Are you willing to do everything that it takes to make your online wholesale jewelry business reach to the heights that you have always wanted? Are you scared of not getting the desired results? Worried about where you may leave the glitches and the fear of not being able to realize the same is making you even more anxious? Just relax. I am here to help you. Have you ever wondered that maybe, the foundation that you are laying for your business requires some re-thinking? And this is precisely why the whole structure, despite so many efforts doesn’t seem to be strong enough. In this blog, we will start from the beginning, and that perhaps will give you a new slant about the strategies that you are building.
WHY IS ONLINE A GOOD DECISION?
You made your first best decision when you decided to take your wholesale jewelry business online. You must have done your fair share of R&D in advance. But, in case you have missed anything, let's quickly recall what must have motivated you to go online.
- You want your customers to have an access to your products whenever they want, be it morning 4 a.m. or evening at 9 p.m.
- You want to be available for your customers whenever they need or want.
- You value your customers' time and comfort. Therefore, save both the things by letting them shop in just one click.
- Also, you are a bit 'selfish,' and do not want to sacrifice your travel plans, and online business will allow you to work from anywhere in the world.
- You wish to measure the returns on investment on different parameters to keep improvising and online platform will make the survey easier.
I hope you kept all these things in mind when the idea of doing an online wholesale jewelry business came into being.
Now, without much ado, let's explore what you are here for.
"7 things you need to know to start an online wholesale jewelry business."
KNOW YOUR CUSTOMER WELL
You know how important it is for your online wholesale jewelry business to do the consumer market research. Knowing who will be your customers and what are their needs and wants! Do you want to tap a whole new segment or target an existing market! Not to scare you, but it becomes a bit tough for you as your client base is the clomp of wholesale jewelry retailers and re-sellers. So, their needs and wants will be dependent upon their market research.
KNOW YOUR PRODUCT LINE
Being an aspiring wholesale jewelry manufacturer, you know how wide the range of jewelry can be. With all the gemstones, metals, varieties, & designs, there can be an infinite number of permutations and combinations. Your work lies where you have to identify what will be your product line. Which gemstone or metal do you want to deal in! This will be dependent upon various factors like your geographical region, the potential customers, and many more.
KNOW YOUR COMPETITION
Remember you will not be the only one out there. Doing everything right but ignoring or underestimating your competition can put you in trouble even before starting. A detailed study of your potential competitors will help you get the edge over others. Through this, you will know what were the strategies that did not work and you obviously save your time, money and efforts in not repeating the same mistakes again. However, you should always experiment to explore your potential.
PRICE & VALUE
Price market research is one of the very crucial factors that will decide whether or not your online wholesale jewelry business will be a success. Through proper research, you will get a fair idea about how much your target market is willing to pay for the jewelry that you are manufacturing. For your jewelry, you have to be very peculiar and careful about the prices you decide for your products. This is because you will be at the third step after the jewelry retailer and the end customer.
STUDY YOUR TARGET MARKET’S GEOGRAPHY
The market which you will be tapping will play a vital role in your market research. That defines the mindset and worldview of the target market segment. The story which the Indian market buys apparently proves to be a failure in the US market and vice versa. And, besides that, it becomes a little tricky as an online platform will give you a rare opportunity to have a face to face interaction with your potential or final customers.
GET YOUR PROMOTION RIGHT
By far, everything is going well. You have done a fabulous job doing the market research and about to launch your online wholesale jewelry business with a boom. Right market, right place, correct prices, and everything. In the initial years, you will do pretty good, but ask yourself, do you see yourself growing? Or do you see the much required expansion and growth? The right promotional strategies will let you achieve your long term goals. If you can be creative, that will be an added advantage.
END TO END SERVICES
Since you are planning to run an online business of wholesale jewelry, it becomes imperative for you to build and maintain your reputation. One of the best ways of doing this is by making your services impressive. While purchasing jewelry online, there will be some concerns in the mind of your potential customers. Here, it becomes essential for you to solve all their concerns and queries through whatever method you feel is convenient. Be it mails or delivery or just about anything.
So, now you know the significant points to be kept in consideration if you want to be an online wholesale jewelry manufacturer. And I hope reading this blog helped you to better plan your strategies and you could identify the points which you may have missed. Or, the areas which needed due attention because of which your business would be suffering.
Also remember, there is no rule of thumb when it comes to running an online wholesale jewelry business. You can always show your creative side and a little measured risk while experimenting never harms.
BE GRAND..BE UNIQUE..!!