Personalized jewelry has sort of become a trend during holidays and occasions to give as gifts. The market for these products are very demanding, so it is high time jewelry producers or entrepreneurs give more attention to personalized jewelry and its customer demands.
If you’re looking for a reason or two to sell personalized jewelry online, more than 29 million people purchase personalized jewelry every day. Currently in the world where entrepreneurs are ruling I am pretty certain you want a slice of that pie. Jewelry is so diverse that the sellers have a lot to offer. Speaking of which, the competition is huge as well. Not to fear, as we’re here to guide you to become a successful entrepreneur by selling custom jewelry online. The word easy is not even near the word business, so is jewelry business. Then again we all know how much a certain laptop may cost, but no consumer is aware of the actual price of jewelry.
Thus jewelry yields profit margins of around 25% to 75%. Now since jewelry is so diverse let’s dig into the multitude of options, bracelets, necklaces, anklets, ring, belly rings and so on. Jewelry is so diverse that your head might spin while digging into it. Each of the products is to be made from different types of mediums such as, gold, diamonds, shells, beads, gemstones and so on. As they say, size matters, if something this small is this diverse then you have got nothing to fear because you can offer a lot to your customers. Now how to sell custom jewelry online? We’re more than happy to answer that.
Why Sell Personalized Jewelry?
Personalized Jewelry is one of personalized products that gives off a premium feel to the users. The production process is very efficient and very popular these days. The production process allows you to create minimalist and sleek looking jewelry that attracts the eye attention of the customers.
Personalized Jewelry sales are expected to reach $275 billion by 2020, and 645 billion in 2035. This data tells us that people are embracing jewelry more than ever! The future of jewelry is also looking very positive. Furthermore, jewelries are considered to be timeless as they are available and bought during any time of the year. Moreover, personalized jewelries are highly demanded during any occasion or holidays as people like to buy/gift something very personal.
How to Price Personalized Jewelry
This part is the trickiest because the price tag you give to your products must reflect its quality. You can’t put on an expensive price tag on a product that is ordinary. It is the same case for jewelry. It should be priced accordingly. Two important things should be considered when you’re pricing your jewelry; the first one is profit and the second one is customer appealing.
Whatever price tag you give, it must not be lower than your production cost; otherwise you will not receive any profit. You might receive a good amount of revenue but at the end of the day you might your profit could be low if have not calculated your production cost properly. The second important thing is customer appeal.
When you are doing a jewelry business, it is obvious that you will have competitors and rival business. The tricky part here is to price your jewelry in such a way that customers who are seeking to purchase ornaments/jewelry get instantly hooked up on the price. If they find it appealing, the chances of selling your product are high as well. For example, an engraved silver bar necklaces on Etsy are priced ranging from $16 to upwards of $150.
A simple engraved necklace at any popular store costs more than $100. Observe your competition and then price accordingly. There is another interesting way to price your jewelry. It’s called rounding up the price. Let’s say you have a jewelry that cost $68.90, if you round up the price to $70, it somehow gives off a premium vibe to the products. This is usually how a customer sees the product. In this way you portray your product as an item of luxury.
How to Market your Personalized Jewelry
Since jewelry is an evergreen product, it makes a great gift on special occasions and during holidays. More or less every season is packed with celebrations, holidays and much more. What you can do is target a specific occasion and create your jewelry accordingly. For example, a mother’s day special necklace during mother’s day. You can also create a special campaign and promote your jewelry during these occasions.
If you have other businesses like T-shirts or mugs and there is a popular product that is graphically text based. Then it is easy to create jewelry with the wording used in that T-shirt. This allows for a cross sale of your products using more or less the same design. This way your jewelry product is seen as part of a single collection. Furthermore, if your store has wide and local brand followers, create jewelries with your branding. In this way your customers can purchase your products and act as a brand ambassador. Moreover, you can also experiment with limited editions of personalized jewelry that is exclusively to your store.
Who are the Customers?
Before you start selling your product, you need to recognize your customers. If you don’t know your customers, the chances of being successful become slim. You can divide your customers into various categories (depending on your niche). For example, “Dog lovers” is a wonderful category. You can sell personalized dog tags for them. Every pet owner likes to feel that their pet is close to them, especially dog owners.
What’s better than selling personalized dog tags for them? Who knows! Another popular category is “War Veterans” or “Veteran Soldiers”. Pendants/lockets/necklaces are popular accessories among the veterans. They like keeping something with them that keeps them closer to their family. Moreover, family members of those veterans also seek personalized accessories to gift them.
Like the above mentioned categories, there are many others you can work with. What’s, important is recognizing who the audiences are and what their purpose is. Some only look for personalized accessories for themselves; in this case most people go for cheaper ones. However, when they seek personalized jewelries or accessories as gifts, they tend to look for pricy ones. So , its always important to know your customers.
Best places to sell jewelry online
When everything is set, it’s time to sell your personalized jewelry. There are two ways you can sell your jewelry. The first way is to create your own online store or add a new category to your existing one. In this way, you can either exclusive new customers or sell a new product to your loyal customers. If you have your own store, you can customize it however you want.
If you have a good vision, you can truly create a tailor-made shopping experience for your customers. The second way is to utilize online marketplaces that have already made a name for themselves with their extensive jewelry collection. They usually have loyal customers. Regardless of whether you have your own online store or not, multichannel selling is the perfect way to look for new audiences.
Multi-channel selling can earn you huge benefits. Let’s take Etsy for example; this marketplace has over 39 million active buyers and personalized jewelry is Etsy’s bestselling categories. There are other online marketplace like Etsy that can earn you huge amount of exposure and profits. Stores like Ebay or amazon’s constantly expanding global marketplace allow you to take your personalized jewelry on an international level.
Another successful platform is GearLaunch; they provide the POD service to customers. POD is an amazing form of personalization. Whether you are a customer or a seller, you’ll be benefited as both. Customers are able to access a wide variety of jewelries and accessories from their catalog of sellers. Sellers are able to sell upload their creative designs on various accessories.
Customers purchase these products and GearLaunch provides the fulfillment service. If you’re a beginner, try considering custom jewelry as your passion subject! If you put in the work and do your research, you can benefit a lot from here!