If you have plans to invest in the jewelry industry, this is the best time to make your move. The industry has defied all odds to grow on the backdrop of global demand for high-quality jewelry. In the U.S. for instance, Jewelry segment amounts to US$17,882m in 2018 with growth projection of 2% through to 2021.
A similar report indicates that the Global Online Jewelry Market will grow at a CAGR of 15.69% from 2018 through to 2022. Since the early civilization, jewelry has always been a part of society. Today, you can convert this desire for beauty into a constant stream of income.
Like with any other industry, investing in jewelry comes with a plethora of challenges. These include the high cost of raw materials, poor quality of some raw materials, stiff competition, huge capital requirements, among others. This article explores ideas, which can help you succeed in this highly competitive market.
1. Identify Your Business Objectives/ Goals
If you have no goals when starting a jewelry business, you will most likely close shop in less than a year. Many people jump into this industry with unbridled enthusiasm because they have seen their friends succeed. In essence, they invest their hard-earned cash without a game plan and inevitably, they fail. List down what you want to achieve and give yourself a timeline to achieve these targets.
2. Carry Out a Market Survey
Most entrepreneurs in the jewelry industry fail because they never took the time to understand the market. It is true you love jewelry but this is not enough to help you maneuver the highly volatile market. You have to spend some time observing the market, reading about products available, following trends and noting price changes. It is important at this point to identify different raw material suppliers in the country and outside and read more about industry projections.
3. Identify Your Target Customers
When starting any business, the most important thing is to identify your target clientele. You might have an idea about the people you wish to target but a market survey can change this. Make sure your target market needs your services and narrow down on their jewelry taste. Avoid selling jewelry to everyone and instead identify a niche as this allows you to target specific customers.
4. Explore the Market As a Buyer
It is true you need a professional market survey but you can get a lot of ideas by immersing yourself in the market as a buyer. If you love jewelry, you already have an idea where to shop but make sure you expand your horizon. Visiting physical stores and trying out online jewelry stores, helps you identify the weak links by your competitors. When you work on these weaknesses, you will quickly build a reputation for excellence.
5. What’s in a Name? Everything
A quick look at most jewelry sellers gives a hint on the importance of creativity when choosing a business name. Jewelry customers want to identify with a cool, stylish and fashionable store and you can lure them using an outstanding name. Your business name must relate to industry terms, which your target clients can relate to while at the same time conveying your brand’s message.
6. Invest in a Meticulous Collection
Your jewelry collection can either make or break your business and as such, take time to find out what your target clientèle loves. Avoid displaying what you love. Instead, invest in a sensible collection, which adds value to your customers’ lives. Observe what the best jewelry stores have stocked and borrow inspiration from them while retaining your business’ vision.
7. Create a Memorable Logo
Most entrepreneurs do not think much about the logo they choose to represent their brands. However, in the jewelry industry, you should. If for instance, you want to display exquisite diamond stud earrings, you can integrate these on your logo to captivate your target clientèle. Make sure you consider your target customers’ taste when choosing the logo as this will help them identify with your brand.
8. Build a Store Website
There are over 4 billion internet users today and many of them shop online. Jewelry lovers have taken to online shopping due to the wider variety of items, better pricing and convenience. As such, you have to take your business online by building a high-performance website. Your store’s website allows you to display your wares, give price offers, contact information and description of your products. It is the best way to boost sales conversion and build a reputation for your brand.
9. Get the Word Out With Social Media and Blogging
However meticulous your jewelry collection is, you will have to invest in marketing to be noticed. This is a highly competitive market and you will need to compete with existing big jewelry brands. This is where your campaign skills will come in handy. Build a fun and exciting blog, create social media accounts for your business and start displaying and talking about your products. Make sure your accounts direct traffic to your online store.
10. Invest in the Product Photography
A picture is worth a thousand words. This may sound cliché but it aptly applies to the jewelry industry. You have to invest in the best images for your gallery. Jewelry lovers love visuals and you can easily attract them to your website by displaying high quality images across your networks.
These are only a few of the tips an entrepreneur in the jewelry industry needs. The idea is to keep learning and always adapting to the needs of your audience. Make sure you understand the trends in this volatile industry and build strong relationships with your suppliers and clients.