How to Create and Run a Successful Online Jewelry Store

The Indian jewelry market is the largest and most diverse in the world. According to market insights from Statista, by the end of 2024, it is expected to have a phenomenal turnover of USD 81.26 bn, and is also expected to grow at an impressive CAGR of 4.59% till 2028.

Traditionally, the market has been dominated by high-value, luxury items that were considered to be important investments, and usually worn on special occasions like weddings and anniversaries.

Over the last decade or so, however, there has been a significant shift by consumers towards simple, lightweight, and affordable jewelry that can be worn on a daily basis, and which reflects the latest fashion trends. In fact, according to Statista, the non-luxury segment accounts for a mind-boggling 98% of the total revenue.

Another significant transformation in consumer buying behaviour is the growing preference for purchasing jewelry from online channels. While it is true that offline channels still account for nearly 90% of the revenue, online sales have been steadily increasing, especially since the pandemic.

As per Statista, compared to pre-pandemic levels, revenue from online channels has increased to 10.1% in 2024 from a mere 3.5% in 2019.

Advantages of Having an Online Store

A growing number of jewelry businesses are realizing the benefits of selling their products online, either through their own online stores or third-party eCommerce marketplaces like Amazon or Myntra.

Through an online store, they can:

• expand their business by reaching more customers globally
• offer lower prices with special offers for special occasions
• provide easy customization options
• allow customers to compare different products
• get meaningful feedback on improving the quality of their products
• offer multiple, secure payment options
• facilitate timely delivery and easy returns or exchanges

Whether you are an established jewelry business owner or a small start-up, having your own online store gives you more control over your products.  From pricing to marketing, you can exercise greater autonomy over your processes, and enjoy a larger slice of the revenue pie.

In this blog, we will share some insights into what you can do to establish a successful online jewelry business.

A Step-by-step Guide to Creating an Online Jewelry Business

Settling upon your niche

The good news is that there is plenty of room for new entrants into the jewelry market. Having said that, you need to research and identify your target customers. The younger crowd is always on the lookout for new styles, unique designs, eco-friendly materials, etc. Or, like Bangalore-based start-up MetaMan, you can settle on a segment of the market that is still underserved, such as men’s fashion.

Next, you need to settle on the type of jewelry that will serve your target audience, whether it is fine jewelry, fashion jewelry or something in between. Then, you need to figure out the product type that you wish to sell, i.e., rings, necklaces, bracelets, earrings, watches, or any other type of wearable jewelry. You can either design the jewelry yourself, or commission it from professional jewelry designers.

Creating your brand

Create a company and register it with the proper authorities. Give your company a unique name and build your brand around it. This is a very important exercise as your brand is how your customers will identify you. Create a captivating story around your brand, use instantly identifiable design elements including fonts, colors, logos, taglines, etc., that will resonate throughout your entire brand from your website to your packaging, social media and marketing materials. Study how established Indian jewelry brands such as BlueStone or CaratLane have become household names.

Devising a business plan

Depending on your budget and financial requirements, you need to create a comprehensive business plan, if you intend to approach investors. Even otherwise, a detailed business plan can help you formulate a clear blueprint of your market, your business model, business goals, vision and mission, marketing strategy, expenses, and future expansion plans.

Producing your Jewelry

Once you have settled on your product line, you need to figure out if you will be producing the jewelry in-house or outsourcing to professional jewelry manufacturers. Also, establish where you source your raw materials from and whether your products will be hand-crafted or factory produced, as well as the level of customization that you plan to incorporate into your designs.

Building your online store

Your website is not just a sales channel, but the most important medium to communicate with your target audience. If your requirements are basic, you can design and build your online store yourself using content management platforms like Shopify or WooCommerce. They have an excellent range of design templates, apps, and add-ins to create a fully functional and safe online store. Otherwise, find an established eCommerce website design company that can understand and execute your vision and requirements to your satisfaction.

Ensure that your website is easy to navigate, fast loading and responsive. It should also be optimized for mobile phones and tablets. Create distinct categories for your various products, and provide multiple payment options, including instalment plants for high-value items.

Make your website as interactive as possible by providing options for comparisons between various products, customization options, and using technology like AR/VR for users to see how they look wearing your products. Invest in a professional photographer who can capture stunning images of your products from various angles, and provide captivating descriptions for them.

In addition to the homepage and product pages, include well-designed pages such as ‘About Us’, ‘Contact Us’, ‘FAQs’, as well as disclaimers, returns policies, trust certificates, and various buying guides. You can even have a page showcasing your design philosophy, sources of inspiration, and production methodology. The more informative and user-friendly your website, the more customers will appreciate your service and offerings.

Marketing your online store and products

Ensuring the visibility of your online store is crucial for building your business. Draw up a comprehensive marketing plan with both offline and digital elements.

Your digital marketing plan can include both paid and organic SEO for enhanced online ranking in SERPs and higher click-throughs, social media marketing across Facebook, Instagram, Pinterest, and YouTube, as well as collaborations with influencers, content marketing such as informative blogs and articles, and short videos and image carousels.

You can offer discounts on making charges, memberships and loyalty programs with exclusive previews of new collections, free delivery, etc., and seasonal or special occasion offers.

Add unique value-added services such as BlueStone’s Video Call Cart, wherein users can add designs to the cart, set up a video consultation with their representative, and request for real-time photos and videos. BlueStone also has a Try at Home service, through which users can select designs and have them brought to their home to try them out for themselves.

Scaling your business

Once you have your online store up and running, you can scale your business with ease. You can start small with just a few items, gradually introducing new collections, or withdrawing ones that haven’t worked. You can effectively expand to international markets, find new investors, and tie up with new business partners.

Conclusion

Entering the immense Indian jewelry market can be daunting, but if you are creative, understand your market, find your niche, have a solid business plan, and build a robust online store, you will find that there is a place for you. Jewelry is a product that evokes strong positive feelings such as love, romance, well-being and self-worth. By infusing these emotions into your products and services, and showcasing them through your website, you can establish your brand effectively and build a loyal fan base with your customers.