HOW TO START A JEWELLERY ECOMMERCE BRAND?
1
INDEX Identify your niche E-commerce business strategy Ecommerce business plan UI/UX Design & Website Development Standard operations procedures Build your integration ecosystem. Inventory management Online Marketing The Pre-launch Strategy The Launch Day About YRC consultancy Conclusion
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01 IDENTIFY YOUR NICHE
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Identify your niche •
Considering the crowded market, your first step should be to determine your niche
•
Select whether you want to sell
Fashion jewellery,
Body jewellery,
Handmade jewellery,
Plated jewellery, Vintage jewellery, or Classic gold jewellery.
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02 E-COMMERCE BUSINESS STRATEGY
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E-commerce business strategy
•
As a business owner, you need to figure out what is the best product, offering the best ROI.
•
Forecast the demand for your product
•
Keyword tool dominator (KTD) helps to get data on demand for jewellery country-wise.
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E-commerce business strategy
•
Various
strategies
that
can
you
then
accordingly think of : Operations strategy IT strategy HR strategy Branding strategy
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•
Operations strategy • Defining
an
operations
strategy
means
determining how an organization will produce and deliver the jewellery. Each step a company takes in the process of manufacturing or delivering
jewellery,
and
every
decision
regarding these operations is part of the operations strategy.
•
IT strategy • The use of new technologies, such as artificial intelligence and big data, requires a lot of reliable
data
to
be
effective.
Analysing,
collecting, and processing data are all part of an IT strategy. IT strategy also outlines the types of software it will use, payment gateway integration, etc.
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•
HR strategy • An HR strategy is a company’s overall plan to manage its human capital and to align it with its business objectives. All major HR functions, such
as
hiring,
development,
performance
and
appraisal,
compensation,
are
guided by the Human Resource strategy.
•
Branding strategy • The e-commerce branding strategies for your jewellery business include the logo, brand colors,
brand
story,
packaging,
tagline,
photography guidelines & all the other ways to highlight the brand image and credibility.
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03 E-COMMERCE BUSINESS PLAN
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E-commerce business plan •
Business plan must include executive summary, market research, information about the kind of jewellery you’ll sell along with your detailed financial plan and the money you will invest in setting up the online store.
•
Should also include potential revenue, projected sales (next 3 years), margins, operating costs, return on investment, tax implications, gross and net profits, and break-even sales.
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04 UI/UX DESIGN & WEBSITE DEVELOPMENT
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UI/UX Design & Website Development
•
Customers should interact with your website
•
Convert more visitors into sales by UI/UX and website development
•
Jewellery description should be clear, well-written, and keyword-rich
•
Give attention to shopping cart features, catalogue management, ecommerce payment system, crossselling features, and much more. 13 INDEX
05 STANDARD OPERATIONS PROCEDURES
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Standard operations procedures
•
Standard Operations and Procedures of the organization are the most significant.
•
SOPs manage various aspects of the jewellery business like: Inventory Control Supply Chain Efficiency People Management Safety and Security
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Inventory Control To minimize the possibility of misplacing any of these items, all the employees should adhere to the SOPs when taking care of the inventory Supply Chain Efficiency Jewellery businesses must follow a supply chain consisting of planning, procurement, sourcing, inventory optimization, warehouse management, and logistic distribution. By managing SOPs, a company is able to avoid wastage of any kind of resources and create a smooth working environment. 16 INDEX
People Management There will be a great deal of difficulty for a company if the right person cannot be found at the right time to perform its duty. Supply Chain Efficiency The jewellery business has a greater risk of theft and robberies. So, if you are planning to take the Omni channel approach and run an offline jewellery store as well, you can prevent any kind of miss happening by having well-documented SOPs. 17 INDEX
06 BUILD YOUR INTEGRATION ECOSYSTEM.
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Build your integration ecosystem. Jewellery businesses require several pieces of software to run effectively, like :•
Making payment through a payment processor
•
Maintain a real-time picture of your jewellery business operations with order management and fulfilment software.
•
Marketing automation programs include email marketing, social media, etc.
•
Address verification software helps make checkout easier,
•
In order to execute a successful customer service strategy, you can use a variety of tools like live chat software or Chabot, messaging centres, and knowledge hubs having answers to FAQs.. 19 INDEX
07 INVENTORY MANAGEMENT
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Inventory management •
You can minimize holding costs by knowing when to replenish
them
and
when
to
buy
materials
for
manufacturing them. •
If items are not replenished when necessary or if overstocking occurs, the company can lose revenue due to unmet sales targets and unsatisfied customers.
•
If you are selling online, it can be overwhelming, especially if you receive many inquiries and sales as you may end up overselling your jewellery. Hence managing your inventory properly is critical. 21 INDEX
08 ONLINE MARKETING
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Online Marketing
•
Increase sales by Establishing a social media presence,
Creating loyalty incentives,
Optimizing your website, and With paid advertising. •
Testimonials and product reviews are also crucial components
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09 THE PRE-LAUNCH STRATEGY
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The Pre-launch Strategy
Using a small budget and a few customers, you should test out the software that has been implemented for your jewellery business and then conduct a pre-launch to see if there’s any scope of improvement.
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10 THE LAUNCH DAY
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The Launch Day
•
Selling
jewellery
technology,
online
is
marketing
a
balance
strategy,
and
between human
operations. •
With the right technologies and process automation, you can ensure that customers are delighted with their experience with your brand.
•
In addition to implementing the steps outlined above, you may also use ecommerce consulting services like YRC to start an online jewellery business.
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11 ABOUT YRC CONSULTANCY
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About YRC consultancy
•
YRC is an experienced management consulting firm
that
offers
consulting
expertise
and
knowledge in the jewellery industry. •
Can assist with every aspect of an ecommerce jewellery business
•
Improve your chances of succeeding in the online competitive market.
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08 CONCLUSION
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Conclusion
•
Identify market, plans and strategies before starting online business.
•
Website design helps to gain customers.
•
Several pieces of software helps to run business effectively.
•
SOP is significant for online jewellery business.
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FOR MORE DETAILS
To know more about " How to Start a Jewellery E-Commerce Brand?", visit: ▪
https://www.yourretailcoach.in/how-to-start-a-jewelry-eco mmerce-brand/
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THANKS! Your Retail Coach Email: consult@mindamend.net
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