Jewelry eCommerce News – July 2022
Half the year is gone,
This is a good moment to reflect and adjust your business strategies. As always, we’ve brought you an important element to consider in your planning – the most recent jewelry eCommerce news. Here’s our quick summary for you.
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Jewelry eCommerce News – July 2022
Platinum Guild International (PGI) reported that, as the pandemic restrictions get removed in various parts of the world, the jewelry market can expect to see a strong upturn in sales. Demand is recovering in most markets, but more prominently in China, India, US, and Japan.
Sales of personal luxury goods are set to accelerate at least 5% this year as shoppers in the United States and Europe continue to snap up high-end watches, jewelry and shoes. Consultancy company Bain puts luxury goods sales numbers at 305 billion euros ($320 billion) this year.
Israel’s polished diamond trade has been heavily influenced by global forces. While low imports have created rough diamond shortages, exports have been concomitantly increasing. US import demand has remained stable.
Total polished diamond exports reached $319.6 million in June, a 10% year-to-year increase. Rough diamond imports fell by 14% in June but saw a 1.4% increase over the first half of 2022.
Unsubscribing from Amazon Prime used to be a hassle. It included confusing and deceiving words and pages. The European Consumer Organization in Brussels (BEUC), the Norwegian Consumer Council, and the Transatlantic Consumer Dialogue brought up this issue with Amazon’s executives in the EU last year.
The company has recently changed the process for members to unsubscribe with only two clicks. The change will be applied to all of their EU platforms. This is good news for jewelry sellers in Europe, as the overall consumer market on Amazon is likely to increase following these changes.
Starting on Sep 1, the current Send/Replenish workflow, under Manage Inventory, Manage FBA Inventory, or Restock Inventory, will be replaced by “Send to Amazon”.
Changes include easier shipment creation with video tutorials, packing templates, automating data input, and providing early packing options. “Send to Amazon” can also be accessed from a seller’s Shipping Queue. Since jewelry is a seasonal product, with high production spikes, this new option should help with restocking speed and a smoother workflow during those times.
Following the annual JCK jewelry trade show last month in Las Vegas, diamond trading picked up slightly. The US, Belgium, Israel, and India are showing promising demand. US market growth has slowed down but not stopped. China has shown a decrease in trade amid COVID concerns. Overall, 1.20ct to 3.99 ct diamonds, F-J, VS-SI are the most sought-after categories.
Prices for 1ct polished diamonds have dropped by 1.8%, coinciding with a 1.6% decrease in the US economy as well as a shortage of Russia-supplied diamonds. Oval is the top shape, followed by Radiant, Emerald, Pear, Cushion, and Marquise. Fancy-shaped engagement rings are showing an increase in demand as well.
DHL plans to invest $570 million in its UK eCommerce operations, in response to a 40% increase in volume since 2020. The investment will go towards digital logistics and sustainable practices, including a state-of-the-art, 270,000-square-foot, central hub nearby the Coventry airport. Another $225 million will be spent on 10 new delivery and collection points across the country.
The eCommerce growth is also reflected in the jewelry industry in the UK. Market size is reported to increase by 46% in 2022. As a jewelry seller, this would be a great time to implement or optimize your operations and logistics in the UK.
According to a recent study by PYMNTS and Spreedly, online businesses are turning to payment gateway synchronization providers to ease the implementation of multiple payment methods for their customers.
This means consolidating and managing all payment options under one software. 54% of online retailers in the US and 62% of those in the UK believe this would reduce their overall expenses. Jewelry sellers operating in multiple countries with various payment methods and currencies would benefit most from this trend.
eBay joined hands with FedEx in helping APAC (Asia Pacific) online retailers reach buyers around the world. Companies from Hong Kong, Indonesia, Malaysia, Philippines, Singapore, Taiwan, Thailand and Vietnam are included in the first phase of the rollout.
