Have you been contemplating getting into the jewelry industry but aren’t quite sure where to begin? Also referred to as 925 silver, sterling silver may be just what you need to get your new venture moving in the right direction. Here’s a look at the reasons why you should consider buying wholesale sterling silver for your retail jewelry store.
Table of Contents
Lead and nickel are present in plenty of silver jewelry, especially discount pieces and costume jewelry. However, these two metals are known to trigger a number of allergies and long-term health conditions, including skin reactions, liver problems, and brain damage.
Sterling silver is effectively hypoallergenic. Nearly anyone can wear sterling silver with no reaction, including those with sensitive skin. As a newbie in the trade, you won’t have to worry about customers coming back with health complaints caused by something you sold them. It’s not just about getting good reviews but also avoiding damaging litigation.
When most people are thinking about acquiring jewelry, one of their biggest concerns is cost. Everyone would love to own the rarest, purest pieces available, but only a minuscule number can afford them. Cost is an even bigger factor now, thanks to the upheaval of personal finances occasioned by the COVID-19 pandemic.
Yet, even in the most challenging economic times, there’ll still be people who want to buy jewelry for themselves or their loved ones. After all, jewelry is a mood enhancer and makes the wearer feel good about themselves. Sterling silver is relatively affordable for the average person. Some pieces go for just a couple of dollars. Your customers can indulge in silver accessories irrespective of their budget.
3. Easy Maintenance
Sterling silver, or 925 silver, is easy to clean, polish, and maintain. The maintenance advantage of sterling silver is not just enjoyed by the buyer but the retailer too. If your business grows and you eventually have hundreds or thousands of pieces in stock, it’s in your best interest if little effort is needed to keep them in top shape.
All you have to do for sterling silver jewelry is keep the pieces in a reasonably airtight container. Wipe each piece with an appropriate polishing cloth once in a while. If that doesn’t deliver the required sheen after a while, use aluminum foil for the more hardcore cleaning.
4. Recognizable Brand
Silver is a millennia-old brand. Stop any number of random people on the streets and ask them what components they’d consider attractive for jewelry. Gold will be mentioned a lot, as will diamond. But you’ll certainly hear silver come up with impressive frequency too. Once you say silver jewelry, you need to do a very little additional introduction.
It’s always easier to sell a product to prospects when they are already aware of its benefits. That’s sterling silver for you. It’s not the least expensive out there, but it has far higher recognizability than other materials and gemstones in the same price range. Remember that when people wear jewelry to an event, they want something other attendees recognize as luxurious. Sterling silver does that.
5. Accumulate Repeat Customers
The growth and sustainability of a business are deeply dependent on establishing a critical mass of repeat customers. A buyer who returns to you every couple of weeks or months for something new can generate valuable revenue for you over the long term.
If you specialize in inexpensive metals such as gold and platinum, you won’t have a lot of repeat business. Why? First, only a small percentage of people in the world are rich enough to buy these regularly, so competition for their wallets is intense. Second, such buyers will prefer to go to old, established jewelry stores. Third, the wealthy are big on the variety their money affords them, so they love picking different items from different sellers over time.
With sterling silver, you address the ’99 percent’ as these are much more budget-conscious. And because the price of the sterling silver pieces is low, these buyers can make small repeat purchases over a long time. That way, they can minimize any financial strain even as they diversify their jewelry collection.
Not a Silver Bullet
No business is risk-free. You still have to apply the core principles of good management to get your sterling silver jewelry store off the ground and thriving. Nevertheless, by stocking up on sterling silver, you’ll have greatly bettered your odds of success.