How to Start Artificial Jewelry Business?
19 Jan, 2021
8 min read
The industry of artificial jewelry, also known as the custom jewelry, seems to have a glittering future. Amid the COVID-19 crisis, the global market for imitation jewelry is projected to reach a revised size of US$40.6 Billion by 2027.
It can be quite easy to get into this space. But note that this market is equally dynamic. Both customer behavior and industry trends experience changes often.
If you are curious to know how to tap into the market, we are here to tell you all about it. At the end of the blog you will have all the information on how to start artificial jewelry business at home.
Here’s what the blog covers:
For starters, in order to sell imitation, ethnic, semiprecious jewelry online; one does not need a website – to “start selling.” However, if you stop just there, you will be holding your progress. So why not a website to launch?
Because, building a website needs investment. And, to bring customers on your website requires more cost. Ultimately, they both work well if your goal is to be recognized as a brand. Artificial jewelry purchase is more of a situational requirement for something cost effective or an impulse purchase. To become a brand is the next phase of your business. Therefore, instead thinking about a website first up – making the most of the available platforms is the right approach.
It is easy, one can always reach out to potential customers via social media to sell artificial jewelry. The selling point for products of such a nature is to entice impulse buy. And that works well in the scenario to showcase your products where your customers are. Social media is the perfect online marketplace for that. But, if it is so easy, why isn’t everyone successful on social media? We will cover this in the next few sections.
Two biggest benefits to starting an artificial jewelry business on social media is: it’s free, & it’s easy. It will not take you more than an hour to set up a business profile. Not only is social media easy to set up, and pocket-friendly, it puts you in touch with everyone you would like to sell. Moreover, the feedback is instantaneous. You put up a post, someone like that, and they comment or message you at the very moment.
Now, there are thousands of social media handles running imitation jewelry businesses. Therefore, your goal of being noticed that too for the right reasons becomes a challenge. Here comes the role of a Unique Selling Point. Without creating a solid USP, there is going to be a vast gap between what you are achieving and what you aim to achieve.
Let’s talk more about it.
Unique Selling Point (USP) means the value you add when people choose your business. You can create USPs that drive revenue on social media. Let’s find out how. When you start imitation jewelry business, we suggest you review your brand’s mission statement, identify your target audience, and think about what makes you unique. That will give you a clear idea about what you want your potential customers to know about you.
Now, let’s talk about one of the most important topics – how to handle purchase and payments.
Usually, customers browse through social media pages, contact the admin, and settle the deal messages or calls. With WhatsApp, you can provide photos, invoices, and other business-related documents. Further, the online payment feature that the company just rolled out will open new possibilities for your business.
“In addition to viewing a store’s catalog, customers will be able to send payments for products as well. Making payments simple can help bring more businesses into the digital economy, opening up new opportunities for growth,” – an article here from WhatsApp explains.
Let’s find out what marketing strategy your business needs for brand growth.
While the internet is crowded with success stories of people running a business on social media, there are some challenges most of them face. Take a look at the major problems to start imitation jewelry business on Instagram.
When you are only a social media led business, the biggest price you pay is lack of credibility and control. It’s like you live in a rented apartment not knowing when the landowner might change the rules and you are left with absolutely nothing. You do not have something to call your ‘own’.
Remember, you do not own social media. So, there’s a limit to the control you have there. You ought to abide by the terms and policies of the platform. Even simple things like presenting any content should strictly follow their guidelines. Therefore, the biggest challenge if you start artificial jewelry business on social media is that you cannot build your own brand identity. Yes, you can create a theme that each of your posts follow but that’s not going to depict the personality of your brand. You will remain one of the many accounts on Instagram or Facebook.
For your small business when you do not have a working capital, a smart solution is to use social media as a launching platform. Once you build a presence there, the next step is to invest in building a website.
Having a powerful, and well-designed website for artificial jewelry is a huge advantage. With it you will be able to craft uniquely tailored, real-time experiences that speak to and attract your core audience. Also, it’s not only about bringing traffic to your webstore. You would want to get repeat orders, and gain customer loyalty. That’s easily possible by introducing eWallet on your website.
The challenge comes when choosing the right eCommerce strategy and tools that can grow customer base and sales. We can help you to set up an artificial jewelry business online.
If you want to start artificial jewelry business, you can begin by selling on social media platforms. A right way to target the right customers can do wonders. But keep in mind these platforms could disappear tomorrow. But a website, something that’s ‘your own’ will remain.
We can help you build a webstore and market your business to the right audience.
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