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How to Open an Online Accessories Store?

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How to Open an Online Accessories Store?

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In 2020, the online sale of accessories reached US$ 15.8 billion, driving business growth and making many entrepreneurs look to invest in an online store.

In the same year, considering the e-commerce market as a whole, we had a growth of 41%. And the positive tide continues, with the first quarter of 2021 already surpassing the revenue of the same period of 2020.

With this wave, several people began to undertake digitally, not only to surf the trend, but to take advantage of business opportunities in the online market.

But, to succeed in this market, you need to understand how to open an online store and the dynamics of accessories sales in the country.

In this sense, to help you mitigate common mistakes made when opening e-commerce, we have listed some tips for you to have a successful accessories store.

The US Accessory Market

As mentioned in the introduction, e-commerce data points to a field full of opportunities.

A recent study, for example, mapped more than 50 market niches that could be explored in online sales.

BPM Graphic Expectation of increase in online sales of accessories.png

Among them, the accessories and fashion categories stood out the most in terms of the number of purchases made in 2021.

In the first quarter of this year alone, 78.5 million online purchases were made, with emphasis on fashion and accessories, representing 16.5% of orders made.

The numbers, of course, are very promising for those looking to invest in the area, and they don’t stop there.

A Google search showed that 3 out of 4 people buy fashion items and accessories online.

In addition, with the increase in sales on social networks (from Instagram to Facebook), for example, and the opportunities for advantageous freight in the digital environment, consumption tends to grow, and the benefits of creating an online accessories store only increase.

Types of Accessories for Sale in Your Online Store

Accessories are the icing on the cake of every look, and there are several niches you can invest in when setting up your online store.

It is worth mentioning that you can focus only on a niche, or bet on different product categories.

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1. Jewelry

The jewelry market is very strong in the US and is expected to grow by around 9% in 2022.

In addition, there is a whole variety of items that you can invest in your e-commerce – from handcrafted items to those purchased by resellers.

Its low price is also great for those with little initial investment. In addition to being able to take pictures, you will be able to improve your store’s catalog.

2. Glasses

Glasses are other accessories that don’t get out of people’s heads. Vintage, modern, futuristic, all styles are always on trend.

In addition to being useful in protecting against the sun’s rays, many buy them to enhance their style.

In addition, their frames can also be used with graduated lenses, which makes glasses part of many people’s routine.

3. Scholarships

Ecobags, travel bags, backpacks, shoulder bags, these items, in addition to being part of the fashion market, are extremely functional.

Whether it’s a child or an adult, everyone needs a bag to store and protect their belongings.

In this category, each item opens up different market niches. Research what you like best and invest with planning.

Through Google itself, you will be able to follow trends in this market, and use Analytics to refine your search.

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4. Hats

Another social media craze is hats and caps.

Timeless accessories that gain new prints, colors and styles are another interesting niche to invest in.

The interesting thing is that you can invest in this niche by also working in other markets, such as online clothing stores and t-shirts.

By putting these strategies together, you can expand the audience your online store can reach.

5. Smartphone accessories

Just as clothing accessories never go out of style, accessories for cell phones and computers are still on the rise in the country.

Chargers, cell phone covers, speakers, ring lights, tripods, are some of the accessories that are on the rise.

6. Women's fashion accessories

Finally, the women’s fashion niche could not be missing from our list, and setting up an online store aimed at this segment can be an excellent strategy.

After all, we are talking about one of the main niches of e-commerce partners and one that has a decisive participation in their results.

Again, you can specialize in certain items or have a store aimed at different audiences and consumer profiles.

How to Open an Online Accessories Store and Make Money?

Opening an online store is not a very different process from physical stores. While e-commerce regulations are different, in some ways, so are you.

It will take a lot of planning to be successful and earn money safely.

In this sense, here are some steps to open your online accessories store.

Step 1: Defining a product

In the previous topic, we indicated several examples of accessories that can be sold in e-commerce.

To define the product, you need to think about some questions, such as:

What could I produce?
What would the production cost be?
What could I resell?
Who would be my supplier?
Which product is more economical?
Which product, at minimum sale, would be able to maintain store/production costs?

These are some questions that can help you define the product, marketing strategy and even logistics.

Step 2: Analyzing the target audience

Understanding who your target audience is is one of the main keys to having a successful business. After all, if you don’t know who your solutions are for, how are you going to communicate effectively with these people?

