The Essence of Jewellery eCommerce: Scope, Benefits, Problems, Solutions
According to Research and Markets, the global jewellery market’s growth estimate is 5% per year over the next 5 years and the online jewellery market is expected to capture 10% of the market by 2020.
Evidently, the growth of the jewellery market has been intensifying and I do not see it plunging anytime soon. The growth in the market in the last decade is enough to signify that jewellery market is gearing itself up to soar high. Initially, as seldom the online jewellery shopping was, the scenario has now reversed as the factors hindering online jewellery shopping are being eliminated by the sellers. In fact currently, there are sellers who have started with the jewellery business online in order to reap an advantage in the years to come.
Jewellery is a luxury and while buying that, safety and originality are major concerns for them. So obviously, there is a proof needed in order to gain the trust of the customers. In the case of jewellery, “touch and feel the product” facility cannot be availed to the customers and so the only possibility to win their trust is certification. Any seller that sells jewellery online, may it be metal or diamonds, needs to be certified by a trusted authority in order to be established as prominent and trust-worthy. Also, that terminates the shopper’s fear of being cheated.
The Global Online Jewelry Market 2018-2022 report states that the Global Online Jewellery will grow at a CAGR of 15.69% during the period 2018-2022.
The growth estimates convey that investors are anticipating the importance of the shift of the jewellery market to eCommerce and acting accordingly to stay ahead. This growth is being fueled by the unending desires of latest and unique collections amongst the customers. With the rising expectations and mounting competition, the online jewellery market is to spiral upwards. Apart from these factors, prices influence the customers. Comparing the products and getting good discounts online is a thing and these factors inclusively are widening the online jewellery market.
The jewellery market is now turning towards online selling gradually, anticipating the customers’ inclination towards online shopping. Online jewellery market is not yet prominent but the benefits it has is surely going to influence the sellers to start an online store sooner or later.
Brand value: Establishing a brand is quite demanding but once it is done well, you are sure to gain the benefits of it. Online jewellery is a passage to establish a brand, eventually increasing offline sales.
Global recognition: Because your online store gets visibility worldwide, the chances of more people indulging into your products increase and you tend to get recognized globally. Online stores enable you to reach the audiences who are most likely to convert and get you to the apt group at the apt time.
Less risk: One of the major advantages of online jewellery selling is that it involves the least risk. The seller does not have to keep the whole stock on hand and just an eCatalog is enough to display the products to the customers.
Promotions: Promoting the offers and deals becomes easy for the store admin as the details about the offers can be mentioned in details and customers get an exact idea of the discounts. Additionally, the offers can be displayed to the customers whenever they shop for jewellery online. For eg, 20% off on making charges, etc.
Designs available 24*7: With online selling, your store will be opened 24*7 and your customers can view and order the jewellery online at their convenience.
Less investment: A brick and mortar store demands a good location and a considerable investment which is not the case in online selling. Online selling requires lesser investment but brings in a good ROI.
Exact product: Jewellery is a luxury and naturally, people are quite particular about what they want. Online jewellery stores make it easy for the customers to filter the products by price, metal, diamond, etc. Along with filters, the on-site search is super convenient for the customers to help them find the exact product.
Multiple choices from lots of designs online: eCatalog can prove to be a bliss for the stores with a wide range of products because it serves customers to display the whole range of the products without having to keep it on hand. Customers get numerous choices hence increasing the chances of sales.
Troubles/problems for Jewellery eCommerce business:
As mentioned earlier, jewellery is not just any product and shoppers are meticulous while they purchase jewellery. While shopping for jewellery, they turn into perfectionist and they want what they want. Unfortunately, online shopping does not satisfy all the criteria. The below-listed pointers are the most common disadvantages amongst the online jewellery shoppers:
- While purchasing jewellery, people are accustomed to touching and feeling the jewellery before buying it. In the case of online shopping, that cannot be, proving to be the biggest disadvantage of online jewellery selling.
- The management of shipment becomes difficult and risky jewellery is a precious product and it calls for safe and secure shipping methods.
- In the case of returned products, it is the seller who suffers a loss because jewellery is a valuable and the shipment process is a tough job.
- In the case of online stores, the seller needs to display separate images of different angles and videos for a better picture of the product. From a jeweler’s point of view, the product images, videos, and description become quite tedious although it is a one-time investment.
Checklist for a successful jewellery eCommerce store:
- The launch of the website is not enough, an online website demands consistent efforts to continuously reach the right audience.
- Continuous analysis of the behavior of shoppers is mandatory. This will help the seller to determine the changes the be made on the website.
- Now that social media is a part of the basics, investing time in social media marketing consistently is worth it. Besides, plan the digital marketing strategies including email marketing, newsletters, Google Ads, SEO (Search Engine Optimization), Content marketing, etc.
- Discounts are an old faithful and they never fail to do its magic. Promoting your products with apt offers in festivities will keep a hold on your customers.
- Customers preferences and likes change in the blink of an eye with so many options available to them. So launching new collections considering the latest trends and designs intermittently will ensure customer retention.
- Customers always want to get their products to the fastest possible. So ascertain faster shipping of the products.
- Frame your return policies keep in mind the customers because, in the case of luxuries, they expect full return with no questions asked.
- Streamline the manufacturing process to get your final product ready in specific and least possible time.
- Crystal clear communication and coordination between various teams including designing, manufacturing, website management, and shipments, in order to get your product delivered in right hands at the right time.
- Get your products certified from prominent certification authorities in order to gain the credibility of the customers.
The details mentioned above are just the tip of the iceberg because eCommerce is as vast as worthwhile it is. There are numerous factors to be considered while setting up an eCommerce store and consistent efforts to keep it going.
Our team has been putting consistent efforts in analyzing these factors constantly and keeping up with the latest jewellery eCommerce trends. If you need any consultation for setting up a jewellery eCommerce store, feel free to get in touch with us.
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