Find out the differences between these two store types and determine which one will work for your jewelry business.
Because of the pandemic, many shops popped up online. The jewelry industry is not an exception; in fact, the online jewelry market is forecasted to gradually grow by 0.72 percent to just over $7.6 billion this year despite the health crisis.
The continuous rollout of vaccines has prompted brick and mortar shops to open up after months of temporary closure. Thankfully, businesses are going back to how it was before the pandemic. So if you can’t decide whether to open an online or physical retail or wholesale fashion jewelry store, this article might help.
Here are the differences between an online and physical jewelry shop:
Let’s start with the competition. In this category, competition online is greater than with physical stores. You can find competitors on social media, Amazon, Etsy, eBay, and online in general, as some have their own e-commerce websites. However, for physical competition, location is a factor. You need to open a shop in an area where there are no, or at the least, just a few jewelry stores.
2. Marketing and Advertising
In this aspect, both online and physical shops are equal. Both can market and advertise online via Google ads and ads on social media. They can make use of other online marketing channels like SEO and email marketing. As for physical businesses, they can build local SEO by creating a Yelp and Google My Business listing.
3. Customer Trust
Potential customers will shop for jewelry pieces in physical stores more at ease than buying online. In a store, they can see and hold the item and even try it on. As for online shops, customers can only see the jewelry in photos or videos. This is why it is important to provide high-quality images of jewelry if you choose to sell online, as well as customer reviews to build customer trust.
4. Overall Expenses
Opening an online shop will cost much less than opening a physical store. With the latter, you’ll have to hire staff to run the shop, pay utility bills, and pay rent. Online shops would only require you to pay annual website hosting fees and web developer or none at all if you wish to sell via social media. Seller fees on Amazon and Etsy are relatively cheap as well.
If you are still undecided, you can ask colleagues and friends for suggestions. People with jewelry selling experience are the best ones to consult.