- Jewelry Market Analysis
- Factors Hindering the Increase in Fine Jewelry Sales Online
- How To Increase Jewelry Sales Online?
According to statistics, the jewelry market keeps growing year by year. Moreover, analysts predict that by 2027 it will have reached 115+ billion US dollars. You have to admit, these numbers are impressive!
As the above statistics show, jewelry is in demand despite its high cost, and this trend will continue in the coming years. But every coin has two sides, and our case is no exception, which means you should be ready for increased competition. To win over a customer, you must take full advantage of all possible sales channels, including e-commerce ones. But before discussing how to increase jewelry sales online, let’s see what we have to deal with.
Jewelry Market Analysis
Do you know who and where is mainly active in buying jewelry? A study from Business Insider answers this question and offers a list of 5 countries most interested in such exquisite products:
- China – 610+ metric tons (m.t.)
- India – 460+ m.t.
- United States – 135+ m.t.
- United Arab Emirates – 45+ m.t.
- Iran – 39+ m.t.
If we talk about conversion statistics, a good indicator is an interval between 1.2% – 1.46%. However, most jewelry businesses fail to reach this target… which can be explained by a number of reasons.
Factors Hindering the Increase in Fine Jewelry Sales Online
As statistics show, about half of the visitors to an online jewelry store leave it without making a purchase, and only a small percentage of the rest bring you actual profit. And the more impressive your jewelry catalog, the more real buyers you will have.
That’s why it’s so important to avoid the top 5 mistakes that prevent you from increasing conversions, namely:
- Poor Catalog Optimization. Your catalog should be well-optimized and searchable. Unfortunately, many online store managers pay little attention to this factor, starting with filters to make it easier for customers to find the right item. For example, if you don’t offer the ability to sort jewelry by size, the buyer is unlikely to be satisfied.
- Incorrectly Configured Advertising. Imagine that a user—your potential customer—sees an advertisement for a beautiful piece of jewelry and clicks through the ad to your online catalog… only to be disappointed in the items offered. While you actually have everything this customer needs, you just failed to display your product range correctly… which brings us to our next point, which is…
- Non-Shown Benefits of a Jewelry Catalog. How are you going to increase jewelry store sales if your online catalog shows your items in a chaotic and unsystematic way, without much logic? For instance, if you fill the first catalog lines mainly with rings and earrings, don’t expect a consumer interested in a pendant to scroll to the bottom of the page to make a purchase.
- Not Eye-Catching Catalog. Surveys of customer behavior show that only half of them are looking for something specific when visiting an online store. 50% of users wander the web searching for gift ideas or out of boredom… they haven’t decided what they want to buy yet. So your task is to catch their attention and make them linger on your catalog page long enough to get interested in one of your items. And this task isn’t that complicated when dealing with something as exquisite as jewelry, right?
- Poor Management of Stock and Low-Selling Items. And finally, another problem is the ill-conceived work with ending or low-selling goods. Later in the article, we’ll give you some useful tips in this regard, so keep reading.
Now you know the main challenges in running an online jewelry store; the only thing remaining is determining the easiest way to solve them. Fortunately, we know how to increase sales for the jewelry business and don’t mind sharing our expertise with you.
How To Increase Jewelry Sales Online?
The task of the online catalog is to provide complete information about your jewelry range and convince the user, even a random one, to go to the product page and, ideally, place an order. It doesn’t sound effortless, but modern tools greatly simplify the task. And a good example of such a tool is Sortler, whose important feature is the ability to create custom rules to automate certain processes in catalog management.We suggest considering how to increase jewelry sales online with Sortler’s help (after all, a properly configured catalog is the key to high conversions, as we’ve already shown you).
#1. Show More Catalog Variety
Sometimes, consumers don’t turn into buyers just because they are disappointed with the catalog. For example, they only see rings, earrings, or products of an unloved brand when you can offer them many other options.
Using the Sorter, you’ll face no problems customizing the placement of products to show the maximum of your jewelry assortment, for instance:
- indicate the number of identical categories of jewelry items on the catalog page (including type, style, metal, etc.).
- place less popular jewelry positions down the catalog and move those in greater demand higher
- manage the number and location of jewelry brands on the catalog page. Thus you can avoid the dominance of one brand over another as users may have different preferences and tastes
And, of course, you can easily specify what percentage of a particular jewelry category or brand should be shown in specific catalog rows. Everything will come automatically without your active manual participation: full process automation.
#2. Offer Matching & Exquisite Jewelry Combinations
Another step to increase fine jewelry sales online through catalog management is to grab customers’ attention with matching product combinations. And Sortler is a great helper in this regard.
Imagine: a customer is looking for a ring and sees earrings in the same style next to it while browsing the catalog. This may incentivize them to buy the whole jewelry set… or they’ll add the earrings to their Wishlist to purchase later. One way or another, you increase the percentage of sales.
How to use Sortler to automate and simplify this process?
You need to create a rule that explains which jewelry items (in what style) will be shown next to each other in the catalog. There are many options, for example:
- The same metal, be it gold, silver, medical steel, enamel, etc.
- The same gem: ruby, diamond, emerald, sapphire, etc.
- Jewelry from one collection
In addition, you can specify the percentage of matching combinations to show to the user. The rest is the task of Sortler. Following your rule, this innovative tool automatically arranges the products on the catalog page.
#3. Properly Manage Running-Out Jewelry Items
Now we’d like to describe how to use Sortler to increase jewelry store sales by better managing your inventory. We imagine there is no point in explaining why this is important: in the end, consumers will be extremely unhappy to find out that the product is out of stock only after trying to add it to the cart. And an unhappy customer won’t become a buyer bringing you money.
The solution to the problem is simple: ask Sortler to automatically move out-of-stock products down the catalog (and make them a different color or highlight them in another way so that the customer immediately sees that they are temporally unavailable). Also, if a particular piece of jewelry is running out and you want to sell it faster, place it higher and mark that its number is limited: in this way, you activate buying activity.
P.S. Of course, you don’t need to place all running-out products at the top of the catalog. Instead, you can decide what percentage of them should be made more visible to consumers, and Sortler will follow your instructions.
#4. Work with Poorly Selling Positions.
Pay attention to unclaimed goods, too, when thinking about how to increase sales for the jewelry business. Don’t discount them as hopeless: after all, the lack of popularity among customers doesn’t mean the product has no chance of success… sometimes a problem has a simple solution, and Sortler can help you find it.
Here is an actionable and easy-to-implement strategy for increasing demand for a low-selling jewelry product:
- Automatic tracking of underselling product groups and raising them up in the catalog. Sometimes low sales are due to the buyer failing to see them on the page, so this step can actually work.
- Setting a deadline to give the listed jewelry items a chance to bring you a well-expected profit
- If the above step doesn’t help, Sortler sets discounts for these products (and all this without your participation)
The whole scheme is pretty effortless: you need to assign the rule to Sortler just once, and then it’ll be up to it to increase fine jewelry sales online; you won’t have to do anything yourself.
#5. Visualize Jewelry Catalog Management
The last but not least incredible advantage of Sortler is the Drag & Drop feature. With its help, you can visualize the process of managing products in the catalog and literally drag them with your mouse cursor across the screen. This way, you’llforts, which may come in handy in many cases.
Now you know how to increase jewelry sales online through catalog enhancement. As you can see, all our tips are easy to follow, especially considering you personally won’t have to do a lot. Sortler takes on the majority of the work.
If you want to know more about managing this smart visual merchandising tool, read a detailed article on the topic. Or contact us, and we’ll be happy to advise you and suggest the best option for your project.