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Jewellery Ecommerce Consultant

Jewellery Ecommerce Consultant

Online Jewelry Business | Jewelry Ecommerce

The online jewelry industry has seen significant growth in recent years, with more and more consumers turning to the internet to purchase high-quality jewelry. One of the main advantages of buying jewelry online is the convenience it offers. Customers can browse through a wide selection of products from the comfort of their own homes, without the need to physically visit a store.

In addition, online jewelry stores often offer competitive prices due to their lower overhead costs compared to brick-and-mortar stores. This allows customers to find high-quality jewelry at more affordable prices. Another advantage is the ability to easily compare prices and product offerings across different websites, which helps customers make informed purchasing decisions.

What are the Challenges faced by Online Jewellery Retailers?

  1. One of the biggest challenges is the need to establish trust and credibility with customers. Since customers cannot physically inspect the products before purchasing, online jewelry stores must invest in high-quality product images and descriptions to help customers make informed decisions. They must also provide excellent customer service and clear return policies to ensure customer satisfaction.
  2. Another challenge is the competition. The online jewelry industry is highly competitive, with many players vying for a share of the market. Online jewelry business must find ways to differentiate themselves from the competition, whether through pricing, product selection, or customer experience.
  3. Shipping and logistics also present a challenge for online jewelry players. Jewelry is a high-value item, and customers expect it to be delivered quickly and securely. Online jewelry stores must ensure that their shipping and logistics operations are efficient and reliable, and that they have systems in place to prevent loss or damage during transit.
  4. Finally, online jewelry players must stay up-to-date with the latest trends and technologies in the industry. They must constantly innovate and adapt to changing consumer preferences, as well as stay on top of developments in areas such as mobile commerce, social media marketing, and data analytics.

Overall, the online jewelry industry presents a number of challenges, but those who are able to overcome them can benefit from the growing demand for high-quality jewelry online.

How YRC can help to Start an Online Jewelry Business Or Expand your Jewelry Business?

If you’re considering starting your own jewelry line or opening an online jewelry business, there are several key steps you’ll need to follow to ensure your venture is successful. Here are six important steps to keep in mind:

1. Market Research:

(Product Demand, Competitor Research, Product & Pricing Research and Customer Analysis)

To create a successful jewelry brand, you need to define your niche and decide what types of products you want to sell. Consider categories like women’s daily wear, wedding wear, men’s wear, pet jewelry, gold, silver, diamond/platinum, designer, and costume jewelry. Creating a list of subcategories and attributes will help you prepare a comprehensive category list.

Identifying your target market is crucial for positioning your brand in the market. Determine who your target customers are, their age group, where to find them, when they buy jewelry, and how they buy it. Answering these questions will help you create an effective brand positioning strategy.

2. Jewelry Business Plan

To start a successful jewelry business online, you need a detailed business plan to identify all costs associated with starting your venture. This includes your capital investment, operating costs, breakeven sales, ROI, margins, and marketing and operations budgets. Creating a jewelry brand requires good cash flow planning. It’s essential to determine your cash flow projections for the first six months to one year. Consider seeking the advice of a jewellery e-commerce consultant to ensure your business plan is well-structured and financially viable.

3. Website UI/UX & Development

If you’re new to the market, start selling on marketplaces to get an insight into the market. If you’re an existing brand or a funded e-commerce startup, build your jewelry website on the right e-commerce platform, such as Magento, Shopify, Woo Commerce, or Big Commerce. Choosing the right platform is crucial for creating an effective online presence.

4. Define Policies and Procedures (Industry Best Parctices)

Before launching your website, devise your sales, return goods, refund, exchange, and gift card policies. Publish them on your website to provide transparency and build trust with your customers. Develop your front-end and back-end procedures, such as order management, customer service, purchase, inventory management, accounts, HR, marketing, merchandising, supply chain, and last-mile delivery.

5. Integrate IT Systems

Use WMS, CRM, inventory management, and last-mile delivery software from day one to manage your e-commerce business efficiently. This will help prevent delays or errors in picking, packing, dispatch, and stock-out situations. It’s essential to have a professional and efficient IT system to create a seamless customer experience and provide a “brand feel” to your customers.

6. Omnichannel Presence

Having an omnichannel presence for a jewelry business offers several benefits, including improved customer experience, increased customer engagement and loyalty, higher conversion rates, enhanced brand recognition, and improved inventory management. It also provides customers with seamless shopping experiences across multiple channels, resulting in increased sales and revenue.

ewelry Business Consultants at YRC (Your Retail Coach) will give you a clear roadmap to expand or start a successful online jewelry store using an effective online jewelry business model. To get in touch with YRC team

Case Study

P. N. GADGIL JEWELLERS

M B Ashtekar Jewellers

De Beers Forevermark

FAQs

Is it profitable to sell jewelry online?

