Jewellery is an integral part of our human experience. According to IGS, the earliest known jewellery discovery dates back to approximately 25,000 years ago. It was a simple necklace made of fish bowls that were found in a Monaco cave.
This necklace’s meaning and significance could have been any of the following: a gift, status symbol, or beautiful decor. Although we won’t know the truth, it is fascinating to think of all the possible stories.
Jewellery has been used to express individuality, love, and affection from ancient Egyptian societies to the modern United States. We are wired to love beautiful things, express our individuality, make fashion statements, and pass down jewellery items to our ancestors to be collectibles.
Simply put, jewellery makes us feel unique and that is something every human being on Earth needs.
The timing is perfect if you are thinking of starting or expanding your jewellery company.
According to a report, fine jewellery sales increased during the pandemic because people wanted to pamper themselves.
According to current forecasts, the global jewellery market will expand from the $229.3B forecasted in 2019, according to current forecasts. As per estimates, 79% of jewellery sales will come from non-luxury products by 2021.
These economic forecasts show a large global market with plenty of room for both newcomers as well as established industry leaders. The beauty of jewellery lies in its variety, and platforms like eBay and Etsy allow even the smallest businesses to reach a loyal customer base online.
This guide will show you how to start an online jewellery store that is proud of you and enter the thriving, growing industry.
Learn how to identify a niche and make your customers happy, what technical pathways to build your online store, and how to create the foundations that will allow your business to grow.
Why You Should Sell Jewellery Online
The Pandemic has caused a shift in the way people shop. Public health concerns could make it unsafe for people to buy jewellery in shops.
This context is why it’s smart to start an online jewellery store. It’s safe and efficient and allows you to reach more customers.
Online retail offers people the opportunity to discover brands they might not have otherwise.
You can reach customers from all over the globe as a merchant. No matter if you’re an individual jewellery designer or part of a larger team, you can still build a store.
Remember that demographic trends were in place long before the COVID-19 epidemic that led to the rise of online jewellery sales. The rise of Gen Z shoppers is a key trend to keep an eye on.
Gen Z accounted for 40% of all shoppers shortly before the pandemic. This means that they are well on their way to becoming the largest spending group. These people have changed the way that all generations of people make purchases.
This group is the first generation to be digital natives and relies on social media or online shopping to find new products. NRF says this trend has grown during the pandemic.
The NRF also discovered that 87% of parents rely on their children’s recommendations when buying a new car.
These trends indicate a significant shift in how people shop for jewellery. This is an essential cultural element of our society. Finding the right niche is key to building a brand that stands apart.
Market Analysis: Trending Jewel Brand Niches
Online jewellery sales offer a way to reach people all around the globe with your brand. This vast market offers retailers the opportunity to build a loyal customer base.
There is also a lot to choose from. It doesn’t matter what type of jewellery you have, it can be difficult to make your brand visible. Attention spans are short and hard to capture. There are seemingly endless options available to shoppers when it comes to making purchase decisions.
Recognizing that there is much competition in the market, the best way to start building an online store is by identifying your niche. The following seven categories are the most common for online jewellery shops:
1. Affordable Fashion Jewellery.
Fashion jewellery can be anything from everyday necklaces, daily wear earrings and fashion bracelets to rings and costume accessories. These pieces are often more durable and of moderate quality, but they can be very affordable for those who want to make a fashion statement.
You can keep up with the fashion jewelry market by reading magazines like Seventeen, Vogue, and Marie Claire. Influencers on Instagram and TikTok often set the trend.
Imitate metals, such as silver and platinum, are often used in fashion jewellery. Silver instead of platinum) or gemstones (i.e. Cubic zirconia is a better choice than diamonds. Designers often base their designs on more expensive items.
Fashion jewellery isn’t all the same. You can find pieces as cheap as $5 and as expensive as $100. You can have individual items mass-produced in factories, or handcrafted by independent designers or Etsy shop owners.
“Affordable” doesn’t necessarily mean “cheap,” but it doesn’t mean “luxury.” Shop your favourite fashion jewellery online with varieties of collections at pocket-friendly prices.
