Jewelry design and retailing is a very lucrative business, especially if it’s your passion to look great and make everyone look the same way, too. Although it could be your passion, it’s inevitable to commit some slipups while doing the business. Spot these blunders before they get worse. Here are some of them.
Getting the Wrong Supplier
You need to find a supplier that shares the same values as you. It’s not easy, and it may involve visiting more than two providers. Uniqueness is your gem here, and it’s important that your supplier promises to make every wearer feel great and different. When the supplier says they offer premium wholesale silver 925 from Thailand, they should stand by their word.
Getting the Cheapest Sets
You cannot command high prices if you sell cheap items. No customer will want a flimsy-looking piece at a skyrocketing price. Balance the ratio of your premium pieces and your affordable items. Moreover, make sure that the items can endure time, as fashion changes constantly.
Displaying Too Many Options
You should only keep a stock that falls within your budget. When thinking of options that you want to display, make sure to go for style rather than color. Color is not as important as many retailers think. Customers will always look into the style and grade of the item.
This mistake is common among new retailers. At some point, you will need to charge a skyrocketing price, but that doesn’t mean you will do it always. Other than basing your price on style and material, always consider the supply and demand of the product.
Buying Jewelry You Only Like
You shouldn’t be getting pieces because they appeal to you. Your affinity for an item represents only a minute percentage of the market you’re targeting. You’re not your own customer, so you might want to look at your market spectrum. You may send newsletters and conduct surveys to see what appeals to many.
Other than these, the retailer should maintain a good relationship with the suppliers. This is especially true if you’re dealing with wholesalers of sterling silver or gold jewelry.