When You Buy Overstock Jewelry, Your Jewelry Business Profits
Have you ever wondered how to keep your prices low and your profits high in your business? The jewelry industry is a significant share of the retail sector that offers all kinds of people including manufacturers, designers, and salespeople to be creative and help people feel great about themselves.
Since the recession, the jewelry industry has recovered and growing steadily; however; it is shifting from brick-and-mortar stores to a lot more line stores.
In 2016, the jewelry retail industry adapted to falling diamond prices and many jewelry stores closed. Foreign suppliers and online retailers are now offering much lower prices than ever before.
When a business is online-only, there is a lot less overhead to pay for. When you add overstock products to that, you’re paying rock-bottom prices to operate your company and get inventory. This is perfect!
As a jewelry business owner, buying overstock jewelry inventory from a wholesale sterling 925 silver jewelry retailer like ELF925 such as: 925 silver earrings, 925 silver rings or 925 silver charms can be a big opportunity and asset to you because it means that products are very low-priced.
With wholesaling available to you, there are low barriers to entry in the jewelry industry because there are no licensing requirements, government regulations, or large capital investments needed that would prevent operators from becoming jewelry companies.
Because of this, there are a lot of small jewelry companies in the industry and even moderate capital investments and high competition can pose barriers. However, with low overstock prices that we provide for very high-quality jewelry, it can make it easier for you.
Competition is stiffer when everyone is selling the same quality jewelry. However, with your brand, you can buy the high quality jewelry that we provide—it’s sterling silver, stainless steel, sometimes plated with gold or rose gold. Our jewelry is hypoallergenic and won’t cause any issues for your customers. They will trust your company for your high quality products and come back again and again for gifts and special pieces for themselves.
Choose the products that match with your brand’s look and feel, stick to your brand message, and get products for very low prices, while still selling them at a premium price.
When you are being mindful about what you are stocking on your website, it will show on the customers’ side. They may not notice your attention to detail consciously, but subconsciously they will get the feel from your company’s brand and stock that you are thoughtful about what you are selling, and adding to your collections.
Of course, having a high demand is every businesses dream and goal. The secret to being profitable is to balance demand with supply; to have just enough inventory to keep your costs down and make a profit at the same time.
The best ways to balance supply and demand are:
- Monitor the demand signals in your business. Make sure you are making note of what your customers are searching for and anecdotally asking you for. Let this drive your sourcing. Don’t guess what you are stocking. Make your decisions based on the data that you have collected.
- Make sure that your logistics align with your shipments. If you time this right, you will never be out of stock and never have overstock.
- We carry the overstock jewelry in our business so that you won’t have to in your business. Make sure that you have standard operating procedures that map back to recording the demand signals. If your systems do not effectively recognize demand signals or trigger buying to replenish your stock, you will throw off the success of your business.
- If you do run out of the overstock jewelry that you have purchased from us because of high demand, you may be able to reorder it. However, if we are all out, you can move on to the next product that you are promoting.
- When you purchase overstock from us, consider doing a promotion around that product on your own product website. Perhaps there is a buy-one, get-one promotion that you run, or a refer a friend discount. This is a way to bring new customers into your franchise who will eventually become recurring buyers.
The top problems with supply chain last year (which lost many companies a lot of money in the hundreds of billions), were forecasting failures, supplier issues, and mismanaged inventory.
With overstock, you save money on your product purchasing wholesale, and you can lower your costs, perhaps even making back the money that you may have lost from past mistakes with mismanaged inventory or forecasting failures.
When you buy from our overstock jewelry selection, you not only save money on the product, but you also let us handle the cost of storing the extra inventory (overstock) and the systems.
This will reduce your warehouse handling fees and reduce your turnaround time for customers.
Our overstock collection has over 300 silver jewelry items in it! There are 925 silver earrings, 925 silver necklaces, 925 silver pendants and chains, 925 silver bracelets, 925 silver bangles, 925 silver rings, and 925 silver charms.
Our collection has such a wide variety of looks, lifestyles, and types of women. You’re sure to find what you’re looking for in your product line and for your customers in this collection. You may be able to create a product with variations that can be customized for the different customers.
An example of this is a piece of jewelry that has different color stones, or a charm bracelet with different choices of stones, or 925 Silver earrings with different stones. You can make these variations meaningful and niched to the customer in some way.
Take, for example, the company “Energy Muse”. The products are filled with meaning for their customers, and they market in a way that makes their jewelry sentimental and meaningful with different variations that feel personalized to people who feel that they need power, love, or confidence.
We also carry jewelry featuring Swarovski crystals for the sophisticated woman, Cubic Zirconia for sparkle and costume jewelry. We carry jewelry with semi-precious stones which are perfect for creating meaning, freshwater and synthetic pearls for the classic and elegant woman, as well as design techniques such as enameling, filigree and micro pavé
The jewelry in the overstock category is often in large quantities so you are able to get what you need and when you run out, you may be able to order it again. Again, this keeps your inventory costs down.
Our low prices keep your margins high, and we carry the jewelry that will move because your customers want it!
We buy our jewelry in bulk to keep your prices low and you can offer a variety of products, lines, and prices to your customers.
In your business have you ever had an experience where you had too much inventory that just wasn’t moving?
Maybe you realize that you have way too much stock, and it’s just not popular; your customers don’t want it. The panic sets in as you think, “Did I just lose hundreds of dollars on these pieces that aren’t selling?!” Think again: this is an opportunity.
In order to manage your inventory and sell whatever overstock you have, you will want to definitely sell your products online in order to improve your sales conversions. Amazon and Ebay reach a lot of customers and are great places for your overstock inventory.
You could also use the overstock inventory as a “free gift” for new customers or as a thank you to customers who are loyal. They will appreciate the free gift! Using old overstock inventory as a free gift could have the potential to bring in new customers, and you will have lowered your cost per lead in the process!
You can also create promotions where you are bundling items. For example, when a customer buys one product, they can get 50% off the product you are trying to move from your inventory.
When you have a brick and mortar store, you have the advantage of putting lower cost items that can upsell your customer in the last few seconds before they pay. Place your lower priced overstock items next to the cash register and they are sure to move as impulse buys!
Overstock can be a blessing in disguise if you have an excess of inventory in your business; you can use it for marketing purposes, make your current customers happy, and bring in new customers.
If you’re buying overstock jewlery from ELF925, it is definitely a blessing, and there’s no disguise! You get a deal, and a big profit margin. We love helping developing businesses get a leg up in the jewelry industry and buying overstock items at lower prices is definitely a way to get ahead as a business.