These businesses are now able to access competitive express rates, new cross-border services, more return options, and direct communications with the FedEx team. Jewelry shipping is considerably easier than other products. Therefore, tapping into these new markets is an excellent opportunity for jewelry sellers.
Amazon Implements New Rules for Liability Insurance on Small Businesses
Amazon’s commercial insurance policy regulations changed last month. Previously, the company required sellers to buy insurance with up to $10 000 in deductibles. With only a week given as a heads-up, sellers got hit this month with newly implemented requirements.
Businesses with $1 million or less in sales can no longer buy commercial insurance offering deductibles, which means their insurance costs would increase. Small jewelry stores or low-volume sellers are the ones hit hardest by this policy.
Twitter’s buy-out by Elon Musk has triggered a number of changes in the social media platform. Twitter Shops is one of those, a new feature that US Shopify sellers can use to highlight up to five of their products on their Twitter profiles. It also offers the ability to advertise up to 50 products through a tab linked to their profile.
Some other recent collaborations that Shopify has entered include Google and Facebook. This allows jewelry sellers hosting their online stores through Shopify to reach a wider target market through their campaigns.
Walmart is encouraging UK online sellers to join their platform of about US 120 million buyers. They are offering sellers discounted two-day shipping options for most the year, as well as other logistics services. Walmart already has a presence in the UK grocery market.
A few businesses have already joined and more are set to do after the company’s Seller Summit last month in London. Fashion and beauty are two industries that will be covered. Walmart already has a big jewelry buyer segment. Therefore, this is a good opportunity for jewelry sellers to consider.
Jewelry eCommerce News – July 2022 📰
Fine Jewelry Market is Seeing a Positive Growth Trend
Platinum Guild International (PGI) reported that, as the pandemic restrictions get removed in various parts of the world, the jewelry market can expect to see a strong upturn in sales. Demand is recovering in most markets, but more prominently in China, India, US, and Japan.
Sales of personal luxury goods are set to accelerate at least 5% this year as shoppers in the United States and Europe continue to snap up high-end watches, jewelry and shoes. Consultancy company Bain puts luxury goods sales numbers at 305 billion euros ($320 billion) this year.
Israel’s Polished Diamonds Market Grows
Israel’s polished diamond trade has been heavily influenced by global forces. While low imports have created rough diamond shortages, exports have been concomitantly increasing. US import demand has remained stable.
Total polished diamond exports reached $319.6 million in June, a 10% year-to-year increase. Rough diamond imports fell by 14% in June but saw a 1.4% increase over the first half of 2022.
Amazon Eases Ability to Unsubscribe from Prime Membership
Unsubscribing from Amazon Prime used to be a hassle. It included confusing and deceiving words and pages. The European Consumer Organization in Brussels (BEUC), the Norwegian Consumer Council, and the Transatlantic Consumer Dialogue brought up this issue with Amazon’s executives in the EU last year.
The company has recently changed the process for members to unsubscribe with only two clicks. The change will be applied to all of their EU platforms. This is good news for jewelry sellers in Europe, as the overall consumer market on Amazon is likely to increase following these changes.
Amazon FBA Changes to Replenishing Inventory
Starting on Sep 1, the current Send/Replenish workflow, under Manage Inventory, Manage FBA Inventory, or Restock Inventory, will be replaced by “Send to Amazon”.
Changes include easier shipment creation with video tutorials, packing templates, automating data input, and providing early packing options. “Send to Amazon” can also be accessed from a seller’s Shipping Queue. Since jewelry is a seasonal product, with high production spikes, this new option should help with restocking speed and a smoother workflow during those times.
Global Diamonds Market Review
Following the annual JCK jewelry trade show last month in Las Vegas, diamond trading picked up slightly. The US, Belgium, Israel, and India are showing promising demand. US market growth has slowed down but not stopped. China has shown a decrease in trade amid COVID concerns. Overall, 1.20ct to 3.99 ct diamonds, F-J, VS-SI are the most sought-after categories.
