Why You MUST Sell Your Jewelry On More Than One Platform! - Episode #60

[00:00:00] Welcome to the Jewelry Resellers Podcast, Your Go To Source for All Things, Shiny, Sparkly and of course profitable. I'm your host Desiree, and I'll be your guide on this dazzling journey through the world of reselling Jewelry.

[00:00:14] We'll be diving deep into the art and science of reselling, uncovering valuable tips, insider secrets, and sharing stories from successful Jewelry resellers. We'll explore market trends, industry news and even discuss how to find those hidden gems just waiting to be discovered in thrift stores estate sales and beyond.

[00:00:37] So if you're dreaming of turning your hobby into a hustle or if you're a seasoned pro looking to stay at the top of your Jewelry reselling game, Join me each week for insights, stories, and more on the Jewelry Resellers Podcast.

[00:00:56] Hello and welcome to another episode of the podcast. I am your Jewelry reselling bestie, Desiree, and I hope that today's episode will give you some ideas if you're thinking about how to leverage multiple platforms in order to maximize your income or your earning potential as a Jewelry reseller.

[00:01:24] So if you're new here, I do want to say welcome, like I said, my name is Desiree, and on this podcast,

[00:01:32] I'd like to talk about anything and everything as it relates to being a Jewelry reseller, whether you do this part time, full time, or some of the time.

[00:01:43] My goal is to really give you as much information as possible in order to help you make the money you want to make or achieve the goals that you set for yourself, as it relates to selling or reselling Jewelry, all types of Jewelry.

[00:02:01] Now I have been doing this myself going on four years now and I've had a lot of ups and downs and challenges, but I've also had a lot of success.

[00:02:10] And so I guess the thing is that you really need to think about is that this journey is going to be very up and down. Sometimes things will just fall into place beautifully and other times it will feel like everything is falling apart.

[00:02:28] So I guess I just want to start off by giving you a little bit of encouragement, don't think that you're doing something wrong.

[00:02:33] If you feel like you are struggling a little bit because it takes a while for you to kind of cultivate a plan and a system to help you really succeed at doing this.

[00:02:45] But I think the first thing that a lot of us can agree on is that we are just so passionate about Jewelry, and we love it, and we appreciate it.

[00:02:54] And we are so curious about it that all of that really drives our motivation, our actions and in some cases our curiosity as it relates to being a Jewelry reseller.

[00:03:09] So like I said, today we're going to talk about how to use multiple platforms to really maximize your reach and to give yourself the best.

[00:03:23] Possible situation to make the most money that you can make because if you've been doing this for a while, you know that some platforms tend to work better for you than others or maybe you're just trying to figure out how you can use more than one platform in order to reach the buyers that you are looking to reach.

[00:03:48] Okay, so before we get into that you know I always like to remind you to join our newsletter family because if you do, I'm going to send you my personal list of the 20 best selling vintage jewelry brands that I believe all resellers should know.

[00:04:03] And I've gotten a lot of good feedback from you from you all about this list and you've said that it's been very helpful. And it really gives you a starting point.

[00:04:16] As it relates to what type of jewelry you want to start studying or learning about first that way you can recognize it when you are outsourcing or maybe when you're at an auction or even if you're just looking online, you will start to pick up things that you remember or like I said that you recognize because you are familiar with these brands.

[00:04:40] Okay, so if you'd like to get a copy of that list all you got to do is head on over to the website that is jewelry resellers podcast calm again that's jewelry resellers podcast calm I will also have a link in the show notes for you.

[00:04:59] So, I'm going to talk about the topic now we are talking about selling jewelry in multiple places now I do believe that this is a crucial strategy for resellers who want to maximize their reach diversify their income streams and also to mitigate or in some cases eliminate risk.

[00:05:18] Now I have sold on many platforms when it comes when it comes to jewelry.

[00:05:26] Of course, I started on eBay I've had a lot of success there but now as I have grown more comfortable in my jewelry reselling knowledge and in my own skill set I have moved into live selling 100%.

[00:05:43] Now I do have a few listings still floating around on eBay and posh mark but for the most part I like to do live selling and that is where I have found.

[00:05:54] It just works it just works for my personality it just works for my lifestyle I've said that many times and of course you don't have to do that because you can make this work in whatever way that it works for you.

[00:06:08] All right and that's the thing I want you to think about first is what works best for you because that's the most important thing for you to stay consistent with this and for you to really make sure that you give you know you give every platform a try because you will learn things about your business about yourself and about the platform in the process of that discovery.

[00:06:35] Okay so let's talk about the reasons why jewelry resellers should have a multi platform approach when they are trying to start or grow or sustain their business.

