In today’s world, it is hard to name an industry that has not yet undergone the process of transferring their sales strategies into the online world. The modern world is built in a way that you can stay inside your house and make all of the purchases you need online. You don’t even need to go grocery shopping, just a few clicks and it’s getting delivered to your house.
There was no way that the jewelry industry could avoid the significant impact of internet sales. People purchase 29 million pieces of jewelry on a daily basis. Just imagine how much this number can grow, if more and more online stores keep opening and the process of buying becomes a lot easier for consumers.
Currently, the Online Jewelry Market is forecasted to grow at a CAGR of 15.69 during the period 2018-2022. This comes as no surprise considering how the mindset of the modern consumer is very different from the one 10 years ago.
Nowadays, everything has to be available, customized and personalized for the consumer for them to be satisfied. That is why we see more and more websites offering personalized services, such as designing a specific piece of jewelry based on the needs of a particular person. Whatever you desire your jewelry to be; jewelers make sure it becomes a reality.
Moreover, modern customers do not enjoy going to a jewelry market and walking for hours through the lanes anymore. They do not enjoy listening to the jewelers who will say anything to make them buy their product and do not want to spend time bargaining for lower prices anymore. A modern customer does not have that time anymore. What he/she wants is simplicity. Just lay in the bed, go online, search for what you need, maybe use a discount coupon and click the pay button. Now it has become that much easy for the jewelry market too, and somehow the world became a better place.
So as long as the customer is happy, the jeweler is happy, right?
The jeweler could not be happier, and there are many reasons why. The thing is, with the help of e-commerce, the main concern of the jeweler is no longer producing the jewelry, but selling it. Yes, the marvelous thing about e-commerce is that you don’t need to think about storing your inventory and eventually running out of space. And here comes the exciting part: the how question. Well, they merely create 3D models of the jewelry, render it to make it realistic and place the photos on their website. Only after the customer places an order, the jewelers produce and deliver it.
Moreover, let us not forget about the miracle of 3D printing where they print the model of the jewelry before producing it to check if it is what customer wants. It is difficult to think of a better customization and customer satisfaction strategy than this. While it may seem too complicated, it makes the job of the jeweler easier and helps make sure that he/she will not have a massive amount of closing inventory in their balance sheet at the end of the year.
Moving forward, let us not forget about the pitfalls of selling online, one of which is spending a ton of money on sales and marketing. Unquestionably, it’s very hard to survive in such a competitive market but as long as you hire the right professional, choose the right strategy, target the right market and spend your money wisely, it will all work out very well for you.
To sum up, we can state that selling jewelry online can be tough, but as long as you find the right balance, you can run a very successful business. It is a do and a must.
