All You Need to Know Before Starting a Ring Business

Buying a ring is an emotional experience. It invokes different emotions – whether it’s an engagement ring that symbolizes an eternal bond or a self-love ring to treat yourself.

Even if you look at the taglines of advertisements by brands, you’ll see how they encapsulate emotions. For instance, the iconic tagline of De Beers ‘diamonds are forever’ indicating a lifetime of marital bond. Or Mejuri’ s ‘for my damn self’ campaign.

If you want to sell rings, you need to keep in mind that it’s all about trust and emotions. These two are a driving force behind a successful brand. According to Capgemini, consumers who are emotionally involved with a company spend twice as much as non-committed customers.

In this post, we are going to talk about how you can establish that trust. So, if you want to know how to start a ring business, you will get all the information you need at the end of this blog.

Continue reading!

An outline of what this post includes:

• Challenges to start a ring business
• A need for an ecommerce website
• Solving customer problems with augmented reality

Challenges to Start a Ring Business

In this section, we will discuss two main challenges you are likely to face when you start a ring business.

1. Building TrustYou are an unknown brand with no mentions on the internet. The biggest challenge is to instill trust among the audience. Online shoppers don’t shop the same way as they used to back in the day. They ask for reviews, a secured payment method, want to know why you deserve their trust, etc. It takes about 50 milliseconds for a user to form an opinion about your website. So, you need to figure out how to retain customers’ attention and convince them to purchase.
2. Bringing Real-life Experiences OnlineToday most people prefer to buy online. But when it comes to buying jewelry, customers still find brick-and mortar stores reliable. This is because online shopping fails to give a real-life experience. People have no idea as to how the jewelry piece will look on them. Browsing online neither gives them an idea about the quality nor a perfect size. Shopping earrings and necklace online is easy but with rings the process becomes complicated as the customer must know the right size of the ring. Some brands like Blue Nile mail a plastic ring sizer, and with the help of the size guide; customers can measure the perfect fit at home. However, this process can be time consuming.

Let’s see how you can overcome these challenges.

A Powerful eCommerce Website

When you start a ring business, remember that the trust factor is important. It is much more than adding security certificates and trust seals on your online store. It begins by sharing compelling and truthful information on your ‘About Us’ page. This page is a good opportunity to set a perfect first impression for your brand. Paint a story about who you are? What you aim for etc.

Below is an excerpt from the website of designer, Katie Mullally, whose silver jewelry is inspired from her Irish heritage. The owner not just describes her story but the information on details of the metal is a crucial way to establish authenticity.

• Cut the clutter on the product page. Even when you include several things like product information, recommendations, reviews, etc. make sure the page is simple and optimal for easy browsing.
• Clearly distinguish CTAs and other information to avoid confusion.
• Low speed kills conversions. Ensure that the product page is responsive.
• Build trust by sharing return policy, customer service commitment, testimonials, product quality, and more.

Starting an online store can be challenging – choosing the best eCommerce platform, listing products, marketing them, and more. But we have got you covered. Let’s assist you in choosing the best tools and in building a website.

Solve Customer Problems with Augmented Reality

Online stores do not give the opportunity to try-on items. With augmented reality, it’s possible to overcome this challenge. Your potential customers can get the best ring online by trying it in real time. One of the best use cases of augmented reality in the jewelry industry is the try-on feature. Using an AR app, customers can try dozens of rings without leaving the room. Let’s look at some examples.

1. Shop4Ring

The app includes more than 300 rings featured in Amazon and Kobelli editions. The app provides a try-on feature that uses hand scanning AR technology. The neural networks create accurate hand recognition giving a real-time experience.

2. Say Yes

This AR app connects to the phone’s built-in camera, scans and takes a picture of the hand, and then AR technology accurately places the ring where it belongs. Moreover, with this application, vendors can directly notify customers about discounts or new launches.

Secondly, AR also helps overcome the ring size confirmation challenge. By integrating AR-powered measurement tools, customers can measure the shape and size and find the best fit.

Future of AR in Jewelry Shopping

AR is one of the fastest growing industries in the world. The AR market could be anywhere between $60-198 billion within five years. If you want to start a ring business, this technology opens new opportunities for your business. It adds novelty allowing you to stand out from the crowd. The real-time experience that AR gives motivates purchasing decisions, and reduces cart abandonment. To sum up, here are some stats that show how AR is growing.

• Two thirds of shoppers think that AR helps them make a better buying decision.
• 3D content increases conversion by up to 27.96% on retailer websites
• AR engagement is up nearly 20% since the beginning of 2020

Over to You

To start a ring business, two things are important. An online presence that reinforces a sense of elegance, and providing an in-store shopping experience. We’d be happy to assist you create a website or build a dedicated app. Our team will help figure out what solution works best for your business.

All product and company names are trademarks™, registered® or copyright© trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.