With every other industry taking a hit during the pandemic, the jewelry industry was largely immune. The economic fallout of the COVID-19 pandemic spared the industry, and people still want to spend money on jewelry. Unfortunately, the demand wasn’t realized through online platforms because of restrictions and compliance matters. That will change soon, as more and more people want to buy jewelry and gift it to their loved ones. The question is: Can you make money online selling jewelry? Let’s find out.
E-Commerce Jewelry Haven
While most industries were struggling to figure out how to transact digitally during the pandemic, the jewelry industry took the opportunity and ran with it. E-commerce platforms like Shopbop have made it easier than ever for consumers to purchase jewelry online. They eliminated the hassles of going from store to store trying on different pieces, and they saved consumers both time and money.
More and more people are going online to discover and buy jewelry. According to the NPD group, e-commerce sales worth approximately $17.8 billion globally will grow to $26.9 billion by next year.
This being said, not all online stores are created equal. Some charge high shipping fees or have minimum amounts that buyers must spend. At best, these restrictions make it difficult for small retailers to sell and ship jewelry worldwide. For example, if you are creating an online store in Hong Kong and you have a limitation of $500 worth of merchandise, you will only be able to ship jewelry worth less than that to Hong Kong. If a customer wants to buy a $500 piece of jewelry, they will have to pay extra for shipping.
The Ultimate Global Sellers Hub
If digital nomads want to make money as independent contractors, one way to do so is by creating an online store. Thanks to platforms like Shopify that offer commerce software as a service (a SaaS), anybody can set up a brand new store in minutes, and they don’t require much expertise. Once the store is live, they can add products, setup shipping and payment methods, and begin taking orders. All of this from anywhere in the world and from whatever device they desire.
While Shopify has made it easy for anybody to launch an online store, the platform is certainly not limited to just that. With their sophisticated infrastructure and robust functionality, Shopify can handle all the heavy lifting for you, so you can relax and enjoy your store.
Global Sellers: The Pros and Cons
If you’re looking to become an online store owner and you want to profit from the ever-expanding demand for jewelry, you have two choices: You can either go the DIY route and build your own platform, or you can use a service like Shopify that has everything built in. Each one has its perks and quirks, so here is a quick comparison:
Pros: Easy to use; lots of commerce and shipping options; reputable, well-established.
Cons: Requires technical know-how to set up; only accepts businesses in certain industries. (i.e. fashion, beauty, and jewelry.)
Pros: Works with a worldwide audience; accepts all types of businesses; versatile.
Cons: Less than half of the market share compared to Shopify, so not as established or trusted; only accepts direct donations; only offers promotional products.
The Role of Digital Nomads in the Future of Jewelry
The future of jewelry may not be as it was before the pandemic. With the onset of the COVID-19 pandemic, people have lost their jobs and their interest in luxury goods. The shift to online shopping during the pandemic has also led to a rise in social distancing and online shopping due to the limitations placed upon physical interaction.
This being said, people still want to purchase jewelry, and they want to do so privately and with discretion. Luckily, privacy-conscious consumers prefer to shop online, as well. For example, 73% of people would be more likely to purchase a product if the company didn’t track their location or engage with them on a social media platform. In a similar vein, 78% of people say that they’d be less likely to purchase a product if they knew the company was monitoring their activity online. This is why as e-commerce rises and more retailers migrate to online platforms, the role of digital nomads selling jewelry online will increase.