[00:06:53] All right so the first thing we want to think about is by doing this we are going to increase our market reach and in other words we're going to expose our items our jewelry to a diverse audience just by putting our items on more than one platform.

[00:07:13] So understand that different platforms do have different audiences or different buyers and each selling platform attracts different demographics. So for example, you know we all know that eBay may cater to like people who are looking for bargains who are looking for deals where compare that to Etsy.

[00:07:33] Those those buyers are looking for things that are really unique and they don't necessarily need to have it be the cheapest price. They just want something different or something that can be customized specifically for their needs.

[00:07:48] Now you can also set up your own website which is something that I do recommend.

[00:07:54] But of course you don't have to start off that way because that does take a whole another layer of managing and maintaining and all the things that go along with setting up and managing your own website.

[00:08:08] But you will eventually get to a point where you have some very loyal buyers and they may want to have a more personalized shopping experience with you. Okay so that is something I want you to think about.

[00:08:23] Now the other thing about selling your jewelry on multiple platforms is that you can reach a global audience, right?

[00:08:33] So selling on an international platform like Amazon or eBay can expose your jewelry to a global market and I think this is so exciting because you're not limited to you know the country where you sell.

[00:08:46] But you basically can sell your products anywhere in the world as long as that platform is set up for that.

[00:08:55] So those are the things to think about when you think about increased market reach and really reaching the people that you are looking for, the specific buyers that you are looking for so you can make those sales.

[00:09:11] Okay the next thing that we will cover is a term that I actually learned during my corporate days and that is called risk mitigation. In other words, we don't want to be all in on one platform and then something happens and then suddenly you're at a business.

[00:09:34] Now I don't anticipate any platform just collapsing but you never know or something could happen maybe you do something that you have no idea that you did something wrong or maybe an error gets made and your account gets shut down.

[00:09:49] You know every marketplace has its own rules, policies and whatever else that we are all subject to in our agreement of selling on that particular marketplace. All right so we want to reduce dependency on one specific platform.

[00:10:10] And maybe you sell on one platform more than another but you want at least have some things set up on multiple platforms so that way. You can seamlessly bounce from one to another if in the event you need to do that.

[00:10:25] Right because you don't want to say be only on eBay and then something happens your account gets shut down but now since you don't have any account anywhere else.

[00:10:35] You've got to go through the process of setting that up maybe it might take a few days for you to get up and running on on a different platform.

[00:10:43] So you want to just kind of reduce your dependency on one singular platform okay because that can be risky like I said if you have issues with that particular platform.

[00:10:58] Now the other thing to think about as it relates to risk mitigation or lowering or eliminating risk and that is the economic fluctuations now I know you know jewelry is not a must have item in a lot of cases depending on who you talk to.

[00:11:17] But changes in market trends or platform specific issues in other words the algorithm may change there could be more competition in that particular category. All of those things can impact sales so diversifying helps you cushion against these particular fluctuations okay so really think about that.

[00:11:41] All right the other thing we want to talk about is revenue diversification now this is probably one of the most exciting things that I think.

[00:11:49] We need to think about when we consider selling in multiple places all right having multiple streams of income is definitely a necessity nowadays depending on what you do even if you have a job.

[00:12:05] Most people today have two or more streams of income whether that's their job and then their side hustle or maybe they do three or four side hustles in order to make the money they need to make.

[00:12:19] All right so the thing is is we want to have steady cash flow so different platforms can have different peak seasons and sales patterns that we need to be aware of.

[00:12:29] You know you may come to find that if you have your own website maybe sales on your own website do really well during the holiday season and maybe on eBay things might be slower doing you know during certain times of the year.

[00:12:46] So it's really about making sure that no matter where you sell you're going to be making money somewhere somehow and that may have to be on multiple platforms it may have to be on.

[00:12:59] You know maybe one platform during a certain time a year like I said and then another platform during other times of the year. But it's just really making sure you cover all your bases so that way you know money is coming in at you know all the time.

[00:13:16] Next up we want to talk about promotions and discounts because you can run platform specific promotions to boost sales on slower platforms without necessarily affecting your overall revenue.

[00:13:29] Okay so this is something that you may want to think about as well because maybe you could run promotions on eBay. To kind of help make more sales there and maybe that's something that you may do like I said seasonally.

[00:13:47] Alright so the next thing we're going to talk about is brand building and visibility.

[00:13:53] Now this is something that I also get really excited about because I'm really into establishing your own brand and really making yourself known for something specific and I also find that this is a lot of fun at least for me it is.

[00:14:11] Alright so we're talking about brand building and visibility and having a multi channel or a multi platform presence. Alright so this is really going to enhance your brand recognition if you are trying to grow a brand and be known for something.