2. Body Jewellery.
jewellery merchants have the opportunity to establish themselves in the field of body piercings. This includes nose rings, belly button rings and tong rings.
Due to differences in piercing sizes, allergic reactions and personal preferences to metals, body jewellery is more personal than necklaces or bracelets. To avoid discomfort, certain people may need to choose between implant-grade titanium or precious metals.
Body jewellers often offer a variety of sizes and metal options, which can impact the cost. Some shops may offer customization options for customers.
For example, one single nose ring might be made in sterling silver, gold, or implant-grade titanium. It could have a straight back or L back to left, screw, or curve.
There is often more variation among shoppers due to individual factors like comfort level, health, and piercing location.
3. Plated Jewellery
Many shoppers love the feel and look of precious metals, but cannot afford fine jewellery. This market can be reached by plated jewellery made of inexpensive metals, and then coated with a precious metallic layer.
Sterling silver with 14K or pure gold coatings are examples of plated jewellery. Nickel can also be coated with rare gold or silver, which is a cheaper material.
It is important to keep in touch with the manufacturers of plated jewellery if you are selling it. You must ensure that the product you are selling is free of lead. Lead is known to be dangerous and can put your business at risk.
It is important to inform potential buyers that the jewellery you sell is not of true precious metals, but a coated one. You should also be aware that not all people are allergic to non-precious metallics. Therefore, it is important to ensure safety.
4. Handmade Jewellery.
This category includes “made-to-order” jewellery. It also offers level customization for each buyer. This is a unique opportunity for shoppers to receive a product that suits their needs in terms of size, colour, and material.
Handmade jewellery has the drawback that each piece takes time and can be difficult to scale. Handmade jewellery is usually found in small boutiques or individuals selling on platforms such as Etsy. Most jewellery sellers who make custom orders are either solopreneurs or small-business owners.
Although handmade jewellery businesses can be difficult to scale, this is not always a problem. There is still a market for buyers who value the personal touch and unique experience. You may be able to get unique pieces at a higher price.
5. Fine Jewellery.
Fine jewellery is of precious metals, rare gems and original designs. Pieces are usually made in small batches and sold at high prices that can reach values of several tens of thousands of dollars.
Fine jewellery has a unique appeal because of the high-quality materials and skilled craftsmanship. Fine jewellery can last a lifetime and be passed on to future generations.
Due to the high cost of fine jewellery, most shoppers will only buy a handful of pieces. Higher-end pieces of jewellery may be purchased more frequently by wealthy buyers, who may also be more inclined to sign up for loyalty programs.
Fine jewelry is usually an investment because many pieces increase in value over time. Fine jewellery is more in demand than second-hand pieces and has a higher resale price.
Diamond jewellery, such as engagement rings and wedding rings, is the most popular type of fine jewellery. Fine jewellery is also a popular choice for special occasions.
6. Vintage Jewellery.
The appeal vintage jewellery is attractive to vintage shoppers. It has survived through time and history to reach modern times. Because of the timeless nature and long-lasting quality of jewellery, it is a popular second-hand item.
Because vintage items are unique, one-of-a-kind, or special, they have strong appeal in fashion. The uniqueness of vintage items is what vintage enthusiasts love.
Vintage items can be second-hand and each item might have its own story. This could include the owner’s history, historic era, or the original fashion designer. These origin stories can increase the item’s value.
Vintage jewellery includes fashion accessories, handmade products and luxury items. Many antiques have the potential for increasing in value over time, especially if they are unique. Prices usually depend on the pieces.
7. Fair Trade Jewellery.
The COVID-19 epidemic has led to shoppers becoming more aware of what they are buying. As with many other industries, the supply chain for jewellery has had problems with human rights and the environment in the past.
Fairtrade brands have the potential to be socially responsible brands. You can make conscious business decisions such as paying higher wages to workers, sourcing products directly from farmers, recycling materials, and working with local communities in order to increase your sense of well-being.
Fairtrade and sustainable business practices are possible in all types of jewellery. Every jewellery company has a part to play in setting higher standards for the industry.