Case Study – Jewellery Market Analysis Ireland
The main finding from this research project is the growing demand, and high demand for purchasing jewellery online, even more in some special dates like Christmas. That is why is very important that potential customers can find your business. A large number of people prefer to buy online, on their mobile devices rather than in the shop.
If you have a brochure style website with no ecommerce functionality then read on..
In the following table it is shown the number of searches in Google per month in Ireland for a few choice keywords. For example, 9900 people search for engagement rings in google a month:
It is very possible to compete in the market and capture this business for some of these search terms.
Where do these searches go?
Firstly It’s important to explain when a potential customer searches for a term, they are given results split into 3 sections, you can see in the image below.
Google Paid Ads
The first are the google paid ads, which appear at the top, these get about 20% of the clicks. You can appear instantly, but will be charged every time someone clicks on your ad. We are google partners if you wish to run an ad campaign.
Google Local Maps
The second is the google local, if the search is localised, ie has a location term, such as “engagement rings dublin” google will show the top three local businesses matching this term. This takes roughly 40% of the clicks
The final section is the organic listing, which shows the websites google thinks are the best match for this search term. Taking the final 40% of the clicks.
It’s very possible to appear in the first two of these sections to take advantage of the search volume.
The importance of Selling online – Local vs National
A lot of businesses do not realise that by having a strong online shop, one which allows customers to buy online 24/7 can increase sales and profit immensely.
If you current run a brochure style website, or one which does not allow online purchases, then you are missing out on a very large portion of the business., In this example we show the differences between the number of searches in Ireland and in Cork County for three different keywords:
National searches bring 10 times more visitors to your website if targetted
We need to highlight the importance of the online selling here. Because you could have a shop open 24/7, with less running costs, always open and not just serving the people in Cork, instead nationally or even overseas. 70 searches vs 880!
ROI – What does this mean financially?
To see the true value of appearing in front of these customers, we need to see potential return in sales from just one of these keywords.
If we take the keyword “engagement rings” this shows the potential scenario
The thing to note here, this is for only one of the 100’s of keywords in this market that you could target. Adding a possible € 100,000 to your sales monthly.
Explaining this a little further, if 20% of the total amount of searches click on your Google Ad, you will receive 1980 clicks to your website. If in turn 5% of these buy, which is the conversion rate for an average website, you will make 99 sales a month, if each of these is worth 1000euro, your increase sales volume here could be 99,000euro!
This is taking one keyword only
On-site Vital Aspects in the Jewellery Market
According to the kind of market, jewellery offers many ideas to be improved, here are some of them:
Adding functionality which would increase the revenue of your online shop is a great method to take advantage of your existing clients, and to increase sales and revenue, also increasing the number of returning visitors.
Enticing Visitors to Buy more
There is a large chance that people will buy on your website, but you should aim to take advantage of the buying process or experience, so that they add more to the cart and increase the sale volume
- Add group purchase options to buy more, for example if the average number of products is 2, then have an offer buy 4 and get 1 free or something similar which will make them increase their spend.
- In some shops they have a pop up offering a discount when someone tries to leave the site, could be annoying, but could also work
- Add Social sharing coupons or viral sharing, share on social media to get a discount code
Enticing them to return to buy again
- Add a possible system to email a buyer 1 week, 2 weeks, or 1 month after they purchased enticing them to buy again with a special offer or discount
- Add a loyalty scheme based on purchases or referrals.
- Give free gifts in the orders, this had a great effect for another client, a small gift worth 2 or 3 euro, and people are delighted that they got something for free that they were not
If you would like to receive the full report of our findings tailored for your county, please get in touch