Learning how to sell fine sterling silver jewelry means figuring out a very unique demographic of consumers. Unlike those who are out to get the lowest price on a basic product, these buyers are searching for custom silver objects and special occasion silver items that they want for themselves or gifting to someone significant in their lives. Selling jewelry is also one of those types of markets where the sale is based on emotion more than a hard sales pitch. When you have quality products to sell, such as unique fine sterling silver chains or silver enamel jewelry items, it makes it easy to increase conversions, as these pieces will ultimately sell themselves to the right buyer.
The Jewelry Market is Fluid
What does that mean? Marketing studies reveal that the sterling silver jewelry market is dynamic and is growing at a stunning rate. The fluidity of the sales for custom silver objects and jewelry suggests that consumer interest in these products is at an all-time high. According to a recent US State of the Jewelry Market report, fine jewelry sales in the United States reached more than $70 billion in the past year, making our nation the world’s leading consumer of fine jewelry products. Gold, silver, and platinum all fall in the category of precious metals, offering long-lasting value that will stand the test of time. This is one of the many reasons why sterling silver jewelry is known as a keepsake or generational gift, as many recipients will hold onto these items and pass them down to their children or grandchildren.
Selling silver enamel jewelry items and other special occasion silver items is somewhat of an art form. Taking the time to learn all you can about your target demographic, the current trends in the jewelry market, and adapting to changes in consumer behaviors is just part of the big picture. If you do not have the right skills, strategies, and tools in your arsenal, it might be challenging to get a foot in the door with an online jewelry business. Building up consumer trust by selling quality pieces at reasonable prices and offering a customer satisfaction guarantee can definitely help. Employing proven marketing strategies designed to help boost jewelry sales and increase brand awareness for your business will help you to continue growing in the future.
Know Your Customer Base
So who buys fine sterling silver jewelry regularly? What type of customer is interested in purchasing custom silver objects or special occasion silver items for themselves or as gifts for loved ones? The more you can learn about the various types of consumers, the easier it will be to predict their behaviors and select products that will appeal to them the most. Some of the data you need to collect from your traffic is the age and gender of the individual, along with information about the items that they have browsed, favorited, and ultimately purchased. This will help you see who you are already attracting to your website. Armed with this knowledge and some insight into the target demographic for selling silver enamel jewelry items and other custom silver objects, you should be able to boost both traffic and sales.
What age group do you think spends the most on fine jewelry in the United States? While shoppers that are under 40 make up approximately 36% of the market, and shoppers between 40-55 make up just 15% of the market, it is consumers that are 56 and older that purchase a whopping 49% of fine jewelry sales each year. How does that measure up to what you see in your online sales? Does age impact where and when a shopper will purchase custom silver objects and jewelry? More than 30% of all fine jewelry sales occur during the holiday season between November and the end of the year, which suggests that a lot of these special occasion silver items are purchased as gifts. While department stores still have a solid lead in fine jewelry sales at 35%, online sales have risen to nearly 30% as of the 2019 ecommerce Consumer Report.
Partner With a Quality Provider
The best way to increase your sales of anything is to make sure that you provide your customers with quality options at reasonable prices. Custom silver objects and fine sterling silver jewelry are available to retailers through our online catalog at JT Inman Company. Since 1882, we have worked to earn a solid reputation within the jewelry and retail sales industries for our quality special occasion silver items. To learn more about our products or to speak with a representative about our silver enamel jewelry items, contact our team at 508-226-0080.