Being a $70billion industry, it is safe to say that jewelry market is one of the biggest in the world. With annual sales of €148billion – and an expected growth of 5 to 6 percent per year, the jewelry industry is expected to total €250billion by 2020.
Moreover, while the customer recession dampened in the post-recession years, it seems to follow an upward trend now. Thus, if somebody asks for the best time to invest in the jewelry business, now is the time to do just that. And for consumers looking to sell their personal jewelry for cash, there are some great online diamond and jewelry buyers.
Although the abovementioned situation presents a glittering picture, there is one downside to the jewelry industry: it is very dynamic. With consequential changes in consumer behavior and industry, you just can’t expect to do business as usual and earn the rewards.
Thus, to get your share of the pie, you should be alert to the developments that are taking place around you. If you don’t do it, it is very likely that you would be left behind by more agile competitors of yours.
Thus, if you want to make the most profit of your business, try the aforementioned methods.
Keep up with trends
As mentioned earlier, jewelry industry is a dynamic market. However, even if it stagnates, you need to keep expanding your product range in order to accommodate the latest trends. In addition to allowing your business to evolve, this technique would keep your customers interested.
Also, when you will have the new items in stock before anyone else, your customers will know where to go to look for the latest fashion. Hence, your name in the industry – along with your profits, would automatically soar.
Avoid Fake Selling
If there is one thing which unites the brand names like Bvlgari, Gucci, and Tiffani and Co., it is their vulnerability to being a victim of counterfeiting. Much to their dismay, customers seem to accept this improper behavior and this unlawful business is prospering.
However, if you want to do your business online, you just cannot afford it. Once the likes of eBay or Amazon know that you’re counterfeiting, they will close down your account. Moreover, in rare cases, the brand owner could also file a suit against you.
Give your buyers a reason to choose your product
If you want to differentiate your business from those of other sellers, it is imperative that you develop a USP (unique selling proposition) for your business. As everyone cannot go for facebook marketing and TV commercials, the best way to differentiate your business is through fair trade jewelry. Unlike other trends, this trend has been here for quite some time and will remain here as well.
As the same suggests, “fair trade” jewelry refers to those jewels which are made and decorated by artisans in good workable conditions. Thus, once you tell your customers that you are taking care of your employees, they, in turn, will take good care of your brand.