A Quick Guide in Reselling Wholesale Jewelry
Jewelry - it’s a booming industry. Beyond all doubt, there’s a huge market for buying wholesale jewelry for resale, and nothing is more satisfying than gaining success by selling exquisite gems to people all over the world. However, like any other business, you must first understand the basics before you can grasp the opportunity of becoming a successful reseller.
In this quick guide on how to buy jewelry wholesale and make a success out of it, we provide you with all of the tips and tricks you need to buy wholesale jewelry to sell for a profit.
Let’s get started!
Start With Affordable Jewelry
Humble beginnings are always the best place to start, especially when you’re looking at starting your own business that deals in buying wholesale jewelry for resale.
The first thing you need to know about
wholesale jewelry is that it can be rather expensive if you don’t do your
Buying the most exquisite pieces on the market is high-risk especially when you are just beginning, so instead of starting with high-end products, new business owners should opt for affordable jewelry - something like sterling silver.
Sterling silver is considered an “entry-leveling” option in the wholesale market. For more information on this topic, check out our last blog on the difference between sterling silver and silver!
Find the Right Supplier
Once you have a good idea of the items that will sell and what your budget looks like, it’s time to find a wholesale supplier.
Finding a reliable source can be pretty tricky if you don’t know what to look for, so here’s a quick checklist on how to buy jewelry wholesale by finding the right supplier.
Low MOQ requirement
With a low minimum order quantity, you will be able to try out a variety of pieces at once. If you’re just starting out, this is an essential requirement for when you buy wholesale jewelry to sell. Exploring what product works will cost you less in the long run.
Reasonable Order Processing Time
There will be times where some of your jewelry will suddenly get good sales compared to others. This could be down to specific trends, seasons, amongst many other reasons. Having a supplier with a short-order processing time gives you the advantage of restocking those products faster before the trend goes down.
If you are unable to find a supplier with fast delivery times, you’ll find yourself stuck with under-used products and a huge pile of unsold inventory.
Wholesalers usually offer free shipping depending on how much you order. Buying wholesale jewelry for resale is much more affordable if you do not have to pay extra on shipping fees.
So, make sure that your supplier has free or low-cost shipping options available before buying your items - it will save you a lot of money in the long run, and will add more to your profit!
ELF925 offers free worldwide shipping for orders over USD 499.00!
Volume discounts can be another great way to save money when you buy wholesale jewelry for resale. Buying in bulk will allow you to get discounts or additional bonuses from your supplier, reducing the cost even further and increasing your profit margins!
Here at Elf 925 Wholesale, we provide you with all of the wholesale jewelry essentials at affordable prices, and we offer fast order processing times and free shipping, too. Learn more here!
A Wholesaler and its Supplier
A wholesaler with long-term ties to its supplier means that the quality of the products is good and gets sales. If you notice that the quality of your supplier’s products changes from time to time, it means that they are changing suppliers, which in effect can harm your business. However, if your current supplier’s product quality is consistent, then you are in good hands.
Did you know that ELF925 produces its own jewelry? We are experts who have been doing this practice for over 20 years. Learn more about us!
Keep Up with the Latest Trends
When it comes to jewelry, trends are constantly changing. From yearly events to the ever-changing seasons, there is always something new to look out for when it comes to wholesale jewelry.
If you want your business and products to be successful in the long run, then you need to stay up with what’s trending by regularly checking websites that provide news on trends such as Pinterest or Instagram. This will help give a boost to your sales in the future.
Always Offer Deals and Discounts to Your Customers
Customers love a deal, so give them one!
Not only will you boost your reputation and free up space in storage, but offering deals and discounts to your customers will help you in the long run by increasing sales.
It is also an excellent way for new customers to try out your products at an affordable price point before deciding whether or not they would like to buy more from you in the future.
Balance Your Order Quantity vs. Cost
Remember that ordering more from wholesalers will get you more discounts, resulting in higher profit margins, but the risk will be ordering too much. On the other hand, ordering less will cost you more per item.
It’s vital that you find a balance where you order the bare minimum from suppliers, but not too little that it can be detrimental to your business. Learn to balance both scenarios with the current trends and customer demands in mind.
Where Do I Sell Jewelry?
Now that you have an idea about which jewelry to sell and what suppliers to look for, you should start to think about where to sell. There are many ways businesses sell jewelry, but let’s categorize them into 2: Online and Offline.
Selling Jewelry Online
Since selling online mostly just requires a computer, internet connection, and knowledge, the barrier to entry to set up an online jewelry business is lower than ever.
Commonly used online sales channels are:
- Your own website
- Social media platforms like Facebook and Instagram, and many others, depending on your country.
Hiring a digital marketing agency to help you sell your jewelry online is always an option, but it can prove to be cost-prohibitive for some businesses.
Selling on the above channels is very convenient because they offer built-in traffic and support for selling products, which serve as another great reason why starting an online business is easier than ever. However, your own website is an exception as it requires more digital marketing knowledge to be effective.
Selling Jewelry Offline
Aside from online sales channels, jewelry businesses still thrive in selling physically. If you prefer to sell jewelry to customers in your own community or a particular area, here are some options to consider:
- Craft Fairs (typically held in schools, physical events, churches, or other venues)
- Jewelry Fairs
- Retail Boutiques
- Consignment Shops
- Pop-up Stores
- Trade Shows
- Or, you can even start your own physical store.
All in all, this is an excellent opportunity to make money and have fun simultaneously. It’s also a way to get into the business world with little investment and a high potential for returns.
ELF925 offers many jewelry designs with wholesale prices that will help you achieve your goals without having to worry about spending too much money.
With ELF925 Wholesale, you don’t only get high-quality products at a wholesale price; you also get the support and guidance to help your business grow. Reap the rewards of success in buying wholesale jewelry for resale with:
- Discounts of up to 20% on high-volume orders
- FREE worldwide shipping on all orders over USD 499.00
- FREE hi-res images of ordered products
- Full support and guidance when importing products
- A tailored platform in the “My Account” section
- Re-order your favorite items in just a few clicks via your history in the “My Account” section
- Automated emails to notify you when your favorite items have been restocked