Wholesale jewelry is one of the most efficient tactics you could go for when you are in the midst of growing your jewelry business. It enables you to be pre-emptive in your technique, especially if you’re just starting out or already have a plan in place.
Equipped with the appropriate tools, you can get in touch with wholesalers and ask them to send you the jewelry you want in bulk, which may result in faster results than investing in a craftsperson that may add to extra costs which your business may incur.
There are a few factors to consider when starting on a wholesale-based strategy (selling directly to shops).
First things first, before you start your business, it is important for you to define how you want to operate in the market. For example, will you be selling directly to customers (B2C), or will you be distributing to businesses (B2B)?
In the first example, you will purchase wholesale accessories and then resell them to jewelry merchants. The price you charge for your items will be lower than retail but greater than the amount you paid for them.
If you have the funds to invest in your business and products, then this would be a good choice considering you buy in bulk which gives you a considerable margin to play with.
In B2C, however, you will need to purchase wholesale jewelry from any wholesaler online, like for example, CJ, and preorder your inventory from their website.
They have about thirty warehouses worldwide, with an option to choose from any of the warehouses listed on the website. And if you choose to operate entirely online, then you have the option to use a drop-shipping service—also provided by CJ.
This makes procuring wholesale jewelry process a lot easier for beginners who are just stepping afoot in this industry.
#2 Know Your Business’s Vision
If you are new to the whole idea of wholesaling jewelry, then the first thing you must do is acquire the skills necessary for tapping into this idea that might be new to you. Do you already have the skills to persuade, negotiate, and sell?
Then you are cut out for this type of business. To further solidify your income stream, it becomes essential to identify your business’s vision and goals to align all the remaining things accordingly.
#3 Choose the Type of Jewelry You Want To Sell
As someone in the jewelry business, you must be aware of different types of jewelry that you can wholesale but decide on the type of jewelry you want to sell is one of the main factors that come into play when running a successful jewelry business.
There are different options for you to go for, there’s playful, funky jewelry, fine jewelry, costume jewelry, and fashion jewelry. You should also consider focusing on whether you want silver, platinum, gold, zircon, bead jewelry, or some other material.
Depending on the option you go for, you may have to plan a budget accordingly. Costume jewelry is the least expensive option you could go for if you’re up for experimenting with the business before establishing a strong footing.
You could find costume jewelry just about anywhere, wholesale jewelry though however can be bought from different websites like AliExpress, CJdropshipping, Alibaba, etc.
#4 Price Your Jewelry Line Appropriately
As a jewelry business that’s new to the idea of wholesaling jewelry, you must remember that you must keep your customers satisfied. No customer would want to go through making a purchase only to realize that they paid a little too much for a product they could’ve procured from elsewhere.
Although you may be tempted to spike your prices a little higher than the wholesale price, it is recommended that you keep an ethical profit margin on each of your products depending on your brand’s positioning and your target audience so that you can build a good brand image among your customers.
There are several online wholesale and drop shipping platforms that you may find when looking for an appropriate wholesaler suitable for your business needs.
But with that many wholesalers, it becomes a little confusing and difficult to sift out the ones that may provide you with the right products in alignment with your business.
You could check out Alibaba or AliExpress, two of the most popular jewelry wholesalers on the internet. You could purchase from them in bulk, but the waiting time for both the eCommerce websites is a lot, especially after the COVID-19 outbreak.
On the contrary, CJ dropshipping is an excellent alternative to the websites mentioned above; it is faster and more convenient.
If you have a jewelry business and want to sell unique jewelry, then you could check out CJ dropshipping; they source and ship the supplies for you and allow you to focus on the selling aspect of your business, allowing you to make more room for concentrating on your business’s operations.
#6 Define Your Jewelry’s Vision
One major thing that you must focus on, especially as a jewelry business, is what are you willing to achieve by selling jewelry? Is it a good idea to wholesale jewelry?
What sets you apart from the rest of the competitors in the market offering the same thing? And to answer these questions, you must establish a vision before diving headfirst into the whole jewelry retailing business.
If you want to resell jewelry of a specific style, then you’ll need to browse through a long list of products available on any wholesaler’s website.
Like for example, if you want to order a certain type of jewelry, you need to go through websites like CJ drop shipping, Aliexpress, and Alibaba. Categorize each and every product of yours and then stock the ones that you may need for your business.
#7 Define Your Target Audience
An important step that you can take when running a jewelry business or expanding one is to define who your target audience is so that all of your jewelry pieces are in line with your business’s vision and goals.
There are stores all throughout the country (and the world) that could be interested in selling the items that you also have in your store.
However, this causes a barrier when you’re initially starting out, and it might be challenging to identify which stores to contact first.
Spending a few hours considering the perfect audience for your business will help you concentrate on your approach. When it comes to ideal clientele, you would want to create profiles that are truly unique.
#8 Create A Market Strategy
Once you have decided upon a jewelry wholesaler, you must determine which type of marketing strategy feels right for you.
Calling jewelry stores and offering your items at an appealing price may be the quickest approach to secure consumers in a business-to-business approach. Attending relevant trade exhibitions is another possibility.
When it comes to business-to-consumer, your effectiveness on a site like eBay will be decided by your price, descriptions, and ability to leverage the keywords that your potential clients are searching for.
However, if you rely solely on your own website, you may want to invest in paid promotion.
#9 Set Policies In Place
The perk of buying wholesale jewelry is that you may ship away numerous items with each order because you are purchasing at a wholesale price rather than retail pricing.
To make your jewelry company a success, you’ll need to set a baseline that not only makes each order worthwhile for your time but also makes sense for a business.
When determining your bulk order, consider what would form a coherent and eye-catching display in a storefront. It’s easy to establish relatively low orders in order to get stores/customers to buy from you, you’ll sell better at a store when they have more stock, which generates more re-orders.
#10 Use Different Platforms To Sell Your Jewelry
What we do not realize as business owners is that similar jewelry pieces can be sold to a specific audience through different social media platforms that may link your customer to your product’s website.
Just like that, if you have invested in wholesale jewelry or wholesale jewelry supplies, you need to make people aware of your business in order to sell the jewelry that you’ve purchased in bulk.
Social media platforms play a key role in defining your business’s brand awareness, and once you’ve amassed enough following, you may also be approached by several jewelry wholesalers online, depending on your reach and size.
The points mentioned above may help you find your way through the saturated marketplace by defining a niche for your business to stick to all in alignment with your business.
There are several jewelry wholesalers online, among which CJ dropshipping is currently one of the best, considering how you can link your Shopify business with the platform and source your products.
And not only that, but they also assist business owners by allowing them to access products at wholesale price.
In addition, what many people in the jewelry business do not realize is that they can set themselves apart from other sellers by simply focusing on how they choose to sell and position their products.