Learn the disparities between these two kinds of shops and know which one will work for you.
In this digital age, more and more online shops have popped up. The jewelry industry is not an exception; there's a significant number of online jewelry shops even on Facebook. However, retail jewelry stores are still operating and selling well. If you're planning to open a jewelry store for your wholesale fashion jewelry, you must weigh the options whether to open an exclusively online shop or a retail shop. That said, here is a list of differences between the two to help you decide.
Competition is the first thing you should consider. There is much more competition in online than with retail. You can find them on Amazon, Facebook, Instagram, Pinterest, and Etsy, and some have their own websites too. The location is not a factor, as customers are willing to pay shipping fees. With retail, on the other hand, location matters as competition depends on it. Choose an area where there are a few or no other jewelry stores at all. If you open another shop of the same industry in a small area, there is less chance of success and thus, not advisable.
Marketing your retail store products is limited to again, the location. You are limited to changing storefront signs, giving out flyers, and displays. The only people who will potentially be your customers are those passing by the storefront. Building a customer base for an online shop, on the other hand, is much easier and cheaper. You don't need to print out flyers to give out to passers-by; all you have to do is promote your products on your social media accounts and share them on all platforms. You can easily create promotions to attract new customers as well.
Potential customers will shop for jewelry pieces in retail stores at ease, compared to buying online. This is because they can see the actual product and can try them on as well. With online shops, you can only choose pieces based on their photos. Some customers also have doubts as there have been some reported scams online. That is why if you plan on opening an online shop, do not forget to add actual photos of the products worn by real people, evidence of shipping of previous orders, as well as customer reviews.
Opening an online shop obviously costs much less than opening a retail store. With retail, you'll have to think about the exterior and interior designs, you'll have to pay people to run the shop, utility bills, and even rent if you do not own the place. For online, you only have to shell out an annual amount of money for website hosting if you plan on having your own domain, as well as a web developer to help you with the maintenance of the site. Selling wholesale fashion jewelry on Amazon, Facebook, and other social media accounts is also much cheaper.
And of course, you can always ask friends and colleagues to help you with your business decisions. People with business experience are the best ones to consult. Good luck with your jewelry shop!