We have to admit it, if you are here looking for guidance on how to start an online jewellery business, you really are someone with a dedicated mindset. Jewellery business, is a gem no doubt there is significant margin and when it is an online jewellery business, you do not have to worry about the inventory too. You can simply order on the go, unless of course you work in the domain of custom curated gemstones, custom jewellery or any of the allied functions.
Another reason why we would want to congratulate you on your decision of starting an online jewellery business is that this particular domain will never not make profits. Even during the pandemic, the sale of custom and imitation jewellery was at high. The reason is simple, women love jewellery and for a lot of them, jewellery is a major investment too. Hence, no matter what happens, this safe investment will always be made.
Coming to the point of how to start an online jewellery business in 7 steps, let us list them out for you before delving into the details
- Think of a brand name with a feel
- Define the ethos of your brand
- Build your supply chain
- Know the pricing and set it to compete
- Get on online store/app or website
- Define the marketing strategy
- Keep improvising
1. Think of a brand name with a feel
You cannot call your luxury jewellery brand Jazz, it simply will not go with it and similarly, your fashion jewellery brand cannot be called Abaran. It’s that simple- your brand name has to resonate with the kind of work that you do. It has to give the exact same vibe so that when the user shops and shares with their friends, the same feel is expressed. Also, as weird as it may sound, when you plan to start an online jewellery business, and since you won’t be having a physical store front, your name would define the price of your product too.
French names or typical urdu or sanskrit names do really well for jewellery stores. Given the recent penchant of the world towards old world charms of sanskrit and urdu, we feel that those should be the ones you should try for. Also, before going public with the name of your store on social media, make sure you have it registered so that any name changes at a later stage can be avoided.
2. Define the ethos of your brand
Now this is that point where you decide on the product and place. So, for instance, you will have to define what kind of jewellery are you planning to sell on your online jewellery store. For this, you wlll have to see if there is some demand even, and if yes, then how much. The next, you will have to define the kind of audience that will make such a purchase. Once that is done, then you will have to further refine your product offering to match the needs of the said audience.
It becomes an iterative and continuous process but it will be crucial to the success of your business if you are planning to start an online jewellery business.
3. Build your supply chain
Now, as against a lot of items that can be purchased and sold easily, your jewellery takes time to make and source. Even more so if it is imitation jewellery. While, they are produced in abundance, you can never be sure of the stock lying in the backend. Hence, you will have to maintain not just a dedicated inventory model but also be in sync with your suppliers, retailers, delivery partners and any other stakeholder involved in the process.
Also, it would be better that when you start your online jewellery business, you don’t rely on just one or two suppliers. You can actually have as many and keep adding. Not only will this help prevent any mismanagement of safety stock, but it will also help you broaden the range of products that you have at the offer.
4. Know the pricing and set it to compete
Now, this market is extremely competitive. If you are going for standard original gold jewellery, then maybe not so much but the moment you step into the market of fashion jewellery, or imitation jewellery, you’ll realise that the world is betting on prices alone. The customer, that goes for purchase of imitation jewellery is usually the price conscious one. Now, you can for sure reduce ther ates and gain market, but then the customer stickiness isn’t as much as well. Hence, the moment you’ll increase the prices, someone else will get those customers.
Now, you cannot keep making losses too. So, do a market survey of how much your probable competitors are charging. A difference of even one rupee can go a long way into deflecting the consumer to you. Also, the moment you see that the prices are increasing in general, go ahead and raise your margins too.
5. Get on online store/app or website
This is where NDHGO has you covered. You don’t have to look around for a website or app developer. Simply create an account on NDHGO and you are set to sale within a matter of few days. A lot of times, your very basic store can be created well withing 30 seconds too. In addition to providing just the tech support, we also assist with getting and maintaining your entire value chain in place. So, you will have all the control over the payments, the payment gateways, the digital marketing, the retailers, invoices, anything, and everything.
Now you tell us, starting your online jewellery business journey with NDHGO is easy or not?
6. Define the marketing strategy
Goes without saying but if you are looking at starting an online jewellery business, you will have to think of the ways that would get you enough brand awareness and hence sales/revenue in return. While a lot of marketing decisions would have been taken by the time you reach this step, it would still have a lot of importance thta you crystalise all of it into one place. Your go to market strategy or marketing plan
7. Keep improvising
The last, but crucial step. You simply cannot go complacent if you are looking to start an online jewellery business. There will be so many things that would have to be improved over time, a lot of new things will come up, trends will change, people’s preferences will change, what works today might be completely obsolete tomorrow but guess what, you’ll still make it through because you’ll keep updating and upgrading yourself.
It is really that simple- just keep your mind, eyes, and ears open!
Now, that we are done with the major seven, and since we love you a lot, and genuinely want to see your business grow, here are a few things that we want to discuss
- As an entrepreneur, there will be tough times and sometimes there will be no revenues also don’t lose hope for things come around
- Having a good team is very important, and so- build for the capabilities that you do not have
- Learn from the mistakes- of others too
- Keep setting quarterly goals, sometimes make them outlandish too
You see, you are on a good path to start your own online jewellery business. We, at NDHGO wish you the best for it and for any kind of tech support, you know where to find us.