Yes definitely, there are numerous successful profitable brands selling jewelry online. We would suggest to build a business plan with an expert, as every business has their own dynamics, strenghts and weaknesses which needs to be assessed before hand, to ensure its shall be not just profitable but also sustainable.

How much does it cost to make a jewelry website?

Jewelry website with 10-12 page categories and approx 50 to 100 SKUs listed can cost anywhere around 1500 to 6000 USD, depending upon various parameters. A multi-region and mutil-language website with cross-border operations can cost anywhere from 5000 to 10,000 USD. Having said that, the more you compromise on features, the more you reduce the cost and the more you add features to enhance CX, the more you add on the website cost.

How can I expand my imitation jewellery business? Or How can I improve my online jewelry business?

Imitation jewelry has good demand and potential to sell online.

Few key elements to consider for jewelry business growth:

  1. Brand Niche: Its important to tell your customers that why they need to buy from you and not your competitors
  2. Brand Experience: Repeat buying is the key to build a profitable business. Poor service, systems and processes will lead to loss of trust in the brand.
  3. Brand Franchising: Jewelry franchsing has proven to be successful amongst various brands
  4. Omnichannel Retailing: Today its not about being just present online and offline, but giving an omnichannel experience. To know more about this subject. click here: https://www.youtube.com/watch?v=Ti5eNhYxRVg&t=32s

Contact an YRC Expert today to explore growth opportunities for your business.

How to start a jewelry line with no experience

Ways to efficiently manage your jewelry business:

  1. Conduct a market research to understand your competition. Click here to read more. https://www.yourretailcoach.in/how-is-competitor-research-different-in-ecommerce-how-to-do-it-right/
  2. Make a Business Plan to understand the Investment, ROI, Payback period, etc with an experts who understands the nuances of the jewelry business.

 

To get help is above areas, get in touch with YRC Retail Jewelry Consultants today !!

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We work only for Visionaries.

PROCESS AUTOMATION

The idea of having Ecommerce Consultants on-board from the beginning itself points towards reducing the involvement of the promoters in daily operations. Ecommerce Businesses willing to be a brand reaping profits & sustaining the competition must ensure that most of their processes should be automated. The more the manual intervention, the more would be the errors.

In Ecommerce business, you get only 1 chance to impress the customer & if you mess up there, you lose the customer for long.

Process automation in respect to all the activities pertaining to customers from order receiving to order fulfilment is a must for a seamless experience for the customers.

Task Management is another grey area where most deadlines fail as 90% of the tasks are assigned manually & are forgotten, unheard, misunderstood or mistaken.

YRC Team of Ecommerce Management Consultants helps to make maximum of the processes system-driven to ensure minimalistic manual intervention.

VIDEOGRAPHY & PHOTOGRAPHY

No matter how good your product is, the customer would know only if it looks good.

Photography includes the following steps:

  • Cataloguing your products
  • Cataloguing your images
  • Backup your images (A few cloud storage solutions include Dropbox, Google Drive, Bitcasa, Apple’s Cloud Storage etc.)
  • Choose the right camera & lens (You may also outsource the photography to a third party agency)

DIGITAL MARKETING

Digital Marketing includes SEO & SMM. SEO i.e. Search Engine Optimization includes activities like back-linking, meta tags, blog-writing etc. to ensure your website ranks on the 1st page on Google Search.

Next comes SMM i.e. “Social Media Marketing” which as the name suggests including promoting your products on all the social media sites, email marketing, influencer marketing & several other BTL activities.

These activities are going to be recurring & would decide the traffic on the website, the conversions, whether the right target market is tapped, the likes, the views, the orders, the reviews & much more. YRCs Ecommerce Consultants create a budget for digital marketing right from pre-launch to launch & for each month thereafter.

Building digital marketing strategies in coordination with the agency, selecting them to signing them off would be the role of YRC.

This ensures seamless coordination, detailed interactions & desired execution as it is always advisable to work with a single agency than multiple of them.

IT INTEGRATION

Selection of the right software for smooth functioning of back-end operations right from production to webstore display would be suggested and integrated by YRC Team.

YRC’s Team defines SOPs of Product Movement, maps it with the locations & people. They then create a blueprint of all the features required in the software & help in shortlisting & selection.

IT Integration involves connecting your offline inventories with real-time online webstore so when a sale occurs, inventories get deducted real time across offline as well as online platforms.

