready-made items, make sure they're up to snuff. It's probably advisable to look for more expensive items so that customers will want to covet them more.
- Decide where to sell your products.
There are many places where you can sell your jewelry online. You can sell on your own website, on an existing marketplace, or even on social media.
Thanks to eCommerce platforms and tools, it's easier than ever to sell your handmade jewelry online. No matter which route you choose, you'll need to take photos of your products, write compelling product descriptions and set up a payment system.
There are a variety of places to sell your jewelry online, and you can use all of them in tandem to reach the widest audience possible.
It can be hard to choose where you should sell your handmade jewelry. The right platform for selling your jewelry online all depends on your needs, your goals, and your audience. You can choose from a platform such as Shopify or BigCommerce, an online marketplace such as Etsy, eBay, and Amazon or via social media such as Facebook and Instagram.
Here are a few things to consider when deciding which platform is best for you:
Your needs: Are you looking for a simple platform that does most of the heavy lifting? Do you want full control over how you sell your products? Are you looking for low fees? How much do you make per sale?
Your goals: Do you want to grow a community around your brand? Do you want control over how things look and feel? What is your budget? How much time do you have to spend on marketing and social media interaction?
- Make a business plan.
It's easy to overlook the need for a business plan while researching how to start an online jewelry business, but doing so might spell disaster for your venture. Consider it a compass for your company's growth. A business plan can help any entrepreneur figure out if their idea has a chance of succeeding and avoid getting into an investment deal or taking risks without first thinking about them.
It is also a must-have if you want to approach any possible investors or lenders in the near future. Investors want to know if you have a clear vision for the future of your business and how you intend to achieve it. Applying for permissions and licenses, loans and grants, or forming partnerships will all benefit from a well-thought-out business plan.
A good business plan should include these sections:
- Set up your online store.
After choosing your platform, it’s time to really get into the nitty-gritty. Think of your eCommerce platform as the central hub of your company's activities. It serves as a control station for everything from creating your customers' user experience, to your product inventory, shipping, marketing, security, and compliance policies.
BigCommerce, Magento, Shopify, and WooCommerce are some of the most popular e-commerce platforms available. For this guide, we’ll focus on setting up a store on Shopify.
It's now easier to start an online store thanks to eCommerce platforms like Shopify, and we at Webinopoly are big fans of Shopify. It's simple to use, adaptable to your business's needs, and scalable. Even big brands like Tesla, Kylie Cosmetics, and GymShark use Shopify because it gives them all the capabilities they need.
Depending on the plan you select, you could have your store up and running in less than 30 minutes using the platform. It's got great features and alternatives for when you need to increase your company's success.
Key steps to launching your store via Shopify:
- Choose your plan
Determine what plan is appropriate for your budget and requirements. Shopify offers a number of plans to fit different needs. To figure out the best plan for you, determine the size of your company's potential growth, as well as your financial ability to bear the associated expenses. Here are Shopify’s main plans:
- Choose a theme
- Set up key pages
- Add high-quality images (and videos!) of your products
The way you present your brand makes all the difference. Make it easier for buyers to picture themselves as owners of your product. Allow them to see it in use or what it will look like if they bought it. A short video helps too! It gives customers a different perspective than they would otherwise not get from a still photo.
- Provide a detailed description for each product
- Market your brand
Contrary to popular belief, the best marketing ideas for jewelry and accessories aren't necessarily about spending lots of money on expensive digital ads. It's actually more about being creative, clever, and consistent with your marketing.
You may be wondering how to market jewelry when your customers cannot feel and see it in person, but if you look at your product as a part of a bigger package, then your marketing efforts become easier. How does it make them feel? Your customers want to feel good about buying something that makes them feel good. If you sell watches or bracelets that are popular right now, then it's important that you show people how they can use those pieces to enhance their wardrobe.
One of the best ways to do this is by using the power of social media. You can showcase your products through photos on Facebook and Instagram or create video tutorials on YouTube. These are great platforms that allow you to engage with customers in real-time and build a meaningful relationship with them. A great example would be showcasing a popular bracelet in different outfits through photos on Instagram. Another great way is by creating Instagram stories where customers can like and comment on your jewelry posts.
- Launch your store!
Launching your jewelry brand is a great way to set yourself up for success. You’ll be able to introduce your brand and let people know what you’re all about right off the bat. The way you launch your brand provides the perfect chance to jumpstart brand awareness and generate website visitors quickly.
Create excitement for your brand by planning out a full campaign filled with teasers and communication materials, then find the perfect time to release them. People will start talking about your brand so that when you do launch, it’ll already have some buzz going around it.
A few brands have events with fashion influencers where they can learn about the brand and share it with their followers. By holding some of these events, you can get customers to come to visit your website quickly. Webinars and digital events are all the rage right now, and you can do them on most social media platforms.
You might also want to go all out and come up with an opening promo that entices potential customers to make their first purchase. The possibilities are endless and there are several ways to creatively launch your brand. Find one that best fits your brand story, and go for it!
It's no secret that the jewelry industry is booming. With the growing popularity of handmade goods and custom designs, there are virtually limitless opportunities for entrepreneurs looking to break into the industry.
We hope you will find this guide useful, as we have done our best to make it as easy to follow as possible.
If you're still trying to figure out how to create an online presence for your business, or if you're unsure of the best ways to grow your brand, your Shopify Experts here at Webinopoly can provide assistance in these areas.
We'll help you build a Shopify site that will enable you to track and keep up with your consumers, sell cosmetics and beauty products, and build an online brand.
TALK TO US!
Speak with one of our experts
Let’s start improving your business today! Just answer a few questions and our team will provide you with an overall assessment, a pricing estimate, and a project timeline to start.
View our Award-Winning Portfolio
Webinopoly has worked with various brands from website development to app creation. View some of our best work and get inspired.
Connect with us
If you need to build your Shopify website, need a Shopify app, or require eCommerce solutions to be developed, you may call us at 713-805-5888, email us at [email protected], or leave us a message here.