Prices for 1ct polished diamonds have dropped by 1.8%, coinciding with a 1.6% decrease in the US economy as well as a shortage of Russia-supplied diamonds. Oval is the top shape, followed by Radiant, Emerald, Pear, Cushion, and Marquise. Fancy-shaped engagement rings are showing an increase in demand as well.
DHL to Expand Its Operations in the UK
DHL plans to invest $570 million in its UK eCommerce operations, in response to a 40% increase in volume since 2020. The investment will go towards digital logistics and sustainable practices, including a state-of-the-art, 270,000-square-foot, central hub nearby the Coventry airport. Another $225 million will be spent on 10 new delivery and collection points across the country.
The eCommerce growth is also reflected in the jewelry industry in the UK. Market size is reported to increase by 46% in 2022. As a jewelry seller, this would be a great time to implement or optimize your operations and logistics in the UK.
Synchronizing Payment Gateways Reduces eCommerce Costs
According to a recent study by PYMNTS and Spreedly, online businesses are turning to payment gateway synchronization providers to ease the implementation of multiple payment methods for their customers.
This means consolidating and managing all payment options under one software. 54% of online retailers in the US and 62% of those in the UK believe this would reduce their overall expenses. Jewelry sellers operating in multiple countries with various payment methods and currencies would benefit most from this trend.
eBay Partners with FedEx to Help Seller in the Asia Pacific
eBay joined hands with FedEx in helping APAC (Asia Pacific) online retailers reach buyers around the world. Companies from Hong Kong, Indonesia, Malaysia, Philippines, Singapore, Taiwan, Thailand and Vietnam are included in the first phase of the rollout.
These businesses are now able to access competitive express rates, new cross-border services, more return options, and direct communications with the FedEx team. Jewelry shipping is considerably easier than other products. Therefore, tapping into these new markets is an excellent opportunity for jewelry sellers.
Amazon Implements New Rules for Liability Insurance on Small Businesses
Amazon’s commercial insurance policy regulations changed last month. Previously, the company required sellers to buy insurance with up to $10 000 in deductibles. With only a week given as a heads-up, sellers got hit this month with newly implemented requirements.
Businesses with $1 million or less in sales can no longer buy commercial insurance offering deductibles, which means their insurance costs would increase. Small jewelry stores or low-volume sellers are the ones hit hardest by this policy.
Shopify and Twitter Partner to Increase Online Brands’ Reach on Social Media
Twitter’s buy-out by Elon Musk has triggered a number of changes in the social media platform. Twitter Shops is one of those, a new feature that US Shopify sellers can use to highlight up to five of their products on their Twitter profiles. It also offers the ability to advertise up to 50 products through a tab linked to their profile.
Some other recent collaborations that Shopify has entered include Google and Facebook. This allows jewelry sellers hosting their online stores through Shopify to reach a wider target market through their campaigns.
Walmart to Expand Operations in the UK
Walmart is encouraging UK online sellers to join their platform of about US 120 million buyers. They are offering sellers discounted two-day shipping options for most the year, as well as other logistics services. Walmart already has a presence in the UK grocery market.
A few businesses have already joined and more are set to do after the company’s Seller Summit last month in London. Fashion and beauty are two industries that will be covered. Walmart already has a big jewelry buyer segment. Therefore, this is a good opportunity for jewelry sellers to consider.
News from Valigara 👀
You’ve probably heard of Globious.io, a leading multichannel marketing agency with a focus on Amazon. We’ve partnered up with them this month to improve our advertising capabilities for all our jewelry sellers. Exciting changes coming up!
Igor’s Tip of the Month:
Jewelry logistic is not always important
Obviously, decent logistics is critical. WIth that, in some jewelry categories, it’s less important. The reason is simply that for more expensive jewelry, all econverse players are able to provide good logistics. If you are selling fine jewelry within the $2,000 to $5,000 range, you can easily provide a free, overnight delivery experience. While for cheaper items, that is not as convenient. Because of this, especially with fashion jewelry, a great logistic component provides more opportunity to stand out
