How to Start a Jewelry Business Online in Nigeria

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If there’s one thing that you will not see most people without, it’s some form of jewelry. And this is fully backed up by statistics.

According to Statista, the revenue generated by the jewelry market in Nigeria in 2024 is a substantial amount of US$2.61bn, with revenue per person estimated to be US$11.37.

So if you’ve been looking for a sign to start a jewelry business in Nigeria, this may be it. In this article, we will break down everything you need to know about starting a successful online (and even offline) jewelry business in Nigeria. The best part about running a jewelry business is that you could start it as a part-time business which is perfect if you want to generate more money from other sources.

Let’s dive in!

Table of Contents

1. Decide Which Type of Jewelry You Want to Sell

2. Create a Business Plan and Source for Suppliers

3. Design your Jewelry Collection

4. Set Up Your Online Store

5. Start Your Marketing Campaigns

6. Final Steps

1. Decide Which Type of Jewelry You Want to Sell

When diving into the world of jewelry sales, it’s necessary to define what type you want to sell. From classic to contemporary styles, the jewelry industry offers a wide range of options to cater to various tastes and preferences.

Popular types of jewelry include:

1. Rings: From engagement rings to fashion rings, these pieces come in various styles and materials, such as gold, silver, and gemstones.

2. Necklaces and Pendants: Ranging from delicate chains to statement pieces, necklaces and pendants can feature diamonds, pearls, or other precious stones.

3. Earrings: Studs, hoops, and dangle earrings showcase versatility in design and materials, appealing to different audiences.

4. Bracelets and Bangles: Whether beaded, metal or with charms, bracelets and bangles offer a mix of elegance and trendiness.

5. Watches: Serving both functional and aesthetic purposes, watches come in a variety of styles, including luxury brands and fashion watches.

To decide which type of jewelry to sell, consider the following guide:

1. Identify Your Target Market: Understand the preferences and purchasing behaviours of your target customers. Are they more inclined towards traditional jewelry pieces or modern designs?

2. Assess Market Trends: Stay updated on current jewelry trends and consumer demands. Research popular styles and materials that are in high demand.

3. Consider Your Passion and Expertise: Select jewelry types that resonate with your interests and expertise. Selling pieces that you are passionate about can enhance your sales pitch and customer engagement.

4. Evaluate Profit Margins: Analyze the profit potential of each jewelry type. Consider factors such as material costs, manufacturing expenses, and potential resale value.

And if you want to, you can choose to sell all types! Just make sure that you’ve done your market research and you will be selling what is in demand.

2. Create a Business Plan and Source for Suppliers

Even though you’re just starting out, it’s important to create a solid business plan for your business. Start with thorough market research to understand the industry and your competitors, and define your brand identity and unique selling proposition clearly.

Creating a business plan helps you set goals, plan how to reach them, and stay on track. It lays out your business idea, target market, financial plans, and strategies for success. A well-thought-out business plan can guide you through challenges, attract investors, and increase your chances of achieving long-term success.

Related: Your Ultimate Guide to Writing a Winning Business Plan with Free Template

To get the best suppliers, you will need to do some research. Check online platforms for reputable suppliers and ensure they meet quality standards, make sure to negotiate pricing and contracts, and also make sure to test run with a small batch of products before you commit fully.

3. Design your Jewelry Collection

Image source: Luxgemandthings

This is the fun part. Designing a jewelry collection gives your products more personality, and you can get very creative by drawing from things around you to make your brand and jewelry more relatable and attention-grabbing.

Here are some simple tips to consider:

1. Know Your Target Audience: Understand the preferences, styles, and budgets of your target customers to design pieces that resonate with them.

2. Stay Trendy but Timeless: Incorporate current trends while also creating pieces that have a timeless appeal to ensure longevity in your collection.

3. Tell a Story: Infuse meaning and narrative into your designs to create an emotional connection with your customers.

Related: How to Develop an Effective Brand Strategy for Your Small Business in 8 Steps

4. Set Up Your Online Store

It’s now time to create your online store to reach a wider audience and increase sales. To start, select a suitable e-commerce platform like Bumpa that aligns with your needs and budget. With Bumpa you can set up your store in minutes and start selling immediately. You can also customise your store, organise your products in collections and add detailed product descriptions and high-quality images and variations.

The Bumpa app also serves as a business management app for all-round management of business operations; you can manage your orders and inventory, manage staff and multiple locations, set up payment options and even collect international payments, run marketing campaigns with the CRM tool, create discounts and coupons for easy sales, and also send invoices and receipts, all in a few clicks.

How to Set Up Your Online Jewelry Store with Bumpa

To get started:

1. Go to the App Store or Play Store and download the Bumpa app.

2. Sign up by filling in the required information.

3. Follow the prompts to set up your store. This includes steps like adding your products and creating collections, adding your store details and bank details, etc.

4. Once you’re done, copy your website link at the top left corner of the homepage on your app, and start sharing with your customers!

Selling online doesn’t end with having an online store; you can also set up social media pages for your business and even list your products on online marketplaces like Jumia, Konga, etc. Having your social media pages also ensures that customers can find you on social media, which is another place where people shop a lot.

Related: Your Guide to Social Media Marketing for Small Businesses

5. Start Your Marketing Campaigns

The only way customers will know about your business and shop is if you do marketing, and do it well.

• Social media marketing can help you showcase your jewelry, interact with customers, and drive traffic to your online store through platforms like Instagram, Facebook, and Pinterest.

• Collaborating with influencers can expand your reach and credibility by having them promote your jewelry to their followers.

• Email and SMS campaigns allow you to nurture relationships with customers, share promotions, and keep them informed about new collections.

Related: 10 Simple Hacks for Marketing

6. Final Steps

Other things that you should pay attention when starting your online jewelry business include:

1. Managing inventory and fulfilment: This involves efficient inventory management to keep track of stock, fulfilling orders promptly to meet customer expectations, and optimising shipping logistics for timely deliveries.

2. Customer service and engagement: This is vital for building trust and loyalty with your customers, addressing inquiries promptly, and engaging with customers through personalised interactions.

3. Legal and regulatory compliance: This includes requirements such as business registration and meeting tax obligations to operate legally and avoid issues.

4. Scaling your business: This involves strategies like introducing new product lines, exploring international markets, and implementing growth strategies to expand your online jewelry business and reach a broader customer base for long-term success.

Conclusion

Venturing into the world of online jewelry business in Nigeria offers exciting opportunities for aspiring entrepreneurs and by following the steps above, you can pave the way for a successful journey in the vibrant Nigerian e-commerce market.

Frequently Asked Questions

How much do I need to start a jewelry business in Nigeria?

Depending on your budget and what type of jewelry you want to sell, you will need from as little as ₦100,000 to as much as ₦500,000 to start your jewelry business in Nigeria.

How to start a jewelry business online?

To start your jewelry business online, you need to do the following:

1. Decide Which Type of Jewelry You Want to Sell

2. Create a Business Plan and Source for Suppliers

3. Design your Jewelry Collection

4. Set Up Your Online Store

5. Start Your Marketing Campaigns

6. Scale your business

Is selling jewelry online profitable?

Selling jewelry online is highly profitable. Depending on what type of jewelry you sell, you can make at least 30% in profits monthly.

What type of jewelry is most profitable?

There’s profit in every type of jewelry you want to sell. To help you make profits, focus on selling quality items, the right marketing strategies and the right pricing strategy as well.

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