Wholesale jewelry business, whether done as a side hustle or the main business, provides both aesthetic satisfaction and an excellent revenue source. Jewelry products will never run out of fashion; there are always people with love for fancy fashion pieces, fine diamond or gold. What’s more, people are always looking for cheap fashion accessories as a substitute for the expensive ones they can’t afford. Here are a few tips for running a wholesale business.
* Identify the Niche Cheap Jewelry Market to Venture In
The decision to venture in cheap wholesale jewelry distribution is a huge move, especially due to the vast diversity of fashion accessories in the market. This billion dollar industry offers equal opportunity for mediums of bead materials, costume accessories, cubic zirconia, gold and platinum, and silver jewelry. Jewelry pieces can include rings, anklets, bracelets, and necklaces all of different prices and quality and both for women and men. It’s important to make a decision on the quality design and material of the pieces you want to distribute. Do you want to distribute cheap wholesale bridge or fashion accessories? Do you want pieces made of semi-precious gems or more natural materials?
* Set Standards for the Jewelry Styles and Prices
The first step to take when leaping into the market for cheap fashion accessories is making a decision on the jewelry styles and prices you’ll be selling. Once you have set out a niche market for your cheap jewelry pieces, you can start advertising so that you attract the right customers who share in the same niche market. Whether you decide to sell your pieces on online virtual market, or physically in real stores, it’s very important that customers know the price range for the pieces you’re selling.
* Draft a Business Plan for Your Wholesale Jewelry Business
With cheap wholesale jewelry distribution, it’s important that you decide whether you will operate a business-to-consumer business (B2C) or a business-to-business (B2B) distribution. You can also decide to combine the two approaches for distribution. Write a business plan based on your distribution model, which will affect factors such as wholesale jewelry drop shipping and the discount rates you give to both customers who buy in cash and those who purchase single pieces. You can find cheap manufacturers online and discuss their shipping rates and their general prices for cheap jewelry so that you have a rough idea of the profits that you’ll be making.
* Have a Marketing Plan
The type of marketing that you’ll do for your cheap wholesale jewelry distribution business will largely depend on your target customers. If you are doing a business to business distribution then you could directly call up retailers and give them your offer, showcase your pieces at jewelry trade fairs and also do social media marketing. If you decide on a business to customer model then it’s vital to strategize attractive marketing methods, and attractive prices to lure customers to your e-commerce site. If you have an online website then you can even go a step ahead and pay for online advertising.
The success of selling any type of jewelry is largely dependent on curving out a niche market for yourself and knowing the demand for the particular pieces you have set your eyes on.