The global online jewelry market is on the rise, and the key growth factor is the compatibility of consumers with social and digital platforms. In addition, services such as free shipping and product returns that enhance consumer experience are also playing an important role.
The annual growth rate of the online jewelry and watch industry is projected to rise 10.3% to 2022. The industry has primarily been driven by consumers’ shopping habits shifting to the cyber sphere. In addition to the convenience offered by online shopping, many websites also offer price comparison services, which are particularly enticing when budgets are tight.
About 36 million US consumers shopped online for health and beauty products in the spring of 2014, up from 20 million consumers in spring 2010.
TO ENTER THIS NICHE MARKET
- Online sales of jewelry are expected to increase, boosting revenue and sustaining profit.
- The industry is expected to benefit from increased consumer affinity and interaction.
- The market for online jewelry and watch retailers is expected to saturate.