Are you a small business owner who deals in artificial jewellery in India? Are you looking forward to selling your items abroad via exports but do not know if it will be profitable? The USA is the first country you should think of to start with since it has a suitable market to sell in. You can collaborate with various brands in the US and sell your products via them conveniently. Let your distinctive output be sold for better prices and to more people overseas.
Jewellery in today’s life has become an important element in the fashion industry, for the artisans and off-course for the people who like to wear them. The world jewellery market size is estimated at USD 228 billion as of 2020.
Artificial jewellery: significance and rising trend
As the cost of buying gemstones, diamonds, and solid gold is high when trying to match up jewellery pieces for various occasions and outfits, consumers prefer purchasing artificial jewellery to give a balance between looking fashionable and maintaining budgets. Less costly and more jewellery, less fear of security and more variety in the collection, low maintenance, and more styles. What else does a jewellery-holic person want?
In that light and rising demand for artificial jewellery, Indian SMEs have a great advantage since India is the largest exporter of artificial jewellery from over the world. Hence, Indian sellers should highly consider trading in the USA.
Artificial Jewellery market analysis in the US: Demand and Preferences
The imitation jewellery market is estimated to grow at a high rate during the forecast period because of the growing demand because of certain factors. These factors include rising prices of gold, diamond, and other precious metals, the easy availability of artificial jewellery in various designs from all over the world because of the emergence of e-commerce. Hence the preferences have been shifting and demand has been rising over time for artificial jewellery in the US.
Regarding the types or categories of jewellery that are popular among women in the US, the picture is quite simple. The women are not fond of heavy and high-volume jewellery. They prefer light and aesthetic wearables. Rings, bracelets, earrings, chains, and light-weighted necklaces. The cuffed earrings are becoming only popular among Americans.
Small brands are emerging with their e-commerce jewellery stores on Amazon, Walmart, Etsy, Zulily and other E-commerce stores. These brands mostly sell pendants, earrings, rings and bracelets. They are very popular among the customers and have been showing considerable growth in the last few years.
How can Indian businesses sell in the US: online and offline modes?
India is a huge exporter of a huge number of things in the US and artificial jewellery is among the top items. There is a huge scope to expand and grow a business in the US because of the rising demand patterns. Both online and offline methods can help businesses do that. One just needs to have an export license in either of the cases.
The B2B sites are the greatest source to list your products for worldwide access.
It is also beneficial to set up a private website and use SEO-friendly blogs, newsletters, and social media to attract prospects and convert sales.
Another effective way is to sell via social media directly, like Facebook pages and Instagram stores with the use of relevant hashtags, promotions, and engagement.
The ever-increasing number of smartphone users and social media presence in the US can work as a catalyst to this form of marketing.
There are various offline methods to sell abroad. Primary is having contacts of dealers, middlemen, and local retail sellers. Items can be exported and consigned in bulk and the seller can feel free about the selling and promotions overseas. If his products are qualitative enough, more orders will start coming up soon.
Another method is to open retail stores which are quite expensive but reliable as it helps the individual brand grow, eliminating middlemen.
Another method is trade fairs. Many countries participate in trade fairs and advertise their products. They often end up getting bulk orders if their products are exclusive and get caught by the right eyes.
Hindrances that could occur
The rising prices of raw materials and skilled artisans are major obstacles in the artificial jewellery market. There are certain strict regulations when exporting metal items in western countries. Also, there has been a major decline in the number of weddings in the US over the years. However, these can be overcome by minimizing middlemen costs and promoting products online. Also, producing quality products that can pass all tests is very important.
However, India deals with the USA in a humongous variety of goods and services and has maintained a positive image over the decades. It is always advisable to keep a proper track of documents when selling abroad. collaborating with certain brands or middlemen instead of selling individually, in the initial years of exports always acts as a plus point as there is someone on the other side to take care of the hassle.