American jewelry store sales have been over $32 billion in the last few years. Reports state that more than 52,300 jewelry stores in the United States contribute to the global market of around $300 billion. Statistics like these make it easy to see that selling jewelry in your boutique may be worth investigating.
Deciding to sell jewelry is a small first step, followed by numerous others that create a successful venture. Below is a brief guide to selling jewelry in your boutique. These tips will help you pick the right jewelry to sell in your boutique.
When it comes to selling jewelry, you must figure out your jewelry niche, a specialized section of the jewelry market. To find your niche, you may start with the broad market of “all jewelry.” Then start narrowing down that market based on jewelry details that distinguish them from others, match your brand, and meet your customers’ preferences.
For example, “all jewelry” may become “fashion jewelry,” which narrows to “personalized jewelry” or “personalized metal jewelry.” You can continue to narrow your niche or keep it open to give yourself room to expand. Some boutique owners may choose to sell only personalized gold wedding bands, and others may sell all types of wedding jewelry for men and women.
Types of Jewelry
When choosing jewelry types for your boutique, it can be overwhelming when you begin searching for the right pieces. There seems to be an endless supply in every category. To simplify it, focus on the various body parts your customers may want to adorn with jewelry.
- Neck jewelry includes pendants, layers, strands, stations, collars, lockets, and fringes, to name a few. You must also choose the right length, kinds of materials, colors, and purposes for the necklace.
- Arm Jewelry includes bracelets, cufflinks, armlets, bangles, and cuffs. It is crucial to keep your customers’ styles in mind, as well as measurements. You could purchase the most beautiful arm jewelry, but it won’t sell if it doesn’t fit your customer, it won’t sell.
- Hand Jewelry includes rings that vary greatly. Do your customers want wedding, promise, class, engagement, gemstone, or fashion rings?
Additional types of jewelry can be worn on the ankles, hair, head, and belly. Depending on your customer age group, you may sell medical alerts, religious relics, watches, or jewelry for clothing. Because there are so many options, you must know how to choose the right jewelry for your boutique.
How to Buy Wholesale Jewelry
After gathering information about the types of jewelry you prefer to sell, it’s time to figure out how to get them for a reasonable price, allowing you to make a good profit and satisfy customers. Pay attention to the following, and you will make the right decisions:
- Trends, avoid buying outdated jewelry pieces or selling timeless, classic pieces
- Promotion, how you will let your customers know about available jewelry
- Set a budget and do not exceed it
- Your brand’s message should be represented by the jewelry you sell
- Enhances the clothing and other products you sell in your boutique
- Quality of products must be high
Finally, your success rate can increase significantly by using a wholesale supplier that can meet the above needs. They will be up-to-date on trendy jewelry. They offer a wide range of high-quality products to fill your display racks. Their prices fall within your budget.
Finding A Quality Wholesaler
Wholesalers are companies that purchase jewelry directly from the manufacturer or designer. They buy high quantities at reduced costs and then use the same business model to sell jewelry to retailers.
Searching for the right wholesale supplier will take some research, but your efforts will pay off. There are specific steps you can take to ensure you choose the best.
1. Create a list of “must-haves” by a wholesale supplier. Your list may look something like this:
- Good reputation
- Good reviews and references
- Fits the budget
- Has jewelry, clothing, and other products
- Ordering is simple
- Shipping is free
You can add anything you feel is essential to your list. Some bonuses include small-batch ordering, free samples, and easy-to-understand contracts. You may find there is not a wholesale supplier that meets all your needs, and, in that case, you can choose the one that meets the most on your list.
2. Search online and in-person, conduct interviews, and read what people say about them on social media pages. You may want to start with an online search for an American-based wholesaler. Choosing an overseas supplier may appear cheaper initially, but unforeseen problems can cost you more in the long run. Problems like missed shipping deadlines, holdups at customs, poor quality, and language barriers, are just a few examples.
3. Test the process of buying in bulk by placing an order. You will be able to experience everything involved in purchasing large quantities of jewelry for discounted prices. Start with the online ordering process, which should be easy and quick.
Try negotiating the terms of the sale for better pricing or free shipping if they do not already provide it. Judge their customer service team and how they treat you. Find out about lead times and return processes. Their responses may indicate how they maintain accountability.
Advantages of Buying Wholesale Jewelry
Finding the right wholesale jewelry supplier means advantages for your boutique. Aside from paying less for quality items, buying wholesale is convenient and saves time and effort. You can also get peak-season purchases and marketing materials for promotions.
Saving money with wholesale purchases allows you to pass those savings on to your customers. You will also have advanced knowledge of upcoming jewelry trends that will give you an edge over competitors. Finally, buying wholesale makes it easy for you to grow your business in the future.
You can find a wholesaler that wants you to succeed just as much as you do. When you succeed, you will likely become a repeat customer of their company. Everybody wins!