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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.

  1. 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.

Fashion jewelry. The majority of jewelry sold online falls into this category, as it encompasses costume, imitation, and bridal pieces. These products often make great starter items for an eCommerce store, because they don’t require a large investment to stock. Fashion jewelry isn’t as expensive or valuable as other types of jewelry, but it can still make you money because the demand for it is high. 
Body jewelry. This type of jewelry tends to be more affordable than fine jewelry and can be worn by both men and women. If you’re looking for a product that appeals to a wide demographic, this is a good one to sell online. 
Plated jewelry. These have a base metal that is coated with a thin layer of precious metal. While it’s often passed off as solid gold or silver, it’s significantly less expensive than fine jewelry. There’s still a large audience for this type of product since shoppers can get the look of real gold for less money.
Handmade jewelry. If you’re crafty, you could turn your hobby into a profitable business! Many people purchase handmade jewelry because they want to support local artisans and find unique pieces that aren’t available anywhere else. An Etsy report found that 78% of online shoppers expect to see more handmade products on their feeds in 2019. The biggest benefit to selling handmade products is that you’re able to differentiate yourself from competitors and stand out from the crowd.
Fine. The most expensive and prestigious of all types of jewelry, and it’s also the one with the largest market share. These are high-end pieces featuring precious metals (e.g., gold, silver) and gemstones (e.g., diamonds, sapphires). Fine jewelry is also known as “investment” jewelry because it is often passed down through generations as heirlooms.
Vintage. You'll find a lot of overlap between vintage and fine jewelry, as many vintage pieces feature precious metals and gemstones. However, vintage jewelry has a unique feel that can't be replicated by any newer brand. Vintage pieces are typically in limited supply, so they may command higher prices.
Fairtrade. Increasingly popular with Millennials, this category includes jewelry that is sourced from socially responsible sources and made in an environmentally sustainable way.
Once you have an idea of what niche you want to get into, it will help to do further product research to really cement your place in the market. Here are a few ways to do so:
Analyze your competitors: See what other online jewelry businesses are doing well and learn from their mistakes. In doing so, you can better differentiate your brand from the rest. See what other brands are doing: Top 25 Jewelry and Accessories Stores on Shopify
Conduct surveys: Get answers from real people (your prospective customers). Look for people who are interested in jewelry on forums and social media groups and ask them a few questions about what kind of jewelry pieces they like.
Read jewelry blogs: There are tons of fashion and jewelry bloggers who keep up with the current trends. By looking through their entries, you might learn about new and forthcoming prospects in your chosen niche. 
Check Google Trends: This tool allows you to look for trending themes in an industry, so you can find out which products are most popular. Some examples of these include charm bracelets and jewelry made from clay and resins.
  1. 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?

  1. 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.

  1. 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?

  1. 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:

Executive summary (a short description of your company)
Product description (what you are selling)
Market analysis (a detailed overview of your market)
Competitor analysis (how other companies are doing in the same space)
Marketing and sales (your marketing strategy and sales projections)
Management team (what roles people play in your company and how they help you grow) 
Financial projections (how much money do you expect to make in the future?)
  1. 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.

Why 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:

  1. 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:

BASIC SHOPIFY PLAN ($29 per month + additional fees)
This is best for when you are just starting out as it already provides you with the basics, as per its name. You will be able to launch a website and sell products even with just this plan.
SHOPIFY PLAN ($79 per month + additional fees)
This is the middle-tier plan and is best when your business is starting to grow and you’re looking to expand both the business and your services. You get a few more features on top of what’s included in the basic plan.
Advanced Shopify Plan ($299 per month + additional fees)
This is the best plan for businesses that are scaling as it provides more advanced features that can complement your growth. This plan gives you all the features from the Shopify Basic and Shopify plan, with more additional and advanced features.
Read more about Shopify plans and costs in our article, How Much Does It Cost To Build A Website On Shopify.
  1. Choose a theme
When picking a Shopify theme for your ecommerce store, there are numerous factors to consider. While it may be tempting to pick the first one you like, you should carefully study each theme to see whether it meets your needs.
Start by looking at some of Shopify's free themes. That means you don't have to worry about building your own website from scratch or getting someone to do it for you. There are also many other styles to choose from, so you can choose a theme that is suitable for your brand.
Make sure the style of your Shopify store reflects the things you sell. If you sell clothing, you'll want a garment-themed site; if you sell jewelry, you'll want something more sophisticated. Moreover, you can customize your store to match the overall appearance and feel of your brand.
For a unique look and feel, you could also have a theme developed specifically for your company. This way, no one else will have the same design, features, and capabilities as you do!
There are two best ways to go about customizing your online store:
  • Freelancers
  • Agency
While each has its own advantages, as an agency owner (Webinopoly), we advocate having a full development team. When you work with a development partner, you can focus on your company instead of technical details. This team would also have years of experience designing retail websites for startups and have the competence necessary.
Freelancers often fail or go behind schedule, but an experienced development team knows what they're doing and how long it will take them to complete jobs. When you hire a professional development team, they normally assign a set of people to each client so that they can focus on the project and finish it within the agreed-upon period.
Webinopoly is a one-stop solution for everything you might need to take your business online. Our team of business analysts, designers, developers, and marketers can assist you at every step of developing a successful business. To save you the hassle of starting from scratch, we also provide a pre-built website option. We make building a custom website hassle-free so you can focus on your business.

 

  1. Set up key pages
Your online store should provide more than just products for sale. It should enable customers to understand your company, give them reasons to trust you, and make other important information available to customers who are seeking it.
You do not need to have all of your pages ready for launch, but the following are key:
About page: An About page connects personally with customers, explains your business model, and/or shares the reason you started your business. A persuasive About page can go a long way in earning trust for new online stores.
FAQ page. A frequently asked questions page helps alleviate some of the more common customer support inquiries. 
Policy pages. There are certain legal pages customers expect which can help protect you as well as them in case of disputes, such as your return policy and privacy policy, that you can set up under Settings > Legal.
  1. 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.

  1. Provide a detailed description for each product
Prior to making a purchase, customers might have a few concerns about the product. This is why they will regularly browse product pages to learn more about the product and do some research before purchasing. Details matter, and delivering the right message can make all the difference.
Make sure your product title clearly conveys what the item is. As customers browse your store, this will help them locate what they are looking for. Use your product description to provide further information such as benefits or advantages, how to use it, as well as product options such as colors and sizes.
You’ll also want to get informative (and maybe a little creative) with your product description. Consider it as your sales pitch and convince the customer why your product is the best without making it too hard sell.
  1. 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.

  1. 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!

WRAPPING UP…

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.

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