When it comes to scaling and growing your online jewelry company such that it generates more than eight figures, you’ve come to the appropriate spot. If you follow the proper methods, it is not only feasible, but you also stand a good chance of making a significant profit in a high-earning niche. A staggering $19.88 billion in sales is expected from the online jewelry industry sector by the end of 2020, representing a 14.5 percent annual growth rate.
With just 12 percent of the worldwide market controlled by the top 10 jewelry companies, there is enormous market space and money up for grabs for the taking. Making oneself stand out from the crowd and developing a robust and distinct brand identity is essential for breaking into this industry and becoming a significant player.
Complete a thorough store audit before establishing objectives
Before you can execute any e-commerce scaling strategies, you must first determine where you are currently at in the process. This is not only about analyzing and evaluating your key performance indicators (KPIs) but also about taking a thorough look at your brand, goods, closest rivals, market and customer experience, and market share in a specific niche. The free Benchmark Hero application allows you to do a complete eCommerce shop audit in minutes or manually do it.
Investigate ways to leverage seasonal and annual trends to increase sales and broaden your customer base
If you want to be successful in your eCommerce company, you need to keep a close watch on the most significant trends in your industry. That niche should be as segregated and distinctive as possible. Moreover, the most important thing is that it is entirely free. Making use of current jewelry trends without sacrificing the overall beauty of your product is a challenge.
Incorporate Purchasing and Reference Documents to increase sales and exposure by promoting them
Suppose you don’t want your jewelry business to be associated with individuals who want to treat themselves. In that case, you’ll need to include gift ideas into your marketing strategy – particularly during the busy Christmas shopping season. This may be as simple as providing specific sizing and style guidelines to assist your customers in selecting the perfect item or as complex as giving complete present buying tips to help consumers purchase a gift for someone else for a significant life occasion. You could even go all in and create a jewelry business that is just focused on gifting.
Make Your Product Photography Stand Out from the Crowd
As the jewelry industry grows more competitive, it is becoming more essential to discover methods to stand out from the crowd. In contrast, when everyone else puts in the same amount of effort to improve their shops, goods, and customer service, distinguishing apart may become more challenging. This is particularly true if your goods aren’t immediately eye-catching and colorful, but it isn’t impossible in some instances.
Despite the use of monochromatic graphics, their site conveys a compelling narrative right away.The better route to take is to hire professional jewelry image retouching services.
“Try-Before-Buy” Research, Consider and Test
One of the latest trends in eCommerce in the past year is the growth in shops that provide a try before you purchase. This is where consumers may receive the goods, test them at home, and return them before they are paid. You may recall Stitch Fix as one of the first companies to become successful in this approach and start developing a whole brand on the test before you purchase.
Do Something to Make a Difference
Companies wouldn’t touch politics or social issues ten years ago if you’re old enough to remember. Today, brands aren’t afraid to get their hands dirty with political and social concerns. Things, on the other hand, have fundamentally altered. In addition to reasons, there is another major trend occurring across all company areas, including e-commerce.
Shoppers are increasingly investing in companies that advocate for social justice, causes, or organizationsthat they are enthusiastic about – and jewelry companies are not exempt from the consequences of taking a public stance on social equality, reasons, or charity.
Your target consumers may disagree with your reasons, and they may not enjoy your direct approach to marketing. Customer loyalty and the ability to reach new shoppers are both critical for the long-term success of your online jewelry business. Tapping into what your customers are passionate about can help you get new customers and build brand loyalty, both of which are critical for the long-term success of your online jewelry business.