How to Start an E-Commerce Jewellery Brand? | Jewelry Business #ecommerce #jewellery #startbusiness

How to Conduct Market Research - https://youtu.be/N8bTHEiJGLc
Choose the Right E-Commerce Platform - https://youtu.be/Rd-NK7ME9Hw
E-Commerce Healthometer - https://mindamend.net/tools/ecommerce-healthometer/

The global jewelry market is expected to reach around 307 billion dollars by 2026 as against 228 billion in 2020.
The luxury group LVMH bought Tiffany & Co. for $16 billion.
As per Statista, The size of the online jewelry and watch sales market in 2022 will reach $7.7 billion (about $24 per person) in the US alone.
Witnessing the uptrend in the jewelry e-commerce market, if you are looking to start an e-commerce jewelry brand, then this video is for you.
“6-step guide to Start your E-commerce Jewellery Brand”

Step 1: Identify your Product
Are you planning to start with women’s daily wear jewelry? Or wedding wear jewelry?
Or Menswear jewelry? Or Pet jewelry?
Gold Jewellery? Silver Jewellery? Diamond/Platinum Jewellery?
Designer jewelry? Costume jewelry?
What's your niche as compared to other brands in the market?
You need to dig down deeper to at least 4 levels to prepare a category list of the products that you are planning to start with.
Eg: Vertical - Category – Subcategory – Attribute
Menswear – Silver – Bracelets – Plain

Step 2: Target Market
It is extremely important to identify the 5Ws of your target market, which means
Who are you targeting?
What would their age group be?
Where would you be able to find them?
When would they buy your jewelry?
How can they buy it?
These questions will help you determine your brand positioning.

Step 3: Business Model
E-commerce is not just about buying products from a wholesale market and selling them on amazon or your own website.
Calculate your capital investment, operating cost, breakeven sales, ROI, Margins, Budgets for marketing, operations, etc. You must also determine your cash flow projections to get clarity on how much funds you would need for the next 6 months to 1 year.
You must get your business model designed by an industry expert to secure your funds and avoid any surprises later.

Step 4: Online Listing
If you are new to the market and not sure of which products/categories or designs would do well, you must start selling on marketplaces for a couple of months to get an insight into the market.
But if you are an existing jewelry brand wanting to go online or you are a funded eCommerce startup, you must start building your own webstore.
The most important question while building your e-commerce website is How to choose the right e-commerce platform? (Whether you should build on ( Magento/ Shopify/ Woo commerce/ big commerce etc s).? I have put a video link in the description box. Do refer to that video, which will help you choose the right e-commerce platform.

Step 5: Policies and Procedures
Devise your sales policy, return goods policy, refund policy, exchange policy, gift card policy, etc. It is advised to formulate them not only before starting the webstore, but also publish them on your website. Do define your entire customer journey in black and white with all the deviations, right from the customer entering the website to buy a product to exit to return, refund, etc. Build all the front end as well as backend procedures I.e SOPs for your e-commerce business right from Order Management, Customer Service, Purchase, Inventory Management, Accounts, HR, Marketing, Merchandising, Supply chain, last-mile delivery, etc. Build your manual so that every person joining the company exactly knows what is expected of him.

Step 6: IT Integration
Start using WMS, CRM, Inventory Management, and Last Mile Delivery Software from Day 1 to manage your e-commerce business in the most efficient way and to reduce customer complaints and bad feedback. As 1 bad feedback would turn down 100s of customers who intend to buy from us. The software would also prevent delays or errors in picking, packing, dispatch, stock-out situations, and delay in customer response & would play a major role in giving that “Brand Feel” to the customers.
There are several readily available software like (Zoho, Oodoo, and ERPNext.
These 06 steps shall give you a clear roadmap to start your own e-commerce jewelry brand, your dream business, confidently!
If you are stuck at any point and need expert advice, do reach out to us!

Hope you enjoyed the video.
Thank you!
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___MUSIC USED___
Alec Koff - @YouTubeMusicLibrary

Time:
0:00 - Intro
0:44 - Step 1
1:22 - Step 2
1:58 - Step 3
2:29 - Step 4
3:09 - Step 5
3:56 - Step 6
4:47 - TAT