"A growing trend in jewelry retail: Fine jewelry retailers are finally getting online. However, as online shoppers often remain hesitant to invest in a piece of jewelry, retailers are going to need to overcome the innate physical restrictions of e‑commerce standards in order to capture a share of this growing market," Deborah Weinswig writes for Forbes. If online jewelry sales are increasing, the internet is where businesses need to have their products available.
With the increasing popularity of online shopping it was only a matter of time before shopping for online jewelry sales took off. "According to Research and Markets, the global jewelry market is expected to reach $257 billion in 2017, and grow at a rate of 5% per year over the next five years," writes Weinswig. "While the online fine jewelry market currently accounts for only a fraction (4% to 5%) of this, it is expected to grow at a much faster rate, and to capture 10% of the market by 2020." Online fashion jewelry will also make up 15% of the online market.
Now is the time for bricks and mortar jewelry stores to get online. The new AudienceSCAN survey found 16% of Americans plan to buy new jewelry or watches in the next 12 months.
Succeeding in Online Jewelry Sales
By 2025, the luxury e‑commerce market's online sales are expected to shoot up from 6% to 18% for a grand annual total of $79 billion. Since jewelry is a major luxury item category, online jewelry sales are bound to increase with the market as a whole.
Established jewelers be aware: Your customers are looking for your jewelry online. The new AudienceSCAN study showed 54% of Jewelry Shoppers have used the internet via browser, tablet, smartphone or other connected device to use a search engine to research a product they were considering for purchase in the past 30 days.
Switching to online jewelry sales could be a bit more difficult for smaller and up-and-coming businesses. Not only do they have to make themselves available online, "they have to establish themselves as reputable jewelry retailers," says Weinswig. "Some retailers, both established and new, have solved this by selling through other e‑commerce platforms such as Net-A-Porter or Etsy. Others, such as BlueStone and Carat Lane, have adapted by offering a try-at-home service, where customers can select pieces to see in person at home before purchasing them."
And newcomers should know that 64% of Jewelry Shoppers used the internet via browser, tablet, smartphone or other connected device to shop in the past month, according to the new AudienceSCAN data.
The new AudienceSCAN survey revealed 40% of Jewelry Shoppers are using Ebay and 27% are using Craigslist. Now is the time to advertise used/estate jewelry to get these shoppers to your site instead! Placing social ads could be the key. The new AudienceSCAN study also found 41% of Jewelry Shoppers took action after seeing ads on social networks in the past month.