Most of the buying decisions now start with clicking on the internet browser or swiping on the mobile and Jewelry industry is no different. The upcoming online shopping trends would change significantly with the drastic shift in online jewellery shopping.
The future of the online jewellery industry looks very promising as it has come a long way - from considering gold as an investment to holding dignity in owning precious jewels. The country has evolved to a great extent and so is the market growth.
Let’s get some facts straight.
Online jewels market is projected to grow to $3.7 Billion by 2025
Over 18% of the jewellery sales are expected to be made online by 2025
Most of the online jewellery portals have claimed a 100% quarterly growth
Market share of online jewellery market in Asia is set to double, from 6% to 12% by the end of 2020
The whole world is switching to the online mode of shopping jewels. The people are not inclined towards shopping online from their family jewellers because the millennials are not buying the jewelry in the way their parents did. Today’s generation likes to browse a plethora of designs before making the final decisions. While the multi vendor marketplaces have the products to suit every requirement of the customers, traditional jewellers push you to own the jewels from a limited set of products available with them.
Many industry players are already leveraging this lucrative business growth and changing customer buying behaviours.
Table of Contents
CaratLane is one of the top online stores that offers the largest collection of gold and diamond jewels. It has over 4,000 global vendors within the industry. With the partnership of Tanishq and innovative options like “try at home”, the company has grown manifolds in the last 12 years.
Candere is a multi-vendor marketplace and shopping website. It was founded in 2013 and gained popularity very soon. They have their own workshops to create trendy and beautiful designs. And at the same time, they also have collections from other famous retailers like Kalyan Jewellers.
Bluestone company has been established in the year 2011 and became very famous because of its unique selling proposition – “Try it before you buy it”. The company takes an appointment and offers “Try at home” service to the customers. Bluestone also customize the jewelry designs.
Tanishq is a sub-brand of the Tata company and one of the most popular brands. The company has gained popularity because of its latest and trendy designs that can be purchased from the website. The company is growing leaps and bounds with its wide range of jewelry.
Melorra is a famous online brand for all shades of gold jewelry – yellow, rose, and white. The company has partnered with the most technically advanced manufacturers. Melorra makes its designs for different occasions like work, parties, casual wear, light, contemporary etc. The company has set its brand image as a global trend-spotter in the industry and created the jewels in line with the global fashion trends week on week.
If you are already a jewelry store owner or looking forward to starting afresh, a multi vendor marketplace is an amazing idea for you.
Before you kick start with your online jewelry business, let’s understand how StoreHippo can help you build an online marketplace perfectly
Onboard certified jewelry vendors on-the-go
In this industry, the vendor part plays the largest role in business success. The obvious reason is the high-cost product offerings. In this business, the vendors should have valid certification to ensure the reliability of the precious products. And when you are sure about the trust and reliability factor of vendors, you don’t need to waste anymore time on their registration.
The on-the-go registration process of StoreHippo ensures that the end-to-end process of vendor management is done smoothly. The multi vendor marketplace solution helps you to manage vendor registrations, approval, validity of certifications, sales, and even the products they upload for sale.
Comprehensive product management for display, description, and reviews
Displaying the products is the key to win in the industry of precious items. As the customers check each and every detail about the product, read the description, and check the product reviews thoroughly before making the final decision. To satisfy all these requirements of customers, you need to showcase the products and related details in just the right manner. Like, StoreHippo offers specific features to manage the products on your online store. Some of the features are:
- Detailed information about the jewelry design, carats, and purity
- High-quality images with high resolution and zoom options
- Transparent price details
- Customer rating and reviews on individual vendor pages
Mobile-first approach for your online store
Long gone are the days when mobile phones were used to download ringtones. Today, mobile is a shopping hub and built to have a complete online shopping experience. Whether it is daily grocery products or jewelry, mobile-first approach has become a mandate for any multi vendor marketplace. Imagine you are at work and checked a beautiful gold earring. Now, when you get free during lunch break and want to buy the same earring from mobile but the online store is not mobile responsive.
So, along with good aesthetics, speed, and functionality of the website, you need an ecommerce platform that supports mobile-first approach. Start giving a feel-good mobile vibe to your customers with StoreHippo. If you are also looking to build an online marketplace that works super smoothly on mobile, StoreHippo can serve you the best. It is built on mobile-first principle and makes you available anytime, anywhere. It also offers PWA support to provide a native mobile experience to your customers on all devices including mobile as well as desktops.
Transparent vendor management and adaptive payments
Vendors remain the key for every order and business when you deal with precious products. Along with customers, you also need to earn the trust of vendors. Since jewelry is a high-involvement and investment business, it is important that vendors are comfortable to do business with you. And yes, it is a continuous process.
It is not enough just to build an online marketplace and expect it to run on auto mode. It doesn’t work like that. You need to manage the vendors, provide the technical backup they require, establish transparent processes, and seamless payment experience. Being an owner of an online marketplace, you need to ensure that the vendors are satisfied with your services if you want to succeed in this business model. Some of the features for efficient vendor management offered by StoreHippo includes:
- Easy and quick vendor registration.
- Organized product management system to reduce the efforts of vendors.
- Options to optimize the commission management within the multi vendor marketplace, fixed or percentage wise.
- Adaptive payment system under which the individual vendor payments is split at the time of processing the order.
- Unified notifications to vendors to encourage streamlined communication.
- Individual vendor dashboards to allow vendors to check their inventory, order, sales, and more.
- Systematic vendor and products approval workflow.
Streamlined logistics for safe deliveries
This seems to be a regular process in the online marketplaces but when you deal in the high investment businesses, it becomes one of the most crucial parts of business. Even if you are running a marketplace and not linked directly with the jewelry products, reliable logistics is a must-have for safe delivery of expensive products. Any misplaced or damaged product delivered to a customer can burn a big hole in your pocket and probably, you will lose trust and loyalty forever in the eyes of customers.
So, you need to have an ecommerce platform that supports dedicated logistics with amazing shipping features and functionalities. Like, StoreHippo offers ShipKaro as a one-stop logistics solution to deliver expensive products at reasonable rates, extensive reach, timely deliveries, and much more.
Make your dream of running an online jewelry business come true with StoreHippo
As you must have heard – “A goal without a plan is just a wish”. Similarly, if you dream to run a successful business but do not plan to opt for the right ecommerce platform, it will possibly remain a dream.
And you surely want to make your dreams come true. Right?
The rich features of StoreHippo let you launch an awesome jewelry multi vendor marketplace and help you become a part of the top industry success stories. With the mobile-ready marketplace solution you can easily launch and market your online store in no time. You just have to choose from the hundreds of readily available website themes, register your vendors quickly, upload the products, and start selling online. If you still don’t believe us, try it yourself by starting your free trial today right away.