YRC_Blog_How to Start a Jewellery E-Commerce Brand 22-05-22

1. HOW TO START A JEWELLERY E-COMMERCE BRAND?

2. INDEX

3. 01 IDENTIFY YOUR NICHE INDEX

4. Identifyyour niche Considering the crowded market, your first step should be to determine your niche Select whether you want to sell Fashion jewellery, Body jewellery, Handmade jewellery, Plated jewellery, Vintage jewellery, or Classic gold jewellery. INDEX

5. 02 E-COMMERCE BUSINESS STRATEGY INDEX

6. E-commerce business strategy  As a business owner, you need to figure out what is the best product, offering the best ROI. Forecast the demand for your product Keyword tool dominator (KTD) helps to get data on demand for jewellery country-wise. INDEX

7. E-commerce business strategy  Various strategies that can you then accordingly think of :- Operations strategy IT strategy HR strategy Branding strategy INDEX

8. Operations strategy • Defining an operations strategy means determining how an organization will produce and deliver the jewellery. Each step a company takes in the process of manufacturing or delivering jewellery, and every decision regarding these operations is part of the operations strategy. • IT strategy • The use of new technologies, such as artificial intelligence and big data, requires a lot of reliable data to be effective. Analysing, collecting, and processing data are all part of an IT strategy. IT strategy also outlines the types of software it will use, payment gateway integration, etc. INDEX

9. HR strategy • An HR strategy is a company’s overall plan to manage its human capital and to align it with its business objectives. All major HR functions, such as hiring, performance appraisal, development, and compensation, are guided by the Human Resource strategy. • Branding strategy • The e-commerce branding strategies for your jewellery business include the logo, brand colors, brand story, packaging, tagline, photography guidelines & all the other ways to highlight the brand image and credibility. INDEX

10. 03 E-COMMERCE BUSINESS PLAN INDEX

11. E-commerce business plan Business plan must include executive summary, market research, information about the kind of jewellery you’ll sell along with your detailed financial plan and the money you will invest in setting up the online store.  Should also include potential revenue, projected sales (next 3 years), margins, operating costs, return on investment, tax implications, gross and net profits, and break-even sales. INDEX

12. 04  UI/UX DESIGN & WEBSITE DEVELOPMENT INDEX

13.  UI/UX Design & Website Development  Customers should interact with your website  Convert more visitors into sales by UI/UX and website development Jewellery description should be clear, well-written, and keyword-rich Give attention to shopping cart features, catalogue management, ecommerce payment system, cross-selling features, and much more. INDEX

14. 05 STANDARD OPERATIONS PROCEDURES INDEX

15. Standard operations procedures Standard Operations and Procedures of the organization are the most significant. SOPs manage various aspects of the jewellery business like: Inventory Control Supply Chain Efficiency People Management Safety and Security INDEX

16. Inventory Control • To minimize the possibility of misplacing any of these items, all the employees should adhere to the SOPs when taking care of the inventory • Supply Chain Efficiency • Jewellery businesses must follow a supply chain consisting of planning, procurement, sourcing, inventory optimization, warehouse management, and logistic distribution. • By managing SOPs, a company is able to avoid wastage of any kind of resources and create a smooth working environment. INDEX

17. People Management • There will be a great deal of difficulty for a company if the right person cannot be found at the right time to perform its duty. • Supply Chain Efficiency • The jewellery business has a greater risk of theft and robberies. So, if you are planning to take the Omni channel approach and run an offline jewellery store as well, you can prevent any kind of miss happening by having well-documented SOPs. INDEX

18. 06  BUILD YOUR INTEGRATION ECOSYSTEM. INDEX

19.  Build your integration ecosystem. Jewellery businesses require several pieces of software to run effectively, like :- Making payment through a payment processor Maintain a real-time picture of your jewellery business operations with order management and fulfilment software. Marketing automation programs include email marketing, social media, etc. Address verification software helps make checkout easier, In order to execute a successful customer service strategy, you can use a variety of tools like live chat software or Chabot, messaging centres, and knowledge hubs having answers to FAQs.. INDEX

20. 07  INVENTORY MANAGEMENT INDEX

21.  Inventory management You can minimize holding costs by knowing when to replenish them and when to buy materials for manufacturing them. If items are not replenished when necessary or if overstocking occurs, the company can lose revenue due to unmet sales targets and unsatisfied customers. If you are selling online, it can be overwhelming, especially if you receive many inquiries and sales as you may end up overselling your jewellery. Hence managing your inventory properly is critical. INDEX

22. 08 ONLINE MARKETING INDEX

23. Online Marketing  Increase sales by Establishing a social media presence, Creating loyalty incentives, Optimizing your website, and With paid advertising. Testimonials and product reviews are also crucial components INDEX

24. 09  THE PRE-LAUNCH STRATEGY INDEX

25.  The Pre-launch Strategy Using a small budget and a few customers, you should test out the software that has been implemented for your jewellery business and then conduct a pre-launch to see if there’s any scope of improvement. INDEX

26. 10 THE LAUNCH DAY INDEX

27. The Launch Day Selling jewellery online is a balance between technology, marketing strategy, and human operations. With the right technologies and process automation, you can ensure that customers are delighted with their experience with your brand.  In addition to implementing the steps outlined above, you may also use ecommerce consulting services like YRC to start an online jewellery business.  INDEX

28. 11 ABOUT YRC CONSULTANCY INDEX

29. About YRC consultancy  YRC is an experienced management consulting firm that offers consulting expertise and knowledge in the jewellery industry. Can assist with every aspect of an ecommerce jewellery business  Improve your chances of succeeding in the online competitive market. INDEX

30. 08 CONCLUSION INDEX

31. Conclusion Identify market, plans and strategies before starting online business. Website design helps to gain customers. Several pieces of software helps to run business effectively. SOP is significant for online jewellery business. INDEX

32. FOR MORE DETAILS • To know more about " How to Start a Jewellery E-Commerce Brand?", visit: • https://www.yourretailcoach.in/how-to-start-a-jewelry-ecommerce-brand/ • For India & South Asia: https://www.yourretailcoach.in/ • For Dubai & Middle East: https://www.yourretailcoach.ae/ • For Africa: https://www.yourretailcoach.africa/ • Business Process Xperts: https://www.businessprocessxperts.com/ INDEX

33. THANKS! Your Retail Coach Email:consult@mindamend.net INDEX