The history of the jewelry business dates back to ancient times and is continuously evolving in the present day. It is one of the most natural ways of self-expression and an essential part of the fashion industry. Jewelry may hold different meanings may it be a luxurious pearl necklace that can make you feel confident or a simple wedding ring band that promises eternal love. With these, it is not surprising that jewelry businesses are one of the leading industries in the global market.
However, without any idea on how to start the global expansion, it is easy to get lost and lose your main objectives. To help those who are looking to expand their business globally, we will discuss some of the things that you should consider to succeed.
The Current Jewelry Global Market
Before starting your global expansion, it is important to understand the current global jewelry market first. It is one of the most successful industries and last 2020, it amounted to over 230 billion euros. It is also expected to hit 480.5 billion by 2025 according to a study by Grand View Research.
Meanwhile, in terms of the review and sales, the Asia Pacific holds the top spot for the largest shares with 60.4% in 2019. China is the leading country due to the increasing spending power of its large population. Meanwhile, Middle East and Africa are expected to grow their compound annual growth rate (CAGR) by 8% for the next four years with their unique jewelry designs. They are also one of the top contributors to gold and diamonds.
By letting the consumers know what they are getting with their social media ads and posts, it is convenient for jewelry businesses to boost their sales in the global market. Most of them also get reliable language services by partnering with a translation agency. It helps them in localizing content and building better relationships with their global customers.
How to know when you are ready for the global market
One of the most important questions when expanding your jewelry business in the global market is whether you are ready for this. There are a lot of people who impulsively decide to dive into the international market without assessing their readiness. Most often, these decisions lead to their failure and wasting money, effort, and time.
To know if you are ready for global expansion, we prepared a checklist for you.
- You have long-term financial growth.
Expanding your business to the global market will cost investments of not just effort and time, but also money. You need to extend your resources for international marketing such as hiring experienced SEO specialists and outstanding web developers. There will be a lot of expenses and investments along the way and If you don’t want to end up bankrupt, it is best to expand when you have solid, long-term financial growth. This will be an assurance that you will still earn despite the possibility of doing well in the global market.
- You Have Regular Customers that want you to grow.
One of the goals in marketing is to have enough regular customers that love you and your brand. If you think that you have enough of them and that there are more customers in other regions and countries who are anticipating your expansion, then this is the right time. You can start by analyzing the locations outside your target area with most sales or posting a poll on social media sites.
- Your business is in demand in the global market.
What’s the point of doing business if there are no chances of succeeding? We’ve already talked about the current global jewelry market and there are a lot of opportunities. However, you still must know if your products are in demand in your target locations. If it does, then this will be a great opportunity for your business.
- Your website is global-ready.
One of the best ways to connect with your target audience and market your jewelry products is by having a website. Before launching your global expansion, it is important to secure your website’s global presence first. If your website is well-localized and is offering other language options, it is a sign that you will do well in the global market.
5 Tips for Successful Global Expansion of Your Jewelry Business
Now that you already have an idea about how you can assess your business’ readiness for global expansion, it is now time to step up your game. Here are some of the tips that can guarantee your jewelry business’ success in the international market.
- Research about your competitors.
When you are planning your global expansion, it is best to know which companies are doing great in your target locations. Assess their marketing strategies and learn from them. You can also stalk their website and social media pages to know the feedbacks of their customers and take their good and bad reviews as a lesson for you.
- Localize your e-commerce site
Now that you are venturing into the global market, it is important to localize your website to ensure that it is relatable to your target audience. Try to partner with a translation agency that has enough experience dealing with jewelry businesses. This way, you can ensure that they will not just translate your content but will also localize them.
- Work on your website’s functionality.
Not because your website’s SEO is doing great in your original location means that it will also do well in other regions. Make sure that your e-commerce site’s translated contents are complying with the best SEO practices. Have intelligent keyword research in your target languages and locations. You should also avoid technical errors on your website since having too much can affect the speed of your site. This can be a reason for customers’ loss of interest in your business.
- Get social.
What is a better way to communicate with your global customers than to get into social media? Invest in your social media management and make wise considerations for your posting time. Understand the preferences of the users in each country and make your posts relatable for them. You can feature trends and famous personalities, movies, and references to make them agreeable. Some successful businesses also create separate accounts per country to minimize confusion and error.
- Hire local employees in different countries.
It is important to have adequate local knowledge about your target locations. Make sure to hire enough employees who are residing in those countries. You can assign them for product research, social media marketing, content localization, customer service, and other tasks. If you are planning to hire a translation agency, make sure that they are native speakers of the language that you need.