Should You Start Selling Wholesale Jewelry?
Are you looking for the right products to stock for your new online business? Jewelry is one of the most straightforward products to sell to customers. Jewelry is usually a smaller commitment for customers to make when shopping online or in stores, and it’s a great opportunity to start building up your customers' trust in your new brand. Jewelry is often priced less than other products like handbags or clothing, and it's versatile with outfits and styles. Once you take a few steps to prepare and set your business up for success, you could quickly sell out your jewelry inventory!
The jewelry business always has a lucrative market ready for new people to jump into a full-time job or a side hustle. As of last year, the pandemic has made shopping online more popular than ever before. It is easier than ever to conduct an entire business from the comfort of your home, as well as for customers to buy online. And even though many of us don't go out as much as years past, many of your customers will still be buying jewelry. Most people still have Zoom meetings to show off new jewelry and tops. In addition, most customers spend a lot of time online via phones or laptops and are still keeping up with the latest trends. The pandemic didn't stop the demand for quality, affordable, and trendy accessories. That's where your business comes in!
The jewelry market is ripe for your new small businesses, and getting wholesale jewelry at a substantially low price and then selling it at a slightly higher price is one of the best ways to sell jewelry at a profit. Unlike other markets, jewelry allows sellers to have various products that can still match the business's brand and other offerings. From wholesale bracelets to wholesale earrings and wholesale necklaces, the jewelry market has no shortage of items to sell to your customers.
Jewelry is a great product to test the market waters if you're looking to start a side-hustle or slowly build up an online business. Plus, just because you start a business selling jewelry does not mean you need to open a brick-and-mortar store. You can create a business online without the hassle of leasing a retail shop, factory facility, or warehouse to operate. The online market is now more accessible to quickly find a great wholesale supplier and sell items as retail on Amazon, eBay, Facebook Marketplace, Instagram, and more. There are tons of options that could work for you and your new online jewelry business! Keep reading to learn more on how you can create the best online jewelry business, as well as tips on buying the right wholesale jewelry for your customers.
Getting Started in The Jewelry Business
Selling jewelry online isn't necessarily difficult, but it will take some research and preparation. The first order of business will be to find a trustworthy supplier to order from. Determining what wholesaler to depend on for frequent purchases can make or break your business. In addition, you want to ensure the supplier you choose can offer quick shipping, top-of-the-line customer service, and free returns. Luckily, Suppliedshop.com is ready to provide you with all three, alongside a wide variety of exceptional wholesale jewelry.
The second thing to keep in mind is your customer. Your business reflects your brand, the latest trends, and in many ways, your customers. Joy Joya, a digital marketing agency that specializes in jewelry labels, identifies four different types of jewelry shoppers:
Trend trackers are the most common type of frequent jewelry buyer. This group is mainly composed of impulse shoppers, driven by uncovering the latest fashionable piece to pair with a trending outfit or style. They look to establish long-term relationships with a jewelry seller, coming back for the newest jewelry trends in the future.
Engaged explorers are passionate shoppers that look for reviews. They are keen on presentation, as well. Small business owners should pay attention to consistency and marketing to appeal to this group.
Savvy searchers are thrifty shoppers looking for the most affordable jewelry. They carefully search for the item they want and look for a business with informative blogs, reviews, and information about caring for your jewelry. They are looking for quality at a reasonable price.
Pragmatic planners are not frequent shoppers. But when they do, they may typically do their research and find a trusted business to support. They are the most likely to become long-time customers, as they will return if they are attracted to what you are selling.
Knowing these segments well can help you identify your customers and the type of inventory to buy. You can appeal to all three of these segments by carrying a variety of jewelry, as well as keeping a consistent brand and offering thorough information about you and your products. Customers want to know they are getting great value from a trustworthy source. If you prepare correctly and carry exceptional products, you can more easily build up customer loyalty. Customer loyalty will help you keep building your online business! It may take some hard work, but your efforts will be worth it once you have a sustainable online business.
What to Consider When You Start A Small Business
It is essential to determine how to market to your customer appropriately. Here are a few strategies and guidelines to think about:
- Establish complete control of brand identity and marketing. Create a marketing plan and stick to it.
- Find an area of specialty and style. For example, will you market to a business professional, college student, or both?
- Engage with your customer to know their likes and dislikes. Adjust accordingly.
- Have profit margin control. As a retailer, you will know how much you paid for an item and the best selling price.
