Starting up an online jewelry business doesn’t seem like such a bad idea when you consider the fact that the jewelry industry made close to 19 million in the United States alone in 2019, a number that is expected to rise annually by 0.09%.
In fact, Technavio has even more insight on a recently published market research report concerning the global online jewelry market from 2018-2022.
According to the report, the online jewelry market is expected to grow at a CAGR (compound annual growth rate) of nearly 16%.
One reason for this significant growth in the online jewelry market is the demand for personalized and customized jewelry. Many online jewelry retailers can create custom pieces for buyers seeking a unique accessory. Jewelry can also be personalized for special occasions like anniversaries, birthdays, holidays and more.
In addition, innovation in jewelry design and technology has also propelled the market forward. Creators can now produce items at a faster rate, which has a direct increase on sales. Product designers also have more freedom in creating truly innovative pieces because of advanced jewelry making technology.
Furthermore, the new ‘shopping’ abilities across social media have allowed consumers easier ways to browse and shop for jewelry products, allowing easier promotion for online companies.
Instagram, for example, launched their new shopping experience in 2018, which allowed businesses in the US to tag products in their organic posts – making the experience more actionable and less transactional. Online jewelry websites can now tag their products in social media posts, further expanding the reach of their brand.
With an eager consumer base and booming market, buying an online jewelry website for sale is ideal for new businesses.