If you have closely observed the jewelry market, you will agree with these two observations.
First, is that the jewelry market is primarily local. Majority of the market consists of national brands or small/mid-sized enterprises. On the other hand, big names like Cartier and Tiffany & Co. consist only 12% of the share.
Second, the competition between branded v/s unbranded jewelry is getting firm day by day.
So, what does this mean for you who want to start a necklace business?
This represents a good opportunity to kick off as a local ‘brand’ that will gradually become well-known globally.
This post aims to give you all the information about how to start a necklace business.
Here’s an outline of the points of this post:
- Why do you need a brand?
- Different approaches to start a necklace business
- How you can build an eCommerce brand
Why Having a Brand is Important?
According to a report by Mckinsey, the demand for branded jewelry is growing 5-6% every year. Look at the below figure. It indicates how branded jewelry is on the rise.
Customers are at the core driving growth in the branded segment. The same report identifies three types of customers you see in the market
- New money consumers who prefer branded jewelry to show off their newly acquired wealth
- 80% consists of emerging-market consumers. These are the ones who favor low-priced luxury products but with an acceptable quality. For this category, established brands inspire trust and a sense of an upgraded lifestyle
- Millennials who turn to brands as a means of self-expression
It is clear that in the future, we are likely to see a growth in branded jewelry. If you want to start a necklace business, it’s time to create a unique identity. Let’s find out how you can create your unique identity.
Approaches to Start a Necklace Business
There are two ways to start a necklace business. One is leveraging social media platforms. Instagram is a wonderful platform to gain exposure and get sales. Stories, hashtags, shoppable posts, makes it easier to find potential customers looking for exquisite pieces of necklaces.
But the question arises if it’s a viable option to ‘sell’ necklace on Instagram? If you want to create a strong identity for your business, you need something of your own. With social media, you no longer remain a brand. You are one the of millions of accounts on a platform owned by somebody.
Look at this Canadian startup Mejuri. Its website provides everything that a customer generally looks for before making a purchase. It has a clear shipping and return policy, an easy checkout, and descriptions that help the brand come across as somebody who is credible.
Does this mean you do not need a social media strategy? Even if you are just starting out, you will need to connect with customers and increase awareness about your brand. Social media has that power to get you in front of the right audience who can be your potential customer.
Want to know how to market your necklace business? We can help you in forming a strategy.
Your Business Needs a Stronger Approach that a Social Media Page
There has never been a tougher time for eCommerce. With more businesses joining the online space in the COVID-led world, creating a brand that stands out becomes difficult. Let’s find out how you can create a successful eCommerce necklace brand.
Branding is much more than logo, tagline, color theme you choose. It’s all about how you ease the customer experience, and tell them what you are and what you do. Customers appreciate the authenticity in brands. To show buyers your values, share your story. Create an ‘About Us’ page and put your heart out there. Include everything like – what inspired you to start a necklace business, what’s your mission, etc. The about page of Dannijo is an excellent example of storytelling that everybody likes to read.
For an improved customer experience, it’s crucial to focus on things like an easy checkout, customer reviews, etc. The checkout page is like a grand finale of your eCommerce store. It’s where the user finalizes the choice and proceeds to purchase. The average cart abandonment rate is 70%. It becomes crucial to deploy the best practices like offering different payment options, complementary items, easy navigation, etc. to convert users.
Throughout the buyer journey, you need to personalize the buyer journey. It not just boosts customer retention but it’s also a beneficial way to close the sale. When planning to start a necklace business, make sure you consider trends like AR, artificial intelligence, etc. Their power will help create a more personalized shopping experience.
For example, AI algorithms to help provide personalized product recommendations, chatbots to answer customer query, etc. Augmented reality is another trend that’s like a blessing for the jewelry market. Many jewelry businesses today are implementing an AR mobile app strategy to tackle challenges like the wrong size/color of necklace or ring, and product returns. As shown in the image above, virtual try-on is becoming a popular feature that allows customers to see how a necklace will look on them.
When Are You Starting a Necklace Brand?
Setting up an online store to sell necklaces is challenging and rewarding at the same time. But with the right choice of tools and approach, you can reap the benefits quickly.
Want to create your own eCommerce brand? We can assist you with that.
All product and company names are trademarks™, registered® or copyright© trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.