This helps in accurate inventory management, maintaining the MOQs, re-order levels & achieving the optimum inventory levels.

Some popular software include unicommerce, viniculum for your front-end website management & Genisys for your entire back-end Purchase, Production, Accounting, Invoicing etc. management.

WAREHOUSE & LOGISTICS PLANNING

  • How many cities or countries you wish to sell in?
  • Where should your Warehouse be located?
  • Should you have one warehouse in each country or city?
  • Should you be having your own delivery team in your base city?
  • Would the 3rd party vendors be reliable? What happens when they lose or misplace your product during delivery?
  • How should I manage the logistics if my goods are coming from different countries?
  • How should the goods be stored and barcoded?
  • How much space do I require for warehouse?
  • I am sure several such questions must be haunting you while you think of starting your own fashion ecommerce brand.

 

At YRC, our warehousing and logistics experts can help you devise a strategy for all of the above mentioned queries and much more.

We design the layout of the Warehouse considering the inward, goods processing, software entry, barcoding, outward, goods return, scrap storage, goods stacking & much more.

Logistics route plan is devised considering the manufacturer to your warehouse and from there to last mile delivery locations.

UI & UX DESIGNING

This Step involves 03 distinct parts:

Part 1: Choosing the right Platform:

From several platforms available in the market right from Shopify to magento, woocommerce, prestoshop, wordpress etc. you must choose the one that fits best for your business

Part 2: UX Designing:

“UX” denotes User Experience, which if put in simple language is building the functional requirements of the website.

UX Designing includes designing the features required in the website, customer journey map, website features, the browsing features, navigation features, ecommerce order management process flow, checkout cart features, catalogue management, ecommerce payment system, cross selling features & much more.

“As per statistics, 68% of the customers abandon the carts before payment”

An interesting UX ensures the customer sticks on to the website for a longer time.

Part 3: UI Designing:

UI stands for User Interface, which means designing the look and feel of the website. UI includes using the right colours, elements and the entire aesthetics of the website.

A good User Interface ensures the user completes the task that he has come for. It navigates the user through the journey of the brand in the simplest but most effective way.

The UX designer maps out the bare bones of the user journey; the UI designer then fills it in with visual and interactive elements.

If User experience is the bare bone, user interface wraps it up with an attractive cape.

At YRC, our team if experts can help you develop the entire User Journey to ensure it is engaging!

SAMPLING & PRODUCTION

This step follows the “Designing” Phase, whether you have an in-house design team, freelance designers or an outsourced design company. It is one of the most exciting phases, as here you see your designs turning into products & your ideas turning into reality.

In most start-up cases, production is outsourced i.e. brands tie-up with the established manufacturers/ job-workers to get their products manufactured.

Sampling involves multiple 04 Stages, Fit-Sample, Prototype Sample, Pre-Production Sample & the Production Sample.

Prototype Sample is the first sample provided to the buyer. It can be in any fabric/ colour. This sample is just to understand whether the product design looks equally great in reality.

Fit Sample, as the name suggests is prepared to check the fit of the garment i.e. the various sizes, length, width etc.

Pre-production is made by the actual production line. Here the stitching quality and other aspects related to manufacturing are checked. This is the last stage where rejection can be accepted.

Production Sample is made before the production which is the replica of what is going to be finally produced.

Once you are through with all this, you are good to go ahead & get your goods manufactured.

PRODUCT DESIGNING / SOURCING

Product Designing or Sourcing is the heart of the Ecommerce Fashion Brand.

Product Designing / Sourcing can be done in several ways, as follows:

  • In-house Design Team
  • Freelance Designers
  • Outsourced Design Team
  • Ready Product Sourcing (From Manufacturer or Wholesaler)

At YRC, we evaluate your business strategy & business model to arrive at the decision, which of the above ways would be best-fit for your business. In certain cases, product sourcing may be a combination of the above.

These are the people who are going to build your brand! Whether they are the designers or merchandiser, your brand look is going to be in their hands.

If you are designing each garment from the scratch, the sourcing would play crucial role in developing design identity of your brand.

Sourcing includes fabric, trims, lining & all the raw material required to build the garment.

BRANDING

Branding is the “Look of the Brand”, right from logo to tagline, the colours used, the brand story, the brand communications on social media, the packaging & all the other aspects which speak directly or indirectly to the customers. Branding constitutes the look & feel of the brand & hence must be thoughtfully planned to match with the product that we are selling.

