We hope you had a wonderful and productive Valentine’s/Galentines Day. This month is filled with news. So let’s get right into it.
Jewelry eCommerce News 📰
2022 survey: poor images & lack of details drive away up to 46% of shoppers
According to a survey by Salsify, 30% of US shoppers will not make a purchase if product images are missing or have low quality. 41% of them ranked quality images and product descriptions as the main reason for choosing an online retail store. 46% of them will not buy a product if they don’t find detailed information about it. More than half of them will compare prices across several retailers and check for digital coupons.
Jewelry products have a number of important details to be showcased, from color to diamond shape, size, and karats. So high definition images and lifestyle pictures are even more crucial in our industry.
eCommerce software and platform market to grow rapidly
The eCommerce software and B2B platforms markets are expected to grow by 12.5% in the next 10 years, to reach $12.37 billion. Examples include Shopify, Magenta, WooCommerce, BigCommerce, Wix, Salesforce, and more. Cloud-based platforms, such as SaaS, will account for 80% of the overall market. B2B eCommerce software will account for 3/5s of the global market. Cryptocurrency and blockchain have influenced how eCommerce is done. They are expected to be part of 60% of worldwide eCommerce software and platform demand.
This news proves the usefulness of SaaS platforms, such as Valigara. Not only do they use less resources, but can also help increase productivity and profits.
Read more…eBay legacy stores to be discontinued by the end of March
All legacy, customized eBay stores will be switched automatically to eBay’s new, upgraded, and standardized storefronts. This change has been expected since 2019 and is just now starting to take place. Secure domains and consistent pages across the platform are two of the reasons for the switch.
As a Valigara user and jewelry seller, you benefit from an automated listing process on eBay without worrying about these changes. This, however, does not take away from the importance of product customization and branding. These two are still key elements in the jewelry industry.
eBay launches its own digital wallet and vault
eBay CEO, Jamie Iannone, announced during the latest eBay’s Investor Day that the platform will soon launch its first digital wallet. Customers can use their sales proceeds to purchase products or pay for selling fees. Another feature to soon be available is the eBay vault. The vault is a secure storage facility where collectables, and soon luxury goods like jewelry, will be securely stored prior to selling.
Fine jewelry sellers should keep a close eye on this new feature, as it may help increase sales and trust. The vault is planning to implement other features like fractionalization and live commerce, as well. These could also prove quite useful for jewelry sellers.
Amazon to help new sellers through a Launch Playbook and new incentives
Amazon’s data scientists detailed five key selling programs in their Perfect Launch Playbook. These include brand registry, A+ content, FBA automated pricing, and advertising. Optimizing these areas within the first 90 days of getting started will likely generate more sales quicker. The platform is also offering new incentives, including:
a 5% bonus on up to $1 million sales in eligible branded product
$200 in credits for Amazon vine
$100 in credits for Transparency
FBA sellers will benefit from additional incentives.
It has never been a better time for jewelry sellers to adopt Amazon as part of their cross-channel marketing strategy. The Launch Playbook and new incentives make it easier to dip one’s toes into marketplace sales.
Etsy to increase seller fees
Etsy will increase seller transaction fees from 5% to 6.5% beginning on April 11th, 2022. The revenue gained from this will be invested in marketing tools and creating better customer experiences.
Fashion jewelry sellers might be particularly impacted by this change. However, this increase is merely mirroring what other marketplaces, like eBay, are also doing in 2022.
eBay UK to revamp their View Item page
In an effort to increase brand and shop engagement, eBay UK is implementing a number of changes to the View Item page. These include the removal of the listing frame and the launch of a new and improved experience. Branding will take a front seat by adding the seller name and feedback at the top of the page, next to the listing headline, as well as moving the seller information card higher up on the page.
Branding is crucial in the jewelry industry. So we expect these changes to have a positive impact on jewelry seller profits.
Summary: eCommerce Automation as a eCommerce success component
We have long hammered the importance of cross-channel and omnichannel marketing for jewelry sellers. Based on this research, the trend will continue to increase in the near future. Also, with jewelry being a seasonal product, keeping track of inventory levels is crucial.
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Online presence – consumers expect to shop on any channel, such as a marketplace, website, social media, or in-store. Therefore, retailers need to be present everywhere.
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Omnichannel experience – integration between all sales channels is a must. Omnichannel sales account for 10 to 20% of a retailer’s orders. According to a report by McKinsey and Co, 90% of Americans no longer wait more than two to three days to have goods delivered.
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Inventory distribution – automated inventory management can save up to 9.2 million hours. It also helps analyze sales patterns and predict supply and demand, making it easier to be prepared during busy seasons.
Amazon’s Spring Deals coming up in April
Amazon will hold its annual Spring Deals sales event in Europe next month. Merchants will have until the end of March to submit their offers. The event will start on April 1st and end on April 13th. It will include Amazon marketplaces in the UK, Denmark, France, Italy, Spain, Turkey, Sweden, Netherlands and Poland.
To take advantage of this event, jewelry sellers could promote bundles and list their products internationally. The deadline to submit deals is March 28th, 2022.
Amazon acquires Veeqo
Veeqo is a multi-channel business management software focused on providing great customer experiences to buyers. It facilitates inventory and fulfillment solutions, reducing the need for sellers to rely on third-party tools and platforms.
This denotes the importance of proper inventory and fulfillment processes for the success of any online business. We, at Valigara, understand this concept and ensure that our online management tool meets seller needs and buyer expectations.
Shippo partners with Shopify Europe
Shippo, a leading provider of logistics solutions, has created a product (Shippo for Platforms) to integrate their shipping services with Shopify websites within Europe. This would significantly reduce seller expenses and time spent on logistics.
This partnership shows the magnitude of the European market for eCommerce and the importance of logistics for an online business. Shipping and fulfillment have always been key priorities for our Valigara users.
News from Valigara 👀
We cannot turn a blind eye to what is happening in Ukraine at the moment. So we’d like to join the rest of the world in supporting them and standing with them as much as possible. If you are able to join our efforts, please head over to the link below and donate whatever you can to help Ukrainian families and the humanitarian services there:
https://www.valigara.com/blog/stop-the-war-in-ukraine/
Igor’s Tip of the Month:
2022 jewelry business
Budgeting your website creation can’t be separate from the go-to-market strategy. Whether you should invest $1000 in the creation of your website, or it should be a 6 digits number depends on your whole marketing budget. 10-25% of the yearly marketing budget is the optimal range for the website creation.
