- What is a Wholesale Jewelry Business?
- Why and How to Resale?
- Where to Get Suppliers ?
- FAQs About the Wholesale Jewelry Business
The jewelry industry has been in existence for a long time.
Jewelry has been a staple fashion accessory from the Egyptian dynasties to the present moment.
Before jewelry was used as a status to represent status symbols.
These days jewelry is used as a form of fashion expression.
The growth of the jewelry industry can be attributed to the increased consumption that is as a result of the increased disposable incomes among both men and women.
The changing perception of how people regard jewelry has also caused, more people to buy jewelry than before.
It is no longer a surprise to find men wearing rings, or necklaces as daily fashion pieces compared to before when jewelry was only thought of as being a woman’s accessory.
What is a Wholesale Jewelry Business?
Wholesaling involves the sale of items usually at discounted prices to a retailer who eventually sells the product to the end customer.
Wholesaling involves high purchase orders of items that are then stored in a warehouse for sale, the goods the wholesaler sources for are those that are trending and up to date to make a profit off the sale.
The jewelry industry is highly competitive with new trends coming up frequently.
The sale of jewelry has increased over time due to the increase in disposable income among buyers with jewelry gaining popularity for being a staple luxury item that is a must-have for every person and this has been brought about by the inclusion of jewelry in fashion runways.
Clothes retailers are also now involved in selling jewelry items making them easily accessible to customers. Most of the notable jewelers are also getting in on the online wholesale and retail platforms leading to an increased sale of jewelry pieces.
With the increased demand for jewelry, the business of selling jewelry is also one that is gaining popularity.
The wholesale jewelry business involves sourcing of unique and trendy jewelry pieces to sell to retailers so whether you want to get into the jewelry wholesale business to supplement your income or as a main source of income, the wholesale offers a lucrative and attractive choice to do so.
Some of the benefits of the wholesale jewelry business include:
- General affordability wholesale business involves buying products at cheaper prices in bulk and selling them to retailers at affordable prices, wholesaling allows you to then attract a lot of customers who will, in turn, increase your sales.
- In the wholesaling business, you have the option of selecting jewelry pieces that are trendy and unique to sell this makes it easier to make sales as you will always be selling items that are on demand.
- Wholesaling also allows you to offer goods in the quantity that is desired for resale.
- The wholesale business allows you to access a diverse number of products that can be sold across a wide geographical area enabling you to make profits.
Why and How to Resale?
The business of reselling is one that involves buying goods from a manufacturer and selling them at profits while acting as a middle man between the manufacturer and customer.
For first time entrepreneurs, the resale business is the best way to get into business but like any other business, you require a lot of patience and commitment for the business to succeed.
To get into the business you have to understand the way it works and the benefits you will get from it.
Some of the benefits of a resale business include:
- Reselling allows you to sell a large number of products as customers will only pay for goods that are available in your store. You also can diversify your products over time to get more customers.
- Reselling enables you to launch your business sooner as you don’t necessarily need to have an inventory of products to start your business. Immediately you sourced for suppliers your business is set to begin.
- The reselling business contains limited financial risks as the cost of starting the business is low. You will only pay for the goods that the customer’s order through your store.
- Reselling gives you the freedom to set your preferred prices to be able to make profits. Since you will source the products at very affordable prices, it is easy for you to set your prices to increase your profit.
- Reselling allows you to tap into other products as you do not necessarily have to stick to one product line if you chose to. The business allows you to test out several niches at a time as you do not need to have an inventory of products.
- Most of the resale processes have been automated making it easy for you to spend less time and hassle running the business. Reselling saves you the time you will need to package and distribute products.
There are several steps you can take to start a successful resale business and these include:
- Have a clear plan on your business model as this will help you map out the specifics of your business and help you identify loopholes that you may need to work through.
- Identify the costs required to start the business and run it this will enable you to gather enough resources required for you to sustain your business over time.
- Find your target market and set prices to ensure that you will make profits from your sales. This involves a lot of research on the market scene for the area you want to set up your business and the customers to find out how much they may be willing to pay for a product.
- Define your brand to enable the customers to easily identify with what you are offering. Defining your brand will make you stand out in a highly competitive resale market.
- Establish your online presence –due to the increase in popularity of e-commerce most businesses are moving online and so to ensure that you get more customers to ensure that your customers can easily reach you online.
- Market your business- without efficient marketing; it is near impossible to sustain your business. Marketing allows you to gain new customers for increased profits.
Where to Get Suppliers ?
Suppliers are essential in any business as they provide the materials for selling to the customer.
Suppliers are your main business partners and they will either make your business successful or cause it to fail even before it starts.
When looking for a supplier there are several things you have to consider:
- Your preferred niche- finding a product niche will allow you to scale down on the numerous suppliers available.
- This will enable you to find a supplier who will be able to give you the particular type of products you need.
- Determine your preferred process of getting suppliers –there are several ways you can find suppliers; to find your most preferred method of looking for suppliers, you will need to research the types of ways available and find one that you prefer. You can either call for bids or approach the suppliers directly.
- Evaluate the bids that have been submitted to find your most preferred supplier. This will ensure that you get a supplier who will fit your specific requirements.
- Monitor the supplier by constantly checking and appraising their performance to ensure they deliver as per your specifications. Since the supplier is the backbone of your business, you will need to constantly ensure that the supplier you choose is efficient. Ensure that you work with a supplier who is trustworthy for your business to succeed.
You can also get suppliers from various distribution networks, attending trade shows to identify a specific supplier or you can also subscribe to various trade publications to ensure that you get alerts on the various sales that are happening.
FAQs About the Wholesale Jewelry Business
How do I find wholesale jewelry suppliers?
You can find suppliers through the various online directories available or you can search online for a preferred wholesale supplier and contact them directly.
Is the wholesale jewelry business profitable?
The wholesale jewelry business is profitable because the demand for jewelry is also high.
But for an individual business, you will need to take the steps that are necessary to increase your sales to ensure you make some profit.
How can I increase my sales?
Marketing is the most efficient way to increase your sales at any given time. You also need to ensure that the products you are providing are of good quality and the latest trends.
There is a whole list of jewelry wholesalers online and to find the best you require conducting thorough research and finding the one that fits your business.
Nihaojewelry is among the top wholesale websites available online for fashion jewelry and accessories. The company offers efficient services and affordable quality products to allow you to start your business.
Like any other business, the jewelry business can be successful and earn you huge profits as more people are buying jewelry these days.
You, therefore, need to find the most efficient business model to use this will require you to conduct thorough research to find the best business practices.