Planning to start an online jewelry business? Here are some things you should know to avoid making mistakes in the future.
Selling jewelry online is a fun business, especially if you love wearing jewelry yourself. Once you build a name and credibility, everything seems to be sailing smoothly. However, it may not all be rainbows and unicorns. There's a chance to fail due to overestimating profits or having not enough exposure. To avoid these things from happening, try to avoid these common mistakes when starting an online jewelry business.
Forgetting to research the market and your target audience.
Researching on these two is utterly important. You have to learn what type of wholesale fashion jewelry sells best online, as well as your competitors. Do not just pick out the pieces just because you think they are pretty. Remember that is not you who will wear them, but your target audience.
If your target audience is the millennials, make sure to offer jewelry pieces that will appeal to this age bracket. Conduct a survey among your friends or even actual potential customers.
Not having a consistent plan.
Just because it's an online business does not mean there is no need for a formal business plan. Well, that's wrong. Your business plan doesn't have to be complicated, all you need to consider are what type of jewelry pieces you want to sell, the price of the jewelry, your budget, and who your target audience is. Everything has to be planned out so everything will be consistent and organized.
Neglecting to respond to inquiries.
There are times when you may too busy with the transactions that you forget to attend to inquiries. Potential customers will lose their interest if you totally ignore their messages. Remember that you should always make it an excellent experience for your customers, whether they are potential ones, or repeat clients. And aside from answering their questions, do not forget to interact with them as well. Doing so increases the chance of customer trust, as well as the chances of them giving you a good review.
Giving too much but receiving almost nothing in return.
Giving out freebies and holding promotions are good for exposure and customer credibility. However, these should be done in moderation. This is because you might be spending too much on these freebies that you forget about your ROI. That said, an alternative is to give freebies that do not cost anything. This could be a free guide on how to clean their jewelry in an e-book form, or exclusive access to a community that focuses on jewelry trends.
Spending too much on ads.
As with your freebies, your bills on Facebook and Instagram ads can add up too. Once you've built credibility, you can lay low on creating ads in the meantime. Focus on your transactions first or in the other aspects of your business. Only continue making ads if you have new products in your inventory, or if you have new promotions and discounts. Always do everything in moderation to avoid being a candidate for bankruptcy.
If you need to add more jewelry pieces to your inventory, check out Cerijewelry.com!