[00:14:26] Being present on multiple platforms increases your brand visibility and customers who see your jewelry on a variety of sites are more likely to recognize and trust your brand.

[00:14:38] So this is why I tell a lot of resellers to use the same name if you're going to be selling on multiple platforms because that way your customers will be able to find you.

[00:14:51] You may say hey I am ABC jewelry girl on every platform all you have to do with search that name and you'll be able to find the jewelry pieces that I'm selling at that time.

[00:15:04] And it also makes it easy to remember because then your buyers only have to remember your name and then they know how to find you when they're ready to shop.

[00:15:14] Now this is also good for cross promotions because again you want to promote your presence on other platforms through each marketplace as well as your social media channels like I said this is really fun for me this is the part of the business that I enjoy a lot but I understand not everybody is into the social media thing.

[00:15:33] But you want to use it to your advantage if you are using social media to promote your jewelry and to promote your business.

[00:15:42] Okay so make sure that you are leveraging being in multiple places at once so that way you can reach the buyers you want to reach and people will start to be able to find you no matter where they are or where they're shopping.

[00:16:05] All right now another reason why you want to consider selling on multiple platforms is because you're going to get better customer insights.

[00:16:12] Now you're going to learn and understand different audiences and different buyer behaviors right different platforms are going to provide different analytics or maybe similar analytics and insights into the customer behavior.

[00:16:28] Now by analyzing these you can understand what types of jewelry are popular on each platform and then you can adjust your inventory and marketing strategies accordingly.

[00:16:39] So always take the time to study whatever analytics that particular platform provides for you because you will get so much information and so many insights on how to do what you do better or how to make sure that you are reaching the people that you want to reach.

[00:17:02] Now this is also obvious with feedback and reviews depending on the platform and how that is set up collecting reviews from multiple sources gives you a comprehensive understanding of customer satisfaction.

[00:17:16] And maybe some areas that you would like to improve maybe you know some things get brought to your attention that you were not aware of.

[00:17:23] But looking at the feedback and looking at what what your buyers are saying that will be very helpful to let you know what you're doing right and maybe what you need to do differently.

[00:17:37] All right next up we want to talk about a competitive advantage of course the more platforms you are on the more. The more opportunity you have now this is something I I have learned myself.

[00:17:53] And I think I've shared this before I really like the platform what not however I don't do very well over there.

[00:18:01] Now I've tried all kinds of things and I've had some really great shows over there, but now there's also a lot of jewelry sellers on what not so it's very competitive there at least for me.

[00:18:16] Now I can do the same exact inventory show on poshmark live and it's it's a totally different experience and 99% of the time it's a much better experience.

[00:18:30] Well it's not to say there's no competition on poshmark but I find for me it is much easier to sell my jewelry on poshmark than it is on what not.

[00:18:42] You know and I do believe that it's because there's not as many jewelry sellers over there or maybe my jewelry and my shows just appeal to more people on poshmark than they do on what not whatever the case may be.

[00:18:57] I am using this advantage to my advantage in the sense that you know being present on multiple platforms I can capture a larger market share and I can attract customers and buyers who prefer shopping on one platform versus another.

[00:19:19] Now the other thing you want to think about too is adaptability because the multi channel approach shows that you are flexible and adaptable and ready to meet customers wherever they prefer to shop.

[00:19:30] Now I do have some customers that only buy from me on poshmark and I also have customers that only buy for me on eBay and of course I do have some buyers who only buy from me on what not which is totally fine.

[00:19:45] I am not going to force anybody to jump to another platform if that's not what they want to do I will be the one jumping from platform to platform before I ask any of my buyers to do that.

[00:19:57] But like I said, having that flexibility to be able to adapt is really going to help you kind of be like a chameleon in the sense where you can just meet your buyers needs wherever and however they prefer to shop.

[00:20:15] Alright next up we want to talk about an enhanced customer experience again I think I've kind of touched on this already but we want to make sure that our buyers have a really good interaction with they are shopping for jewelry with us.

[00:20:32] Some customers prefer certain platforms over others due to maybe the user interface maybe the payment options or maybe the trust like I have told.

[00:20:43] I mean I have been told by buyers that they prefer shopping on eBay because they know that if something goes wrong that they will get the situation fixed.

[00:20:58] And that is totally understandable you know sometimes I shop only on eBay for that particular reason as well because I know if something goes left.

[00:21:09] Then at least I know that eBay will step in and help me fix the situation not that I'm anticipating something going left but you never know.

