The International Gem Society (IGS) estimates that jewellery was discovered around 25,000 years ago. Inside a cave was a plain necklace shaped like a fish bowl.
Depending on its importance and meaning, this necklace may have been a gift, a status symbol, or a lovely décor piece. Though the whole tale will never be known, thinking about the possibilities is exciting. From ancient Egyptian cultures to the United States of today, jewellery has allowed individuals to display their unique personalities, affection for romantic relationships, and friendships. Our jewelry manufacturers’ experiences are hardwired to appreciate beauty, express ourselves, create fashion statements, and pass jewellery down to future generations as treasures.
Hard Luxury Products
Because beautiful items tend to appeal to people, jewellery is a timeless buy. The worldwide jewellery market was valued at $228 billion in 2020 and was expected to reach $307 billion by 2026. The global market for luxury jewellery was estimated to be worth $22 billion last year. The eCommerce figures show promise; by 2020, the online jewellery business is expected to reach $21.5 billion. The proportion is predicted to almost triple to $60 billion in seven years.
Compared to pre-2020 figures, the COVID-19 epidemic and the ensuing limitations on foreign travel significantly affected the jewellery industry’s overall decline in demand. According to McKinsey, revenue in the fine jewellery sector fell by 10% to 15%. Nonetheless, there is hope for the future; McKinsey and Business of Fashion anticipate a rebound in the numbers in the next years. Due to the expanding demand in international markets, especially in Asia, and the rising spending power of younger consumers, the fine jewellery industry is expected to expand by 3-4% annually. Experts predict that the region’s branded jewellery sales will increase to 10–14% yearly, with China and India leading the way.
Sustainable brands and internet sales are likely to fuel this anticipated development. The rivalry will intensify for independent and legacy businesses due to rising prices and the internet levelling the playing field. Businesses will have more opportunities to draw in, interact with, and win over consumers if they successfully build connections with them online.
Experts forecast that a few distinct factors will persuade consumers to purchase throughout the next months. One of the biggest trendsetters is sustainability. According to Business of Fashion, the number of consumers purchasing products for environmental concerns is expected to more than triple in the next years, placing pressure on manufacturers to create unique products while preserving natural resources.
The Case for Online Jewellery Sales
People’s shopping habits have permanently changed due to the COVID-19 epidemic. Additionally, individuals trying on jewellery in shops may become unsafe due to unknowns about public health. Starting an internet jewellery company makes sense since it’s a secure and effective method of reaching customers.
Aside from the obvious benefits of convenience and safety, internet shopping opens up a world of brand discovery for consumers who would not have otherwise encountered them. Regardless of your location, you may contact clients anywhere globally as a merchant. You have an equal opportunity to create a discoverable shop whether you work as a team at a bigger brand name company or independently as a jewellery designer on Etsy.
Remember that the argument for selling jewellery online existed even before the COVID-19 outbreak due to demographic patterns. The increase in Gen Z shoppers is one significant trend to watch. Gen Z buyers were 40% of all shoppers worldwide just before the pandemic, indicating that they are poised to overtake other expenditure groups in terms of purchasing power. Thanks to these folks, people from all generations are starting to make different choices when it comes to what to buy.
The National Retail Federation (NRF) states that this generation, the first to be digital natives, has become more reliant on social media and online shopping to find new items. This tendency has become worse throughout the epidemic.
According to NRF research, 87% of parents base their purchasing decisions on their kids’ recommendations. These patterns suggest a historical turning point in how individuals purchase new jewellery, an enduring cultural mainstay of human civilization. Selecting the appropriate niche and creating a distinctive brand are essential to starting.
Plated Accessories
Buyers are often drawn to the feel and appearance of precious metals but cannot pay the high cost of exquisite jewellery. Plated jewellery, composed of low-cost metals and covered in a coating of precious metal, is one way to enter this industry. Another less costly substance that is coated with a rare precious metal, such as silver or gold, is nickel.
You should have tight contact with your producers if you offer plated jewellery. First and foremost, you must ensure that the products you sell are lead-free since this element is dangerous and may legally jeopardize your business. Additionally, you must make it obvious to prospective customers that the jewellery is coated rather than made of real precious metal. Remember that non-precious metals might cause allergic responses in some individuals. Therefore, it’s important for you as a merchant to be transparent to provide customers with a feeling of security.
Exquisite Jewellery
Precious metals, unusual designs, and rare gemstones comprise the fine jewellery speciality. Pieces are usually produced in small, unique quantities to accompany their high price tags, which may reach tens of thousands of dollars.
The scarcity of the materials and the excellent quality make fine jewellery so appealing. High-quality jewellery often lasts a lifetime and becomes a family legacy that may be passed down to subsequent generations.
Due to the expense, most consumers may only buy exquisite jewellery a few times. Richer consumers could purchase expensive jewellery more often and be more inclined to sign up for loyalty programmes.
Because many fine jewellery items increase in value over time, buyers often see them as investments. Because of this, great demand and a high resale value are common for exquisite jewellery.
The most popular types of fine jewellery are engagement and diamond wedding rings. Exquisite jewellery is also often purchased for important events.
Conclusion
Three essential components are needed to create a successful online jewellery business, from brand creation to scale: a flexible and well-designed website, smart marketing tactics, and cutting-edge eCommerce technology.
Brands may engage consumers where they are and give context and reason for emotionally charged jewellery purchases by consistently matching consumer expectations. This makes purchasing jewellery online seem less like a transaction and more like making a personal purchase from a friend.