|&nbspJewelry reviews

We are once again going to look at another subject in our jewelry review series. The focus of this article will be on whether customized jewelry has potential on the online market.

If it has, what factors account for that, otherwise what could be the cause?

We will examine some major concerns raised, analyze the market, check out some observations and draw interesting conclusions that lend credence to the notion that the online jewelry industry is on the rise.

Bracelet

Stay with us as we cruise you through the issues.

Understanding the jewelry landscape

You must however understand that the jewelry landscape is rapidly shifting towards customized and personalized jewelry. More and more jewelry consumers seek pieces that can operate not only as an accessory but also as a vessel for part of their identity.

More importantly, learn this, consumers are looking for jewelers that are willing to be flexible with their craft and promo customization options as demand rise.

The business which so far commands almost $70billion dollar sales, is the latest to really take shape through online marketing. This indeed revolve around consumer preferences as they become more comfortable buying fine jewelry online.

Interrogating the Concerns…Are there any?

What are the concerns of industry regarding online market for customized jewelry and are those concerns legit?

It is said that in spite of the adoption of e-commerce by nearly every commodity and service, there are a few that have been a bit slow to make the transition. And one of those is fine jewelry.

Experts say the reason this has been so, that the fine jewelry market has been slow to integrate with e-commerce is because fine jewelry purchases, like buying an engagement ring or an anniversary necklace, are emotionally charged purchases.

The Emotional Aspect

The emotional aspect of the purchasing process means the ability to experience a piece of jewelry before it is bought. Coupled with that are issues of whether there can be mass cost effective production of jewelry for an uncertain online market, and ease of supply to a wider global market and the unpredictability of the global economies and millennial.

Necklaces in vogue

The question is how do we navigate our way out of this seemingly bleak view of the online jewelry market?

Well, for the truth, the reality on the ground suggest otherwise. Online sales of cost-effective branded jewelry are growing more than premium jewelry.

According to Forbes, millenials are, now more than ever, shaping the face of the luxury industry for 2018. They are 3x more likely to influence and be influenced by new trends because of our society’s ever-present desire to be ‘in-the -know” and on top.

As it is, the main growth factor over the outlook is the compatibility of consumers with social and digital platforms. And services including free shipping and embedded return policy for consumers have enhanced consumer experience, are key to addressing the issue of availability and supply.

Trend concerns…with styles and designs

Another concern is whether online customized jewelry can be trendy with styles and designs. What we must know by now is that personalized name jewelry is one of the hottest fashion trends being worn by celebrities from supper models, families, students and professionals, to the ordinary guy on the street and everyone in between.

Besides, gold personalized name necklace, personalized earrings, custom-made Jewelry, door knocker earrings, and rings are the perfect gift as they memorialize special names, dates, and monograms of someone who is held dear, including yourself!!

Analyzing the Market

We must understand a few of the possible occurrences, which clearly indicate that jewelry is hugely diverse and sellers offer rings, necklaces, bracelets, brooches, anklets, or belly rings, just to name a few.

Each of these products can be made from hundreds of different mediums such as gold, diamonds, gemstones, silver, bronze, shells, beads, and more!

In fact, jewelry is so diverse that if you start digging into the multitude of options, you will be overwhelmed.

For each unique piece comes a unique design especially customized to meet the ever-increasing needs of customers.

A billion-dollar online business

With jewelry being a billion-dollar online marketplace and because it is a consumer product, it knows no boundaries!

It appeals to both men and women no matter their age (or culture)!

With this in mind, you will find that the business will continue to flourish and you will never run out of buyers.

To cash in on this, you will need to keep your customers engaged by updating your product range, designs and adding up-to-date trends to your online store.

Understand that jewelry is an ever-evolving niche with new trends and fads. The potential cash inflows are limitless.

Don’t be excited, You Got Job to do

You don’t have to be excited yet, since the market need to be worked.

You should be aware that taste change over time so you will have to keep dishing out breathtaking customized designs that your customers will constantly be on the lookout for to add to their wardrobes.

In order to make you have these new hot items in stock, you need to know about the trends even before the most devout fashionistas! It is also important to pay close attention to your social media analytics.

Look for patterns with your products and target audiences, which get the most likes, inquiries and sales? What time of day is best for you to market your business on social media?

Exciting Prospects!!

As on online jeweler, you should know that customization is the main point of differentiation around which the industry in the 21st century thrives.

The same way that local jewelers historically built their business by knowing the taste of their local clientele, you must establish your business based on the ability to source jewelry from a broad range of international suppliers to improve cost-effectiveness and create product differentiation.

Statistics

Let us not burden you with statistics but permit us to ground the points made so far. In 2016, more than 29 million people purchased jewelry online daily.

This figure is expected to expand more than 50percent by 2020. Customized jewelry is a growing part of the $257 billion global jewelry market, whose main buyers are in China and India.

And sales of custom-made pieces for children, especially in India, where elaborate jewelry has long been prized, are becoming a significant part of the sector.

What are we seeing?

We need to take stock of the happenings in the form of observation. What we observe in the market, does it offer any prospects, is it worth investing in to cash in on the boom or is it some bubble lurking around to spring a surprised bust on us?

Indicators…glittering future!!

So far indications are that the jewelry market seems poised for a glittering future. Annual global sales of €148 billion are expected to expand at a healthy clip of 5 to 6percent each year, totaling €250 billion by 2020.

Consumer appetite for jewelry, which dampened by the global recession, now appears more voracious than ever. But the industry is dynamic as it is fast growing.

You will have to appreciate that consequential changes are under way, both in consumer behavior and in the industry itself.

It can’t be business as usual and expect to thrive; you must be alert and responsive to important trends and development or else risk being left behind by more agile competitors.

What the Experts say

Another observations is that experts estimate from specialists report on the sector that growth expectations of the worldwide market is to increase at a compound annual growth rate of 16.6 percent between 2018 and 2021.

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Conclusion

We have been able to establish the viability of customized online jewelry business and to ascertain its trendiness and profitability.

In doing so, we have look at some concerns raised by industry players, some insightful analysis of the trends, and observations of the current trends if it holds prospects.

It has been exciting with some revealing stats to support the viability of customized online jewelry business. The conclusion of the matter is that online jewelry sales will continue to flourish in the years ahead.

And jewelers, especially customized jewelers will have to position themselves to cash in on the boom.

 

 

 

 

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