Starting a jewelry business is both simple and complex, testing your creativity along with your selling, marketing, networking and customer service skills. Jewelry is one of humanity’s oldest and most enduring passions. People have always been fascinated by precious metals and the jewelry made out of them. Even jewelry made from semi-precious metals and stones have found their own loyal clientele due to their unique characteristics. Diamonds and platinum jewelry, made popular by famous fashion houses, are the rage among consumers.
To start a jewelry business, one has to be passionate about jewelry and have a knack for design. In order to be a successful jewelry seller, though, one does not necessarily need to be involved in the creative process, but it helps if the seller is knowledgeable and understands the intricacies involved in each design.
The second most important trait is to be able to read the market and understand consumer trends. Nowadays, the tastes of consumers change virtually every month, which increases the challenge of catering to the right market with the right product and avoiding unnecessary and obsolete inventory.
Nowadays, it is imperative that every business is tech-savvy and Internet savvy. Selling jewelry on the Internet is every bit as viable as brick and mortar outlets as the Internet allows the seller to connect with customers across the globe. With the increase in e-commerce and a rise in secure payment methods, the Internet has evolved into a lucrative sales channel.
The Internet jewelry business is a relatively new phenomenon owing to the high risks involved. The Investments associated with selling jewelry on the Internet vary depending on the level of clientele the seller wants to attract and the merchandise needed to maintain that segment of the market.
Other Important Points
• One must decide whether he or she wishes to be a manufacturer, retailer, wholesaler or a franchisee.
• One must focus energy and effort towards building a brand and becoming the preferred choice of customers.
• One must make or sell designs that the customer wants and not necessarily try to sell the ones that appeal to his/her personal sense of style.
• Wearing Jewelry is a personal choice, and you must be able to personalise an item to suit each customer.
• Custom-made jewelry has its own charm and every one wishes to wear exclusive items, which can bring another range of merchandising options to the seller’s table.
• A Jewelry seller must have an eye for photography since he or she has to use the right pictures of jewels that appeal to the customer in advertisements.
• Packaging and presentation of jewelry is very important since customers would like their prized possessions to be well packaged. For some customers, packaging is as important as the product itself.
• It definitely helps if the seller is a qualified gemmologist or a person with ideas on fashion and design.
• One must have a very good idea about ensemble jewelry and mix and match items since customers often wear different combinations of styles.
• It is very important for jewelry manufacturers or jewelry wholesalers to be aware of the rules governing the sale of the products including the laws for export or import of articles
Off-Line and On-Line Business Models
Offline: Jewelry wholesalers and retailers often start up on a low scale. Both usually begin by opening a shop in a preferred location. It is a good idea to invest in good equipment, a proper location and gradually scale up. One may also choose to become franchisees of reputable labels to cash in on the brand value of the products. It definitely helps if one has a proper understanding of the commodities market since the prices of gold, silver and other precious metals are influenced by various factors that are reflected in the commodity market.
Online: The model is catching on these days, in which manufacturers, designers, retailers and wholesalers have either developed an e-commerce portal or linked up with major online shopping networks to showcase their products. The benefit of the online model is that it is not constrained by geographical boundaries and is the easiest way to go international. The Internet jewelry business is growing exponentially thanks to technology, superior supply chain models and rapid penetration of the web.
The Hybrid Model: The hybrid model involves manufacturers and wholesalers using a combination of both the offline and the online models. In today’s commercial environment it is foolish to ignore the power of the Internet, and established manufacturers and wholesalers often choose to sell through conventional trading channels as well as the Internet. This way they are able to maximize their reach and capture as much market as possible.
It is important to note that since the consumer is extremely fickle, one must be prepared to face the possibility of a design becoming outdated in a very short time. One must therefore be innovative and offer diverse designs that can be mixed and matched with other styles. It is crucial to continue learning about the cultures of other countries and try to incorporate as much as one can to create patterns that are unique and appealing to a variety of customers.
Author: Jane M Dawson