Starting a new business can be very challenging. This is especially true when you are in a competitive market like the jewellery sector. It definitely involves more than knowing about gold rate today in Warangal or in UP. See more. So to help you out here is a list of things that you need to do before you start your online jewellery business in India.
Market Research
Understanding the market and its current status is crucial for the success of any business. As the market is dynamic in nature, it keeps changing with time. The first step towards starting your online jewellery business should be to conduct a thorough research about the market and be updated about the latest trends in the industry. In case you are planning a limited budget, it is necessary to understand the market trends and your customers’ buying behaviour.
Customer Base
In the next step, you identify and target and hence create a customer base. Once you have developed a clear idea about your targeted customers, it will be easier for you to decide what kind of jewellery designs will sell more. You can also use social media platforms to reach out to potential customers and gather their feedback.
Competition Analysis
Since there are several players already competing in the industry, it is essential to analyze their strengths and weaknesses. These insights may help you create plans on how to deal with competition and beat them at your convenience. While doing competition analysis you can also see for yourself things like the pricing. For analysing, the pricing, just search for Jaipur or Nagpur gold rate today and then match it up with the price at which your competitors are selling the jewellery. This will give you an idea as to how much mark-up is there. You can visit Khatabook to learn all about pricing.
Choose A Business Name And Register It
An attractive and catchy name can attract more customers than others. Make sure that you do proper research before selecting any name for your online jewellery business. Your business name gives an impression about the kind of products and services you provide. Make sure that it should be easy to spell, pronounce and remember by your target audience. Since you are planning on opening an online store it is equally important that you secure the proper domain name based on the brand name of your business
Create a website
Creating an e-commerce website is not a difficult task. You can create your own website on the internet with the help of an expert web designer or you can use e-commerce builder platforms available online. In comparison to offline shops, an online business is convenient and less expensive. It takes only a few minutes to set up your e-commerce website.
Find good quality jewellery
There are many good jewellery companies in India that offer good quality products. They have their own websites from where you can find their contact information and get in touch with them. You can also search for the best jewellery manufacturer in India on Google to find tons of results listing some of the top-notch manufacturers in India.
Get shipping & packaging material
For every online store, shipping & packaging is one of important things to be considered and it is better if you partner with reputed logistics companies to deliver your product safely to your customers.