The revenue in the global jewelry market in 2017 was $257 billion. The USA is the leading country in the jewelry industry. The jewelry market appears to be robust, but still, the percentage of online jewelry stores is very small. This implies that numerous challenges prevent people from joining the market.
High return rates
The reasons for return rates can range from the gemstones lacking the clarity implied in the photos, the items being the wrong size or the color not complementing the new dress it was intended to. Online jewelry sellers often include high return fees to recoup some of the costs. This means that the goods are returned at the expense of the customer. The owner of the business ends up losing the money from the sale and credibility.
Must see before buying
Customers need to explore all facets of the products before making their choice. Sometimes it can be hard for buyers to guess the correct size of the ring or even picture the appearance of the ring on their finger. There is, therefore, a high risk of the customer buying the wrong product and returning it. This means that the seller must add high-quality images and even integrate videos to show their items clearly. Some stores implement virtual try-on experience platforms for the customers to see how the rings fit on different fingers. This can be expensive on the part of the seller.
For those online shops dealing with expensive jewelry, it can difficult to promote the products to potential customers. Not all the potential customers may be willing to pay a lot of money for a piece of jewelry. Also, some customers cannot trust an online store that doesn’t have cash on delivery service. The security of payment and personal information is what concerns most buyers. Businesses have to integrate reliable payment methods such as PayPal to provide secure transactions.
There are numerous cases of fraud in the jewelry industry. The business attracts thieves and swindlers. The main reason is the quality of jewelry and the high price. Most expensive pieces of jewelry are fake. Customers don’t trust most online shops, and this makes it difficult to assure your credibility to customers. Online shops try to solve this challenge by hiring a professional appraiser to evaluate the jewelry and include documented evidence as proof that the jewelry is authentic.
— Marcy Pillet (@MarcyPillet) January 11, 2019