Dropshipping is one of the most lucrative business ventures today, but it doesn’t always work well, especially if you are not sure about how to go about the business. To ensure that you get the best out of your dropshipping business and that everything runs smoothly as you set up your dropshipping business, this article shares important insights into everything you need to know and do when running a jewelry dropshipping business.
But before we talk a look at some of the top tips for dropshipping, here are the top reasons why you may want to sell jewelry online.
For starters, the jewelry industry is one of the biggest, most profitable industries that are worth about $70billion. Over the years, there has been an increase in overall online jewelry sales, which makes this one of the niches that you may want to get into. Some of the most popular jewelry markets worth investing in include Europe, United States, and even China, which means that audience targeting is much simplified for you, especially when it comes to ads creation. There is also the fact that the jewelry niche provides and features one of the widest product selections, and you’d be able to choose to sell any of the wider jewelry selections from silver and gold jewelry to rose gold pieces. You’ll also be happy to know that there is a large product variety, meaning that you can sell earrings, watches, necklaces, and cufflinks, among others. With multiple styles of jewelry in all these categories, along with the option to sell jewelry in various categories, including men’s, wedding, and women’s jewelry, selling jewelry only could easily be one of the best business ventures for you to try out.
There also is a wide variety of niche complements for jewelry, and you could see easily diversity in several other product categories like bridal, fashion, and accessories, among others.
To be able to sell the jewelry across some of the biggest markets, one of the most effective marketing strategies would be through the use of a strategy known as dropshipping, specifically, dropshipping for jewelry.
Dropshipping jewelry online is a process that allows for easy experimentation with most types of jewelry products, specifically as you try to figure out the niche that works best for you. Thanks to dropshipping, you won’t have to stock the jewelry products you intend to sell, even when the products are listed in your store. As a result, you can easily, and without making losses, remove any and all of the unpopular products from your store with just one click while adding new products to replace the removed ones without suffering major losses. This is made possible by the fact that your interested customers will place orders for different products, and the orders are fulfilled by the manufacturers or larger suppliers directly – you don’t have to stock up on the jewelry you are selling, which is why dropshipping for business is one of the most appealing online business ventures for jewelry among other product types.
Thanks to dropshipping, you don’t have to worry about running a whole jewelry business that could leave you with boxes of unsold and slow-moving inventory. The risk of running huge losses is, therefore, eliminated, and being a dropshipper means that it is a lot easier for you to test the existing market conditions, allowing you to determine your best sellers at no additional cost.
The operational costs around drop shipping are also generally low, and this allows you to focus your efforts on the marketing side of things rather than the packaging and the shipping logistics. On top of all that, using the right tools and setting up your store right means a larger avenue for automation and an increase in the profitability of your business.
So, how can you grow your jewelry dropshipping business? Before you read all this post, if you want to buy cheap fashion jewelry for sale, please check our services and products!
Jewelry Dropshipping Tips to Grow Your Business
1. Market Research
Though it’s regarded as one of the easier ways of earning income passively, dropshipping is more of a means to an end rather than an end by itself. So, if you are looking for a more reliable form of market research to be able to increase the profitability of your business, you should consider researching first.
Keep in mind that dropshipping works well as a way of mitigating risk; it is a low-risk venture that allows you to determine and find what the best products to sell on your page are. So, instead of increasing the cost of inventory by filling up your warehouse with unpredictable products that may not even sell, dropshipping gives you an idea of what products you should sell and the ones you shouldn’t.
2. Understand who the main jewelry manufacturers are
To be able to run a successful jewelry dropshipping business, you need to be able to find and work with the industry’s biggest manufacturers. For example, did you know that most of the jewelry on the market today and most of what you will be selling from your store is manufactured in China, specifically in Shenzhen, which is the frontier in China’s gems and also the jewelry industry? Most of the jewelry products made in China have a huge market in North America, South America, Western Europe, and the rest of the leading world markets;
The primary reason why jewelry manufacturing seems to be congregated in China has to do with the need for the highest degree of specialization by the jewelry manufacturers, whether in the production of specific categories of jewelry or in the production of accessories. The specialization and high degree of precision is also needed because of the use of materials like stainless steel, plastic, leather, and sterling silver, all that must meet the highest quality requirements during and after the manufacturing processes.
Keep in mind that the best jewelry manufacturers have put up measures to ensure tracking and management of the manufacturing process to prevent and reduce quality issues that may arise as the jewelry is manufactured. With defective pieces of jewelry being one of the biggest issues faced in the production of the jewelry, you need to make sure that the manufacturer you work with has one of the best quality control systems for controlled manufacturing procedures and also for the jewelry parts and the materials used.
