Step 1: How to Identify a Profitable Niche in the Jewelry Market
Like any other market, the jewelry market is large. Therefore, it is necessary for you to find a profitable niche in this market before you even start your business. Finding such a niche in the market will help you simplify the process of initiating a business, working out business plans and operating the business. For example, it will help you quickly pinpoint your target customers. It will also help you narrow down the scope of suppliers.
To start with, you will need to make a decision on what kind of jewelry to sell. Are you into fine jewelry, personalized jewelry or handmade jewelry? People often find this task challenging. Here, we have some good tips for you. We suggest that you start by learning about the latest trends in the jewelry market. If you are confused about where to gather this information, you may visit your local jewelry stores and ask the shop assistants there. We also suggest that you check out these two websites Google Trends and Fashionista. Another route for you to learn more about the latest trends is to check out people’s comments about jewelry on popular social media and forums.
If you plan to sell personalized jewelry, the next step is to study the demographics of the market for personalized jewelry. Age, gender, income, and ethnicity are often among the demographic factors to be considered. For example, what is the age range your target customers fall into? What is the ethnic constitution of your target market? The following step is to analyze the online shops of popular personalized jewelry sellers. We suggest that you skim and scan their web pages and their blogs for the purpose of: (1) what products they are promoting, (2) what kind of features these products share.
Step 2: Make a Business Plan
After you follow through the steps stated in the above section, you will most likely have an idea for the specific kind of jewelry you want to sell. Say, you decide to sell fine jewels made with gold and decorated with diamonds. Your target market will be mostly constituted by high income consumers.
Based on the kind of jewelry you plan to sell, you develop a business plan about how to operate the business, about what kind of people to recruit, and what responsibilities will be assigned to your future employees, and so on.
Step 3: Choose Your Business Platform
To choose what kind of online business platform depends on how you want to run your business. If you do not have much experience selling online, to register as a seller on a large e-commerce platform such as Amazon, Ebay, or Etsy is often recommended. People often want to make their own rules after accumulating some selling experience. In this case, we recommend platforms like Shopify, Magento, and WordPress, to name a few. Depending on your specific situation, you may find it more lucrative to operate merely on a large e-commerce platform, or you may want to combine your business (on Amazon, Ebay, Etsy or other big platforms) with another business operation on a personalized e-Commerce site like Shopify or Magento.
Step 4: Find a Reliable Jewelry Supplier
You could start with a search for whole sale jewelry suppliers at your local place. You could also search for jewelry suppliers on Google Shopping. If you decide to sell fine jewelry after following through step 1, you could narrow down your search to “fine jewelry” in this step. When you locate several suppliers, you will need to make sure to choose the one that supplies jewelry made with high-quality metals or gemstones. For example, if you decide to sell silver jewelry, you will not want the supplier’s jewelry to be made with silver over stainless steel. It is obvious that you will lose the customers who find that their ordered silver jewels are in fact coated with silver rather than made with silver.