In the jewelry marketplace, even the most iconic fine jewelry brands are now going online. From Tiffany & Co. to Pandora, jewelry brands are discovering a whole new consumer base and entering the eCommerce world.
Even for brands without the name recognition of Tiffany’s, starting an online jewelry business has many benefits. Not only are online jewelry sellers able to find new customers through social media and other platforms, there are fewer costs involved in launching the business compared to opening a brick-and-mortar store. Here are a few of the top benefits of owning an online jewelry business.
Popularity of Online Sales
According to The Wall Street Journal, one of the fastest-growing markets for fine jewelry is online. Customers are becoming increasingly more comfortable shopping for engagement rings, diamond earrings, and other high-ticket jewelry pieces through an online retailer. Researching and buying jewelry through a mobile device is also on the rise, as least 30% of online purchases are now made via smartphones.
For jewelers running an eCommerce business, this uptick in online jewelry sales is a good thing. People like being able to view multiple pieces and styles before making a purchase and many no longer hesitate about using their debit or credit card to buy more expensive or luxury items from an online seller. Customers who prefer to shop online like the convenience and perks that come with this, like free shipping, 30-day returns and exchanges, and the option to hand-select a piece of jewelry and send it as a gift to someone else.
Social Media as an Advertising Platform
Because jewelry pieces are often so visually stunning, it can be easy to gain attention online through strategic social media posts on popular platforms like Instagram, Facebook, and Pinterest. A popular Instagram post that garners thousands of likes can lead potential buyers right to your website, and the platform now has shoppable photo tags that tells users which brand (or brands) are represented in the picture.
Online jewelry businesses that put time and effort into their social media presence often see big results. On Facebook, companies can publish sponsored posts to reach more users, which can have a significant impact on sales and drive more traffic to a jewelry store’s website. Jewelry retailers that post “authentic” photos, or ones which display happy customers wearing their favorite pieces, creates more brand engagement and helps viewers imagine themselves wearing the jewelry as well.
Easier Than a Physical Location
While the eCommerce jewelry business is competitive, it’s a great place to begin before launching a full-scale retail store. Brick-and-mortar jewelry shops require securing a lease on a building, paying rent and other property taxes, hiring more employees, spending money on the design, layout, and decor of the store, and figuring out ways to drive more foot traffic to your location to increase sales.
Online jewelry businesses face their own challenges, but the scope and scale of these eCommerce jewelry websites don’t have to be super ambitious to be successful. Some small business owners began selling pieces on Etsy and now run their own online jewelry stores. For most eCommerce jewelry businesses, these numbers are small, but they still represent a growing demand for unique, one-of-a-kind jewelry pieces available to purchase online.
Online Resources and Tools
If someone is thinking about starting their own online jewelry business, they don’t have to do it alone. There are many jewelry resources that cater to online businesses and can help jewelers create incredible-looking pieces designed for their customers.
In the near future, the majority of jewelry sellers will likely have to shift to the online marketplace in order to keep their business growing and boost the popularity of their brand. As former popular spots for jewelry stores, like Los Angeles’ Fashion District, are attracting fewer foot traffic customers, jewelry manufacturing in Los Angeles continues to be a robust industry targeting jewelry makers who are primarily selling their pieces online.
Make Your Mark
The online jewelry business is flourishing, creating more ways for customers to find the pieces they want, purchase jewelry quickly and conveniently, and show-off their wares via social media. Discover how owning an online business can benefit you!