Think About Your Brand
At the end of the day, what your customer wants should be your focus. After selecting a key demographic (or a few key demographics), seriously consider style and presentation. Selling jewelry to a professional is starkly contrasted from appealing to a teenager and their style. Next, try to determine how much space you will need to store bulk items. Your brand identity is essential, so try to be consistent online and offline. The right online marketing for your products is imperative for your business. Shoppers are looking at placement and display. Make sure your brand identity is not compromised. If you chose Supplied as your wholesaler, we recommend joining our Facebook Page, where our community of business owners post tips and tricks of the industry. Occasionally, workshops will be hosted on brand photography and more, helping you continue improving your brand.
When it comes to your brand, first figure out the type of customers you want to sell before buying your inventory. Do you want to have an online shop that stays on top of trends? Then be sure to craft a brand, logo, colors, etc., that communicates who you are and what you sell. Next, do some research on your competitors or businesses that inspire you. Finally, create an online presence that tells customers exactly who you are so they know where to go when looking for fabulous jewelry at an affordable price.
Prepare Your Business
Let's back up for a second. If you've decided to start your own business selling your wholesale jewelry for real retail profit, you may be wondering what to do next? If you're ready to take your online business to the next level and become official, there are a few next steps to take. First, you need to decide how to file your business, whether it is a sole proprietorship, partnership, corporation, or many other options. Of course, it is not 100% necessary to become a business to buy and sell jewelry. However, it is not too difficult or expensive to legally start a business. It opens the door to many possibilities in expanding your business and getting tax right off your business expenses.
15 Points To Research In The Early Stages Of Your Online Jewelry Business
- The name for your business - choose one that reflects what your business will represent
- Decide on a target market and audience for your business
- Establish a recognizable and easy to remember brand
- Determine if this will be a business or a hobby for you (you may not know yet, and that's okay. It's something to start considering!)
- Speak with an accountant to figure out how your business will be taxed
- Chose a wholesaler like Supplied
- Join a related Facebook group!
- Obtain a wholesale license if you intend to resell
- Figure out if your state requires a tax id
- What online service or services will you use to sell your product?
- How will you track your sales?
- Evaluate your prospective shipping costs and expenses
- Plan your space for storage and shipping
- Figure out where your day-to-day work will take place
- Set a starting budget
- Get started!
As you can see, small business owners have to consider a lot before selecting a jewelry type or style to stock. Taking the time to manage operations and logistics will lead to the better function of your new jewelry business. Planning and preparation will only help your online business thrive!
Keep in mind that it is essential to determine if you will choose to buy wholesale and which supplier to trust. Once you find an authorized wholesaler who has good reviews and offers a wide variety of styles, you can focus on how to sell your products (and our blog and Facebook page can help!). A wholesale company like suppliedshop.com is an excellent resource and provider that offers a range of jewelry types from bracelets to nose rings. When in doubt, their fast customer service is a great way to answer any questions you may have.
Differentiate From Your Competition
Once you are ready to place in the order, you must decide how you will stand out from your competitors. There are different kinds of jewelry to sell, ranging from bulk bracelets to wholesale nose rings or chunky golden necklaces. Something to consider is if you want to begin your business by selling a large assortment of jewelry or start by simply starting with a small range of trendy items. While inventory will play the leading role in differentiating yourself from other online jewelry companies, branding and pricing will also play a significant role. Can you be slightly more affordable than your competitor while perhaps carrying even more in-style jewelry options? Can you craft an excellent brand that is relatable and will become well-loved by your target demographic? We believe in you and are here to help you create your online business however we can!
How to Sell Jewelry Online
There are more ways than one to sell your wholesale jewelry online and make big profits, whether as a full-time job or a side hustle. The days of needing to meet customers in person are not as frequent as in the past, as online business is a safer alternative to shopping in-store during this pandemic. Customers have gotten used to buying their products from the comfort of their couches, and online businesses continue to boom.
When you are at the beginning of your online business journey, finding an online retail service instead of managing a site might be your goal. While we recommend either or both of those avenues, we do think that testing the market on an online retailer could be a significant first step for some.