Branding must appeal to our target audience. Example : A golden colour logo depicting finesse, art, richness, premium, however beautiful it may be individually cannot go with a brand selling affordable kids wear products. So, your logo must be in-line with your brand positioning, whether you are an expensive brand or a luxury brand or a value for money brand, it must be depicted from your “Branding”.

It is an integral part to attract the target audience.

ORGANOGRAMS & SOP’s

Organogram is the “HR Blueprint” of the business which is created at the onset, to map out the team required across each function at various stages of the business. At the launch, only key people need to be got on board to ensure the project gets started & at this stage, all of them need to multi-task. Similarly, certain financial as well as operational goals are set for addition of the further team. Example, for the operations team, we hire 1 operations manager during the pre-launch phase & we add 1 more only when the business kicks-off & we reach a volume of selling more than 1000 pcs/ month or a turnover of more than 0.1 million USD.

SOPs are Standard Operating Procedures, a bible to run the entire organization right from Sales, Purchase, HR, Order receiving to Order fulfilment, Inventory Management, Accounts, Warehouse, Logistics, Supply Chain, Production & all the other relevant functions for the business. Business must be organized from its first day of operations; only then the tasks can be delegated.

At YRC, we design the organization structure, the processes, and approximate time taken to execute each process, job profile of every member within the organization, their KRAs, KPIs & the Reporting Structure.

CRITICAL PATHWAY

Critical Pathway Analysis (CPA), is a project management technique which cannot be overlooked while launching an ecommerce fashion brand. Brand launch process is cumbersome with multiple inter-dependent & time-bound tasks involved, which need to be tracked to ensure the project remains on track.

CPA outlines key tasks across the project, their turnaround time (TAT) & the dependencies of tasks upon each other. It identifies the sequence of tasks, their interdependent steps from inception to completion, their criticalities, and their dates of onset, target dates of completion along with the key responsible person for the respective activities. Critical Pathway helps in understanding the unimportant & not urgent tasks which may jeopardize the execution of the project because of an unexpected snag! It also maps out the potential bottlenecks which might be posed because of the dependencies of tasks upon each other & cases where the next task cannot be commenced before the completion of the previous one.

CPA detects the minimum & the maximum time involvement of a particular individual or team to execute the task, thereby arriving at the overall deadlines associated with the project.

At Your Retail Coach, we design the Critical Pathway & review it periodically to ensure the project is on track & the progress is measurable.

BUSINESS STRATEGY & BUSINESS PLAN

Business Strategy includes the vision, mission, goals, business model, business plan & strategy for all the functions within the organization.

Business Strategy is a well-defined plan that outlines who, what, where, why, how & when for the company; for example, who would be the target market, how to attract the target audience, when to launch new products, where to operate from, how to handle competitors, what would be the USP, what would be long term goal of the organization & several other answers to the 5Ws of Strategy.

Business Strategy aligns the organization towards a common goal. Business SWOT helps company to identify & overcome their weaknesses & focus to sharpen the strengths. Business strategy forecasts future risks and helps business in building skillsets to overcome the potential threats.

YRC’s Business Plan focuses on creating a “Blueprint” of the business, thereby deriving the feasibility of the concept & gauge whether the opportunity is lucrative to invest time, energy & effort. Business Plan creates cash flow understanding i.e. building inflow & outflow cash projections from Week zero to week 60 i.e. 05 year projection. Business Plan calculates the capital investment, operating costs, one-time costs, recurring costs & all the other numbers relevant to obtain the breakeven sales, return on investment, return on capital, internal rate of return & several other ratios. Business Plan is also one of the important requirements if you are targeting the “Investor Route”. Fund raising becomes extremely transparent & channelized. With business plan panned out clearly, the business will know until what point must it be stretched & where to stop, which reduces the probability of unplanned investments.

MARKET RESEARCH

Starting the concept of Ecommerce Fashion brand with Market Research ensures we get detailed understanding of the industry & this research report also acts as a social confirmation for your concept. Market Research helps in understanding the target locations, their population, potential online buyers for your product, competitors for each category, and top selling products of the competitors, competitors’ price range, offers & their responses & much more. Market Research helps in thorough understanding of your brand position as compared to our competitors. It helps in identifying gaps in the market, in your category along with the scope of the said product in the desired market. This will help in validation of your concept & prevents you from making the same mistakes as your fellow brands, eventually saving your time, energy & efforts. This phase is also a make or a break phase, as the market research study may at-times come up with some eye-popping numbers & statistics which might compel you to re-think on your product or category that you are planning to sell or alter your entire concept itself!! Market Research Reports analyse the competitors’ webstore for their traffic, conversion & sales. This is extremely valuable information to derive our inventory budgets & projections, which takes us to our next phase.