Believe me: you need to find the right communication to ensure that your marketing strategies are effective. And it’s no use wanting to embrace the world and reach all audiences. Otherwise, your message will become too generic and you won’t get anywhere.

After defining what will be sold, we move on to who will consume the products in question.

To find the target audience, you need to think about which platform to use. Social networks, marketplaces, Google searches. In addition to thinking about the profile of this audience, how to communicate with them is also part of the planning.

So, create a good visual identity, or brand, and bet on tools that will help you reach customers.

In addition, the value proposition, as well as good service and user experience (UX) in the online store, are crucial factors to differentiate it from the competition.

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Step 3: Hosting the online store

Now that you know what to sell and who to sell it to, let’s see where we can host your accessories store.

In this part of the planning, points such as platform cost, reach, audience and maintenance; everything must be taken into account.

For example, a Facebook or Instagram store does not require the same maintenance energy as a website. Selling on websites can be easier than on marketplaces.

In any case, the good experience of consumers must be taken into account. Therefore, choose platforms that allow you to customize and have autonomy over your virtual store.

Wix, for example, is a free platform for online stores with all the resources to structure and optimize your e-commerce sales.

Check out the benefits that Wix offers you:

You will be able to distribute your products in the main logistical channels in the country.
Set up a store with attractive usability and visual identity.
Count on the main means of payment.
Publicize your contact channels on social networks.
Having financial management, cash flow and bank reconciliation tools.

How to Potentialize the Results of Your Accessories Store

1. Marketing planning

Marketing planning for a virtual store is very important, and this also applies to e-commerce accessories.

After all, it is from this that the strategies to reach customers and guarantee sales will be determined.

The strategy consists of determining marketing actions, for example, creating a giveaway on Instagram or promoting paid campaigns to generate leads.

In addition, planning also determines how actions are implemented in social networks, in multichannel or more centralized focus; and the verification of the results will be analyzed.

The collected data will serve as a basis for future decision-making, mitigating possible challenges and bringing more returns and profits.

BPM Graphic Marketing Plan.png

2. Logistics

Online sales have, among its advantages, the possibility of reaching people from different parts of the world.

However, this advantage requires attention to logistics, a factor that impacts the company’s profit, the quality of the experience and the final cost for customers.

In this sense, seek to understand more about the logistics and freight processes and how logistics assumes an increasingly decisive role in e-commerce.

In order to be successful with this stage, the organization of the logistical process of a virtual store involves:

Receipt of goods when you buy them from the supplier.
Inventory control.
Separation and packaging of consumer purchases.
Shipping of the package.
Follow-up of the delivery until it reaches the consumer.

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3. Actions

The lack of a product in stock is a loss of sale, in addition to making it possible for the customer to never come back.

Therefore, stock control must be done frequently so that your online accessories store is managed efficiently.

In the case of own production, it is important to establish the production time, as this data will help to keep the stock always and stocked.

In cases of resale, the search for reliable suppliers that meet deadlines is extremely important. So your store can maintain consistency and quality.

FAQ – Frequently Asked Questions About Online Accessories Store

1. What is the biggest marketplace in the United States?

Amazon remains the largest retailer in the virtual environment in the United States (and in other countries), so products have much greater exposure and lower investment in ads.

2. What do I need to set up an online jewelry store?

Choose the products for sale, open the company and register your brand, select the sales channels, define the means of payment and delivery, define the prices and register the products. By doing this, you will be ready to start your sales.

3. What is the profit of an accessories store?

It is possible to earn between U$ 10k and U$ 20k with a small cell phone accessories store, for example. Everything will depend on the quality of your products, delivery speed and prices.

4. Among accessories, what sells the most?

The most popular are women's accessories, but men's accessories are experiencing an increase in demand. You can sell necklaces, watches, hairdos, earrings, bracelets and glasses, for example.

5. How to find a good accessory supplier?

To look for suppliers of products for resale, you can contact people in your social circle and ask for directions, or search in search engines like Google and evaluate the results. When looking for a supplier, you should always evaluate factors such as: physical distance and references from other sellers.
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Conclusion

In summary, creating an online accessories store is a good business opportunity to boost your sales.

There are several products and market niches that can be explored, in addition to being items that are part of people’s daily lives.

Finally, like any other endeavor, planning is essential for e-commerce success. There are many challenges, but also opportunities to keep an eye on.

With that in mind, be sure to follow the best practices for positioning an accessories store, learn strategies for not making mistakes in e-commerce and invest in a unique experience for your customers, aiming for long-term growth and success!

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