A few of the top-rated companies include:
There are tons of trusted options for selling your products. Most sellers choose the largest and well-known companies like Amazon or eBay. Both have their advantages and disadvantages; it just depends on your business. For example, both companies charge a transaction fee. Amazon is maintaining popularity as one of the preferred options for selling wholesale goods at affordable prices. According to BigCommerce.com, Amazon has over one hundred million users, and in 2018, Amazon was responsible for 49% of the U.S. commerce market. Business owners using Amazon can either ship their items directly to their customers or have Amazon ship their items for them. With Amazon, you can sell items individually or in a wholesale capacity, making Amazon an exciting option for starting your online business. However, competition is often fierce on Amazon due to the volume of items. It takes tons of good reviews to garner good sales from Amazon, and it's a lot easier for customers to see competing products as well.
eBay, on the other hand, has its unique advantages that could help you quickly sell jewelry. Be aware of hidden fees for services, though, when it comes to eBay. It may be more cost-effective to manage independently, as eBay charges a smaller fee for using their website. eBay has other options for selling in bulk or single items. You can trade in auction format or use the "Buy It Now" feature. You can simply create one listing on eBay to sell multiple items or multiple quantities, which are handy tools for selling. eBay also has significant pros due to its features that let customers easily connect to you and ask questions about your products. As a new business or an existing business, connecting with consumers is critical for success. There are tons of options outside of the ones we listed. Many online companies lately use Instagram and Facebook or Facebook Marketplace to sell items and build up customer loyalty.
It is crucial to discover what options will work best for you and your business, but it may take some experimenting. For example, you may begin selling with Amazon to realize that your older target demographic is on Facebook. It's okay to change your process once you figure out what works best for your online business. It's often a learning process! You may even decide to split up your inventory. You might find that your wholesale necklaces sell better on eBay, and your wholesale nose rings sell better on Amazon and decide to sell on multiple sites. While we don't recommend selling on various sites because it can be challenging to manage, you can do it with the right tools and organization.
With whatever online option you choose to start selling your jewelry, always try and provide the best photos and descriptions you can. Customers will expect quality service and see the product as much as buying it in-store. There are tons of creative ways to display your wholesale jewelry online by taking pictures of products displayed creatively.
6 Tips for Buying Jewelry Wholesale
We've talked a lot about the beginnings of your business and the best practices to get you started. Now that you have a solid foundation to move forward let's talk about buying your inventory!
Starting your online jewelry business is a fun and exciting process, especially if you already have a passion for accessories and a specific aesthetic in mind. We've discussed crafting your brand and finding your target demographic, so now let's talk about finding the right jewelry for them.
Pro-tip: It's important not to get too wrapped up in the glamorization of starting your shop before you get on your feet. Selling accessories and jewelry is a business, just like any other, and you must make informed and business-savvy choices to steer your new store in the right direction.
Now let's dive into some key factors to keep in mind when you start shopping for your wholesale jewelry:
Understand Your Audience
Any retailer will tell you that knowing your audience is the key to growing sales. So before you start browsing, make sure that you have a clear understanding of the kind of consumer you want to sell to your demographic. We've talked about this previously, but let's dive into what a demographic truly is and how you find yours:
Demographics are helpful statistics on their customers and the citizens in the area around a business that companies keep as business intel.
What does a demographic cover? Ethnicity, age/generation, gender, income, marital status, and education are all factors that affect a consumer's decision to buy.
Your demographic will give you clues to what jewelry style you want to sell and at what price. For example, a 40-year-old married mother in Texas will probably not buy the same jewelry as a 19-year-old college student in Oregon.
How do you figure out your demographic? Every few years, the U.S. Census Bureau conducts surveys to discover what the demographic is like by city and state. However, generalized demographics about your city aren't always helpful when you're trying to run a jewelry store.
Marketers can also find more localized demographic information from the local Chambers of Commerce. Business people run these organizations, so they will have commerce in mind when conducting their studies. However, suppose you want demographic data that is more specifically tailored to your industry. In that case, you can purchase a demographic report from marketing research companies like Nielsen, Forrester Research, or The NPD Group.
In addition to giving you insight into what styles your audience is more likely to buy, demographics can also show you the average income of the shoppers in your area. This information can help you accurately price your products.
The goal of running a jewelry store is to make as much profit as possible, so marking up your items is tempting. However, an expensive product that no one wants to buy can gather dust in your inventory, which would be more costly than selling multiple of those items at a lower price. When determining your prices, make sure you are maintaining a profit while ensuring that the prices are reasonable based on the average income of your customers. Building up customer trust is important, so stick with being affordable for most of your items if that’s how your brand is being communicated.
Keep Up With Trends
Trends come and go in the world of fashion, and it's just as essential to jump onto a trend as it is to let one go once it becomes irrelevant. This is especially true if you’re trying to brand your business as being a place to get in on trends. While there are some jewelry styles that are generally classic, like golden chains and small, thin rings, you can always stock both classic and trendy pieces.
