- The jewelry industry is estimated to be worth around $270 billion and is expected to grow to $300 billion by 2022, offering diverse products.
- Jewelry has high demand, even during economic downturns, because it is perceived as a luxury item.
- Starting a jewelry business requires low overhead costs and offers creative freedom for entrepreneurs.
- Digital marketing strategies such as high-quality photos, social media presence, SEO optimization, and video marketing can be used to stay ahead of the competition.
- Entrepreneurs can take advantage of resources available in the industry, such as online tutorials, trade shows, and supply stores.
Starting a business can be an intimidating prospect for a new entrepreneur. With so many industries to consider, selecting one welcoming to new players can make all the difference in ensuring a successful and enjoyable journey. One industry that stands out as particularly friendly to newcomers is the jewelry industry. Though it may seem daunting at first, there are several reasons why this industry is an excellent choice for first-time entrepreneurs. Here’s what you need to know about the industry, why it’s great for newer entrepreneurs like you, and how you can use digital marketing to get ahead.
The Jewelry Industry
The global jewelry industry is estimated to be worth around $270 billion today. It’s expected to grow to around $300 billion by 2022. This means there is plenty of opportunity for new businesses to make their mark on the industry.
The jewelry industry is highly diverse, offering a wide range of products, styles, and designs for customers to choose from. From traditional metal or gemstone pieces to modern design-based items crafted with 3D printing technology, entrepreneurs can find endless products to sell in this industry. Here’s why it’s so attractive to newer entrepreneurs.
High Demand
One of the most significant advantages of starting a jewelry business is the high demand for jewelry. In the U.S., it’s estimated that about 34.8 tons of jewelry is sold annually. This is because even during economic downturns, jewelry sales often stay strong. This is because jewelry is often seen as a luxury item, and consumers are willing to spend money on something that makes them feel unique or sentimental.
Low Overhead Costs
Starting a jewelry business often requires relatively low overhead costs compared to other industries. This is because jewelry can be made on a small scale with basic tools and materials. Additionally, selling jewelry can be done through various channels, such as online marketplaces, craft fairs, or consignment shops, eliminating the need for renting a storefront.
Creative Freedom
Another great perk of starting a jewelry business is the creative freedom it offers. Jewelry allows for a wide range of materials, designs, and styles. This means entrepreneurs can tailor their products to their unique tastes and style. This can be a great way to stand out in a crowded market and build a loyal customer base.
Versatility of Products
Jewelry can be made for various occasions, from weddings to everyday wear. This means the jewelry market is diverse and can cater to many customer needs. Entrepreneurs can also choose to specialize in a particular type of jewelry, such as earrings or necklaces, or offer a wide range of products to appeal to a larger audience.
Access to Resources
Finally, the jewelry industry offers ample access to resources for new entrepreneurs. From online tutorials and courses to trade shows and supply stores, many resources are available to help entrepreneurs learn the ropes of the industry and meet other professionals in the field.
How to Leverage Digital Marketing For Your Success
Although the industry has a lot of room for you to grow, you can’t avoid competition. Here are ways you can use digital marketing to make your business more successful:
High-Quality Photos
You must have high-quality photos of your jewelry. Most of the work done for jewelry photos is done in post-production. That’s why you must invest in the best photo editing app for jewelry. The app must-have features such as cropping, color correction, and 3D rendering. The app can determine the photos you’ll have to show your consumers.
Social Media Presence
A strong social media presence is essential to digital marketing for jewelry businesses. You can use Facebook and Instagram to post beautiful images and content that will attract potential customers to your site. Additionally, running promotions or giveaways can help you get more followers on these platforms and spread the word about your business.
Search Engine Optimization
Search engine optimization (SEO) is another crucial aspect of digital marketing for jewelry businesses. SEO involves optimizing your website to appear higher up in search engine results when someone searches for related terms. This will make it easier for people to find your website for jewelry online.
Video Marketing
Video marketing is a great way to showcase your products and increase visibility for your jewelry business. You can create videos of you working in the studio, demonstrating how to make jewelry pieces, or simply showing off different jewelry styles. Posting these videos on platforms like YouTube and Vimeo will help get your brand out there and drive more traffic to your website.
A jewelry business can be an excellent venture for a new entrepreneur. With the right resources and digital marketing tactics, you can make your mark on the industry and build a successful business. Now that you know why this is such an attractive industry for entrepreneurs, it’s time to start!
