Jewelry is a precious product because a lot of people relate it to an emotion or occasion and some even consider it an investment piece. This is why it’s no surprise that more than 29 million people bought a jewelry online daily in 2019, making it a very lucrative market to be in.
But before you go setting up your high risk merchant account, or converting your garage into a jewelry assembly space, there are a few things you can do right now to get started.
So, if you’re planning to jump on the bandwagon and start selling jewelry online, here are some steps that you should follow:
Build Your Online Shop
You’ll find thousands of website selling jewelry online, so you’re in for some tough competition. With this in mind, you have to make sure that your online store is ready to shine on the market:
- Define your niche. It’s not enough to say that you’re selling jewelry, but you have to define what type of jewelry you’re selling.
This will make it easier to target a specific audience and really engage consumers on the product that you’re selling.
- Use yourself as a model. Since you’re just starting out, you may not have the budget for a model yet. So why not wear your jewelry yourself and take pictures of it?
You can use these photos in your website and social media accounts to market your products.
- Create bundles. A lot of consumers who purchase jewelry want more than just one piece, but some of them couldn’t afford it. To make your products more lucrative and increase your sales, you can create bundles like trios or sets that go together and sell them for a cheaper price.
A customer won’t be able to resist a necklace, earring and ring set for $50, especially if you add a caption saying that they can purchase one item for $20.
Do Your Research
You’ll have to find ways to get the word out for your online store and get your online shop ranked well in search engines so you get more exposure. To make this possible, you must do some research about search engine optimization and digital marketing strategies that will help your online shop do better online.
For one, you need to determine your target audience because it will allow you to study their behavior, which will help you to create a marketing plan that will really reach them.
You should also maximize the benefits of promoting on social media using the right images and content. Of course, you can’t forget about the power of writing blogs and making sure that your website is always updated.
You can also sell in top online marketplaces like Ruby Lane, Bonanza and Etsy where there are already a huge number of consumers and getting people to notice your product is easier.
Price Your Jewelry Right
Finally, you need to be wise about pricing your jewelry. Experts suggest that it’s best to start by pricing your product for four times your material and packaging cost. This will give you enough breathing room to earn money and not work for free.
You also need to set some rules on returns, refunds and other potential issues that you might encounter once you start selling online.
Where to Start?
Selling jewelry is not as easy as finding a buyer and negotiating for a price. Since jewelry, especially diamond, is a valuable investment piece, you need to consider a few factors when it comes to grading your diamond, pricing it right and selling it to the right buyer.
Learn about how diamonds are valued
Since the demand for diamond jewelry has increased over the years, there are also a lot of buyers who present themselves as the best person to sell your jewelry to and could offer you the best price for it.
But in reality, a lot of sellers are underpaid by their buyers because they don’t know exactly how much their diamond costs.
So before you go out and find a buyer, make sure that you already know your diamond’s color, clarity, cut and carat weight. These factors are what a lot of graders and buyers look for when buying jewelry and they would determine its value.
By knowing what these numbers are, it wouldn’t be hard for you to determine which buyer could offer you the best price for your jewelry.
Find someone who can grade your diamond
Not all jewelry buyers know exactly how to grade your diamond. And since the price of the jewelry will depend on its characteristics, it’s best to work with a buyer who has a degree from the Gemological Institute of America (GIA). This means that he knows exactly what he’s doing and can properly grade your diamond.
Do your research well
It’s easy to find information about jewelry buyers online, but not all of them are trustworthy. When doing your research, try to stick to credible review sites that allow direct reviews from customers on their websites.
Stay away from fast cash promotions
When you need to sell your jewelry fast, you might get tempted to go to cash for gold stores or buyers who offer fast cash promotions. But while you can get fast money from these buyers, you’ll also sacrifice the real price that you could get for your diamond jewelry. For instance, cash for gold stores are not really interested in your diamond, so they will offer only the minimum rate for it.
They also don’t know how to grade the diamond and would only want to pay for the gold. This means that you’re losing instead of earning from your sale.
Never send your jewelry to just anyone
Finally, you’ll probably come across companies that will offer you high value for your diamond jewelry after they’ve seen the photos.
They’re very easy to talk to and would easily say that money has already been transferred to your account, which is why you’ll be tempted to send them your jewelry.
But remember that there are a lot of fake companies out there. So if you don’t want to lose your jewelry over a scam, make sure to choose only big companies or family owned business that already gained their credibility with good service.
The world has changed drastically in the past few months and as more business consumers move online, this is your opportunity to start a side hustle or to start your own full-time business. Seize it!