[00:21:19] Alright the other thing is that consistency is a big thing you know some people consistently shop on eBay not only for jewelry but for other items and so they just like that eBay is kind of a one stop shop for whatever they need at the time.

[00:21:34] And so they don't necessarily want to veer off of eBay or whatever other platform they're shopping on because they're just used to shopping there.

[00:21:42] Right so if that's where they are then that's where we need to be and we need to be comfortable doing that and showing up where we want. To make our sales and where our buyers are currently shopping.

[00:21:55] Now this will also build trust and loyalty customers appreciate knowing that they can expect the same quality and service regardless of where they purchase alright so we gotta think about these things too. Alright next we want to talk about optimized inventory management so inventory is a big thing.

[00:22:21] We're always trying to optimize we're always trying to organize and then we're always trying to manage our inventory you know depending on if you have. Ten jewelry pieces or a thousand or five thousand whatever whatever the case may be.

[00:22:36] We want to think about and pay attention to inventory our turnover spreading your inventory across multiple platforms can help you manage your your items a little bit more efficiently depending on.

[00:22:50] You know what exactly it is that you're selling you may notice that slow moving things you can always kind of look with date them on one platform.

[00:22:58] You can also put maybe some of your better selling items jewelry pieces on a platform where you know you can get the most money for them right so it just depends it just depends on what kind of stuff you're selling and what type of pricing you are looking to get for those particular items.

[00:23:20] Now the other thing too is you can also test out some new some new products or some new items. Now of course with jewelry it's not necessarily always new in the sense but maybe you want to sell sets like maybe you want to do necklace and earring sets.

[00:23:38] Well that. That type of set may sell better on one platform versus another or you may want to do bundles or you may want to do jewelry bags. We know whatever you decide to do those types of things may do may do well.

[00:23:55] On one platform and not so much on another and so you will start to understand you know oh I want to put this here because I know it will do well there.

[00:24:05] Or you can say I don't want to put this on that platform because I know it's just it will never sell or it will take forever to sell. So these are the types of nuances that you will learn just by testing out different platforms.

[00:24:19] All right and we also want to think about the platform strengths again this is kind of like what I just talked about some platforms are known for specific types of jewelry in our case.

[00:24:32] And you'll start to learn what I like to call the personality and the characteristics of that particular platform.

[00:24:38] You know you will find that certain things you can throw up on eBay and you have no problem selling them but maybe those same items just sit and sit and sit when you try to sell them on poshmark or at sea or something like that.

[00:24:52] Okay so you will start to learn like I said the personalities of the platforms and how that works with the particular jewelry pieces that you're selling.

[00:25:01] Now the other thing we want to think about is marketing because different platforms offer different marketing tools and opportunities such as promoted listings, social media integration and maybe even some SEO.

[00:25:16] You know things that you can do on your own website or maybe you can drive traffic to your listings on one of these other platforms depending on you know what type of marketing or promotion that you want to do.

[00:25:33] But again, being aware of what you can do and how it potentially works out for you. This is something that will help you to tailor your items to the strengths of each platform so you can really maximize the sales.

[00:25:53] All right, so these are all the things we want to think about because. I've seen a lot of jewelry resellers get really comfortable on one platform and they don't even try to do anything on a different platform.

[00:26:09] And I'm not saying you have to but when I am saying is why not be open minded and flexible enough in order to really consider.

[00:26:20] How can I get the most exposure on my items so I can make the most money and the things that I talked about and shared with you today will help you figure that out for your particular business.

[00:26:34] Okay, because I have items there's certain items that I will only sell on posh mark and there's certain items that I will only sell on eBay and sometimes that will change depending on the type of.

[00:26:49] Inventory that you're carrying or it might change like we talked about depending on the season depending on the time of year or depending on, you know, how many other sellers are selling something similar.

[00:27:03] Okay, so in conclusion a multi channel or multi platform approach for jewelry resellers provides a significant benefits from increasing market reach and diversifying revenue.

[00:27:18] To enhancing the customer or buyer experience and gaining a competitive advantage by strategically leveraging the strengths of each platform and mitigating risk associated with dependency on a single marketplace. Resellers can build a more robust resilient and successful jewelry business.

[00:27:43] All right, well I would love to get your feedback and I would love to get your input on you know what we talked about in this episode today. And I would love to know what your opinion is as it relates to selling on more than one platform.

[00:27:59] Is this something that you're going to implement into your business or are you already doing this in your business and I would love to know how it's working out for you.

[00:28:09] All right, so if you'd like to share your experience or your opinions on this, you can always leave me a comment and I look forward to reading them.

[00:28:20] All right, jewelry friends. I want to thank you so much for spending this time with me. I will check in with you again really soon.