3. Understand how dropshipping works
To make the most out of your jewelry dropshipping business, you need to have a clear understanding of how the entire process works. Primarily, you need to know that the dropshipping jewelry business is the kind of business that doesn’t allow you to spend money on the business to be able to make money. With dropshipping, it means that you will not have to spend any money before you’ve made sales, and as mentioned above, you won’t have to place large orders or excess inventory to get started.
In a nutshell, here is how dropshipping works:
First, a customer makes a purchase for jewelry from your online store
You will place the order for the products ordered from the jewelry product suppliers,
Once ordered, the supplier will package and ship the ordered products to the customer directly.
4. Determine what the best products to dropship are
Some of the best, top-selling jewelry niches when it comes to jewelry dropshipping are as follows:
Fine Jewelry – if you are planning to sell high-end jewelry from your ecommerce/ dropshipping store, for example, gemstones set in solid gold or genuine diamonds, then you need to be careful about the quality of the jewelry you will be selling and also where to source the best of these jewelry varieties from. The best of these jewelry options often fall into the wedding or engagement rings or even jewelry for special occasions, which means that they are high-quality pieces. And anyone buying them is looking for the best quality jewelry that will not deteriorate easily. Fine jewelry includes rings, necklaces, brooches, earrings, and bracelets, among others. While fine jewelry features high retail prices, you will sell a few pieces at a time, but you will be happy with the good profit margins.
Fashion jewelry – this is the most popular type of jewelry sold through dropshipping. This class of jewelry is made of cheap metals like brass, copper, and brass, and semiprecious stones. These are low-ticket items, and though the quality of the pieces is low, they are fast-moving, with a large market for fashion jewelry always available.
Gold Jewelry – Gold doesn’t ever go out of style/ fashion, and it’s remained a staple in the jewelry world, which is the case because it always looks great. Gold jewelry can be sold from your dropshipping store with ease, and all you need to do is to find different types of gold in various purity levels. The purity of gold also determines the price and the quality of the pieces sold, allowing you to easily meet the needs of different markets. As long as the quality of the gold pieces you sell is great, you are sure to make good profit margins from selling gold online. Remember that gold is one of the accessories that is always here to stay, and you only have to guarantee sellers the best quality products and also stick to the delivery times.
5. Vet your suppliers
Since jewelry purchase is a very emotional purchase with your customers and potential customers buying jewelry to commemorate specific occasions or as rewards because the jewelry makes them feel great or because the pieces of jewelry are cute, you need to find the most reliable suppliers for the jewelry. What this means is that if your shipping products and the quality of the products might undermine the purchase experience, you need to make sure that the supplier delivers the same quality of products as promised, all time.
Settle on a supplier only when you are sure that they will offer the products they promise. You can do this by checking user reviews and asking for backups and confirmations from other buyers before settling. Things to look for when searching for the best suppliers include their shipping times, product descriptions, and their supplier ratings, among others.
6. Presentation of the website is crucial.
The next important consideration to keep in mind is how your store is set up and its presentation. Appearance is everything when it comes to selling jewelry (or anything else for that matter) online, and if you are going to make sales, you need to make sure that the website themes you settle on encourage a stunning website design. Besides finding the best themes, you also need to look for layouts and designs that are mobile-friendly, highly responsive, and SEO-friendly.
7. Take excellent product Photos.
Even before your business is up and running, you need to make sure that you take excellent photos of the jewelry you will be selling. Buyers must connect to the photos of the jewelry, and the right photos mean that they will be able to have an emotional response to the products on the website. So, go ahead and create excellent products that will melt your customers’ hearts.
The best part about doing this is that you don’t have to find an expensive camera or a studio to create the best photos for your jewelry. Just keep the photos simple and pretty and work on the lighting.
8. Have options in place to protect you from overselling
When it comes to seasonal product overflows, you could cut down costs on the products you sell by stocking up on the inventory that you are sure you will sell and that you will be able to meet the high seasonal demands. To avoid disappointing your customers, have drop shipping options and make sure that all your suppliers are reliable. Options mean that you have great insurance in case of extreme eventualities.
9. Setup reliable and strategic shipping systems
Since shipping can be an issue in some problematic locations, you need to be able to cover high shipping costs and deal with issues around taxes and only extra fees. You also need to able to rest out new locales for shipping.
10. Be careful about the high-maintenance products.
High-maintenance products include large products, heavy products, fragile products, valuables, as well as products that require handling in special conditions. The extra care and maintenance or storage costs associated with these products mean that you could run great losses if you are not careful. Be certain that you can handle these risks before you invest in such products.
Done right, dropshipping is quite profitable, but you can increase the profitability of the venture by following the tips shared above.