The basic pros and cons of jewellery e-commerce
Why Should You Have an Online Jewellery Platform
In the last decade there has been no better time than right now for businesses across industry to start trading online. With COVID still keeping countries in lockdown, this is clearly the most opportune moment time for jewellery stores to digitize and focus on online sales. According to Forbes, almost 80% of businesses have adapted to the pandemic by moving their business and employees online as much as possible. The Covid-19 pandemic has made it impossible for brick-and-mortar stores to operate regularly, so they have had to find new ways to draw in customers.
The potent virus infection scare has pushed the government to enforce lockdowns, closing all non-essential services. As a result, jewellery showrooms, stores, and public events such as product launches, expo’s have been restricted heavily leaving most jewellers very few ways to display and sell their product other than online.
The sale of products online has been steadily growing since the early 2000s, with Amazon being the best example of a behemoth in the ecommerce sector. The jewellery industry is no exception, with 22% of the accessories market being online in 2018.
Ecommerce has been a gold mine for a while but in the past year it has also turned into a lifeline for many businesses since it broadens the customer base but also guarantees an excellent ROI from a meagre investment.
Why Retailers are Worried about Selling Online
The global jewellery market has seen a steady growth of over 8% per year since 2010 which is impressive as it is growing even faster than the UK economy! Such intensified growth in the jewellery market is rapidly changing the scope of jewellery businesses, creating favourable conditions for online jewellery shopping. Many feared that the jewellery industry would be ruined by COVID since people could go out less and often had less disposable income to spend. This has resulted in many retailers simply closing up shop and waiting, trying to save as much money as possible to ‘ride out’ the pandemic. However, contrary to people’s beliefs that jewellery sales were badly affected by the pandemic, in the US alone, online jewellery sales were at a record high of nearly $8.4 Billion!
However, jewellery is a luxury. To convince consumers to buy online, proof of quality is necessary. Customers cannot physically touch and feel the jewels they shop for online, so the only way to win their trust is by certification to prove its quality. A trusted authority needs to certify these jewellery brands which precious metals and gemstones online to establish trustworthiness. JewelCounter understands these worries of a consumer, therefore we provide our retailers with certified diamonds as well as hallmarking from the London Assay Office to establish the quality and maintain the integral trust between retailer and consumer.
Another possible problem with selling online is that customers can compare and choose products with discounts that are available across different platforms, often looking for the cheapest piece that fits their specifications. This is another place where JewelCounter’s platform helps our retailers; our pieces are completely customizable so if the consumer wants to save $50 they can simply change the quality of the diamond, the purity of the metal, or one of hundreds of other filters to make their dream ring fit within their budget.
Benefits of Online Jewellery Stores:
Choosing Multiple Pieces from Countless Designs:
The online portal has e-catalogues that provide consumers with details of the whole range of products that are available for display without the need to grasp them in hand. When customers have many choices, it will increase the prospects of selling multiple products or finnicky customers finding the one piece they want.
Brand Value Online:
In the business world, establishing a brand is necessary to gain the attention of the people. The good news for you is that starting an online jewellery brand can also create great value because most people spend their day online now where they may come across your website. This will result in generating higher value for your offline sales eventually too!
Get Global Attention:
An online store gets you worldwide visibility and reach. The chances of getting views and sales from all over the world are huge. It can help you get global recognition and business from people living in different countries and continents, who will support you and build your brand globally.
Always Open for Business:
Unlike physical stores which are only available on regular days and limit themselves to business hours. eCommerce portals are available for business 24 hours a day and 7 days a week.Customers can view and order their jewellery items whenever they want.
Quick and Easy Promotions:
Promoting your business online may seem daunting at first but it is far easier than in the real world. Putting up a discount on your site can take a few minutes as compared to labelling all your physical inventory and putting up signs in your shop. Social media marketing also seems complicated for more old-fashioned jewellers as they do not understand the purpose of social media. However, these platforms can be used with lots of understanding and different A/B tests,or they can simply be used as a tv or print ad where you put your ad up with the relevant details to get your brand name out there.
Less Investment Than Brick Mortar Business:
Investing in an online business does not have the same rules which physical businesses need to follow. You do not need to have a huge investment budget, nor do you need to own a physical store at a suitable location. Once you start getting orders you can have a good ROI from the merchandise. You do not even need to stock hundreds and thousands of products as all your inventory is digital, which keeps your capital free to use for whatever else you need to focus on.
Get the Exact Product:
Customers who buy online are particular about the choices they make. The online jewellery store offers customers the option to filter out their products based on metal, diamond, and prices. Besides filters, customers can utilize the super convenient features on the website to search for the exact product they wish to buy.
Summing up| Ecommerce Jewellery:
The details given above are just the tip of the iceberg. Jewellery eCommerce is a vast subject with many different subsects. Numerous factors need to be considered to start an eCommerce jewellery store. JewelCounter will be consistently working to give you an analysis of these factors, including the rising trends in the jewellery eCommerce market and to implement our findings in our platform. Get in touch with us if you need a consultant to set up your eCommerce jewellery store.
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