Remember, you should buy your inventory with your customers in mind!
Keeping your audience in mind means that you must bring the newest trends to them before they may have been exposed to them. This part is a bit of a gamble, and there’s not a 100% foolproof way to tell if a trend will blow up or get passed over. However, as a shopkeeper, you can stay alert and up-to-date on the ever-changing style market. An excellent way to stay informed is to look through style blogs, Instagram influencers, and even Tik Tok a few times a week. By following influential opinion leaders like Vogue and Harper's Bazaar, you can stay ahead of the fashion game, which will help sell the pieces you choose to keep in stock.
Make it a weekly habit to browse style predictions about the upcoming season. The fashion world can be months, even an entire year, ahead of when it comes to what's going to be in style for the upcoming season. Designer runway shows happen a season in advance, and you can see which fabrics, accessories, and prints will be in style.
You can keep track of the latest news in the fashion industry by reviewing the following:
- Magazines - Vogue, Harper's Bazaar, Cosmopolitan, and Marie Claire
- Social Media - Instagram, Pinterest, and TikTok influencers
- Fashion Blogs and Websites - Who What Wear and more
Find a Trustworthy Wholesaler
Business in 2021 can be challenging due to the sheer amount of options. Online shopping is more accessible, but it is harder to understand a wholesaler before placing an order. Jewelry shows selling wholesale jewelry have been mostly put on hold, making online the only option.
Finding a trustworthy site to buy wholesale jewelry online is crucial. While you might find a place that sells the types of jewelry you like, you need to make sure that they are legitimate. You can investigate them by verifying their contact information, including their business address, telephone number, and employee names.
If searching their name on Google brings up any complaints or warnings from others, then it's a good idea to back away to save time and money.
A jewelry wholesaler with good customer service is always a good sign, as it means that they care about customer satisfaction in addition to profits. Here at Supplied, we offer interest-free payments for those who need them and buyer protection on purchases. Our customer service is here to help you on our webchat, through email, on Facebook, or over the phone from 9:00-5:00 p.m. PST Monday through Friday.
Search the Web
It doesn't hurt to do an extra Google search before buying a product. You may find the same product on a different website for cheaper or on a website that features reviews. If you can see what other customers are saying about the product you are about to buy, you can make a much more informed purchase.
You can do this by copy-and-pasting the product's name and searching it through Google, which will likely pull up any other retailers selling this item (if the product name stays the same).
You can also conduct a reverse Google image search to see if the same photo, or a similar image, can be found on other websites. To do a reverse google image search, you can paste an image's URL into Google and it will show you the pictures that are the same or at least very similar.
Both of these options allow you to see how others are pricing and marketing that specific piece. Additionally, it gives you an idea of the exclusivity of the product by giving you a snapshot of how many other online sellers have it in stock.
Look at Your Profit Margins
Maintaining your financial goals is one of the most vital things you can do as a new business owner. First, make sure that you have a solid and reasonable profit goal that will ensure your profit margin is trending towards earning money rather than losing it.
A profit margin shows how much money you earn while taking into account your business expenses. Profit margins may seem like a no-brainer, but many excited new business owners can forget these calculations when purchasing products for the store. Yes, you have to spend money to make money, but your profit margin can indicate whether or not your business is generating a profit.
To help small business owners, Supplied offers four interest-free payments on your purchases. If you are tight on money, this can give you a little wiggle room for your monthly expenses since you can make smaller payments instead of one large purchase.
Order Small Sample Packages Before Buying in Bulk
When you think of wholesale, you might get an image of thousands of necklaces shipped right to your door. But that doesn’t have to be the case when you're starting out! Some wholesale distributors do not impose minimum purchases on their items, so you can order a sample pack of each piece before stocking up. Buying a sample of bulk jewelry will let you test the quality to make sure it's up to par for your customers. Then, if you decide that it's not something you'd want to sell, you can move on to other pieces without suffering financially.
The bad news is that many bulk jewelry wholesalers have a minimum amount of items you can order (example: Only allowing business owners to buy 200 or more bracelets). Luckily, Supplied is not one of those! Here at Supplied, you can order any items you want. There are no bulk purchase limits, so you can get your business started without a huge financial strain. Additionally, we offer free returns so that you can order with confidence from Supplied. We’re here to help you chase your dreams, one jewelry piece at a time.