Owning your own jewelry business can be exciting, but it can be quite challenging. One of its many challenges includes buying the right fashion jewelry to showcase in your store. Buying wholesale fashion jewelry is one of the best things you can do for your business. This allows you to stock up on your inventory for less cost, so your business can gain a bigger profit margin.
With this in mind, here are seven things you should look for when buying wholesale fashion jewelry:
1 - Type of Jewelry
If you are not sure what to look for when buying jewelry, you can easily make mistakes. So to avoid errors, you need to perfectly understand the types of jewelry pieces you want to buy.
But before you can determine what type of jewelry you want to buy, you need to make sure that they are marketable to your target buyers. Start by thinking about your brand, what type of customers you aim to reach, and what kind of products you think they will buy. For example, if your target customers are millennials, you might want to focus your jewelry collection on trendy designs.
2 - Trustworthy Wholesaler
The most important thing you should look for when buying wholesale jewelry is a trusted and legitimate jewelry supplier. Hundreds to thousands of wholesalers can offer you the best prices, but remember that you need to consider the quality of their products and the customer service you’ll be getting.
So when searching for a wholesale jewelry supplier, start by checking their brand online. Get to know their brand and products by checking their website and social media pages. After verifying if the business is legitimate, the next thing you should look for is their reviews and feedback. This will help you tell a lot about how they handle their customers. It will also give you an idea about the quality of their products.
3 - Jewelry Trends
To make your jewelry business profitable, you need to know the jewelry trend. Most of your buyers are likely to purchase these pieces. The best way to build your brand is to tell your customers that you know the market and what’s currently trending.
To know the current trends in the fashion jewelry scene, take time to read magazines and fashion blogs. Check images from fashion runways and research the models’ jewelry accessories. Knowing the trends will be an advantage for your business as you can offer your customers the newest designs.
4 - Quality and Design
You don’t want to offer something to your customers that lacks quality. So make sure to double-check the quality of the jewelry you’re planning to sell in your store. You can do this by placing small orders of the jewelry you’re planning to add to your collection. This way, you will be able to test their quality and check their design before doing a bulk order. And if their quality doesn’t meet your requirements, you can buy from another wholesaler without losing too much money.
Aside from quality, you should also consider the design and materials of the jewelry. What kind of material and gemstones do they use? Is the jewelry hypoallergenic or not? Does the jewelry design suit the taste and preference of your target market?
5 - Pricing
When it comes to wholesale jewelry, the retail price is usually double the wholesale price, meaning that you can earn a markup of 100%. However, note that you must include certain factors such as operations costs and customer acquisition.
You need to make sure that the jewelry you’re getting will be profitable in the long run. Know your options and compare prices from different wholesalers. Go with the one that meets your quality and price requirements.
6 - Brand Niche
When buying wholesale jewelry, you also need to consider your brand niche. You don’t want to buy jewelry that won’t appeal to your target customers. A niche is a small market segment that focuses on a specific attribute that meets customer demand. Small businesses need to find their niche. It will be easier for them to do their product research and marketing. For example, if your brand focuses on selling affordable engagement rings, then instead of offering diamond rings, a better choice will be to provide cubic zirconia or moissanite rings.
7 - Customer Service
Customer service is significant, especially when choosing a wholesale jewelry supplier. You need someone you can depend on, which means partnering with a supplier that delivers good customer service. This includes being able to deliver your orders at the right time, being good with communication, and can meet your requirements to help run your business efficiently.
Take note of these factors, and we’re sure that you will be able to find the right wholesale jewelry supplier for your business. For more tips, make sure to follow our blog.