Selling gold online is a whole lot more challenging than the average person might realize. In an industry where your competitors are sure to be selling almost exactly the same products, finding a way to set your business apart in the eyes of customers is key.
When it comes to online gold selling, this means offering your customers a streamlined, transparent, and secure buying process. And the good news is that there are a few high-quality tools that can assist with this.
In this guide on how to sell gold online, we’ll go over some of the top considerations you need to keep in mind in addition to covering five of the best tools on the market for online gold selling. If you want to maximize your profits and sell your gold online using the best tools and strategies available, then you’re in the right place!
Key Considerations Before Selling Gold Online
There are several important things to consider before you start selling gold online. From how to price your products and monitor market trends to the regulatory requirements you need to be aware of, here are some of the top considerations for selling gold online:
How to Price Your Products and Monitor Market Trends
Unlike products such as clothing and software, the price of gold is constantly fluctuating. This can make pricing precious metal products a complex and challenging task.
The best way to price your products is to continually monitor market trends and adjust your pricing in real-time to match what the market is doing. Of course, doing this manually can be a time-consuming process and isn’t feasible for most businesses. The good news is that there are tools that enable you to monitor market trends and adjust your product pricing automatically. nFusion Solutions, for example, is a gold price API that enables real-time gold pricing and automated product pricing.
However you go about it—whether it’s using a tool like nFusion Solutions or some other method—figuring out a strategy for pricing your gold products is a key first step to selling your gold online.
Ensuring Regulatory Compliance
Anytime you are selling products online, there are going to be laws and regulations that you are required to comply with. First of all, any company that collects payment information from customers (a necessity for online gold selling), they are required to adhere to the Payment Card Industry Data Security Standard (PCI DSS). Ecommerce companies are also required to comply with anti-money laundering (AML) regulations and know-your-customer (KYC) regulations.
Before you open up shop, be sure that you are familiar with the regulatory requirements that will apply to your business and develop a plan for maintaining compliance.
Developing an Inventory Management Strategy
Once you start selling lots of products, keeping up with your inventory can become a real challenge. Things like monitoring stock levels, managing inventory storage, and placing purchase orders at the right time are all key parts of inventory management if you want to avoid stockouts and other issues.
Thankfully, there are numerous tools that can help you develop an efficient inventory management system. ShipStation is one such tool that lets you automate both inventory management and shipping/fulfillment, and it’s one of the tools that we’ll cover a little later in the article.
Before you open up shop, be sure that you are familiar with the regulatory requirements that will apply to your business and develop a plan for maintaining compliance.
Website Performance and User Experience
If you plan to sell gold online, creating a well-polished and functional website is an all-important first step. If your website is poorly constructed, slow-loading, and clunky to navigate, you can just about guarantee that it’s going to harm your sales.
One of the best ways to build a professional, functional website for selling gold online is to use a website builder. Shopify is the platform that we recommend thanks largely to its intuitive interface and ease of use, but there are others worth considering as well depending on your needs, budget, and web development expertise.
Strategies for Maximizing Your Profits
Using the right tools is an important place to start for any business wanting to sell gold online, but even the best tools on the market need to be paired with the right strategy if they are going to offer any value. To help you sell more gold (and maximize your profits along the way), here are a few proven strategies worth considering:
Optimize Your Listings
Even when you are selling a product like gold that everyone is familiar with, it’s still incredibly important to have optimized product listings. This starts with high-quality photos of the product, and it’s best to include numerous images from multiple angles to give the customer a complete idea of what the product looks like.
A compelling and detailed product description is another big key. Be sure to include all pertinent details about the gold product that you’re selling, including things like its weight, purity, and any certifications or appraisals.
Bundle Items
Grouping small items together and selling them as a bundle can offer a few advantages. For one, a bundled product is often more appealing to customers than the sum of its parts, and it allows them to purchase multiple products in one convenient transaction.
Bundling gold products together can also help you increase your average order value; for example, a customer who probably would not have purchased each item in the bundle individually may be a lot more tempted if those products are all packaged together, resulting in a larger, more profitable order from the customer.
Leverage Social Media
Social media is a powerful marketing avenue for companies across all industries—and companies selling precious metals are no exception. Whether it’s creating highly targeted advertising campaigns, growing a following for your social media profiles, or engaging with groups dedicated to gold selling and trading, there are numerous different ways you can use social media platforms to reach more customers.
Offer Secure Payment Methods
Gold is expensive, which means that buying gold typically amounts to a rather large purchase. And anytime customers are spending hundreds or thousands of dollars online, security is going to be a concern. By offering payment methods that are trusted and secure, you can alleviate a lot of these concerns. We’ll cover a couple of the best payment processing tools for gold sellers in the next section. For now, understand that making customers feel safe and secure when it comes time to pay for their purchase is a major key to winning their trust and their business.
Top Tools for Selling Gold Online
Now that we’ve covered some of the key considerations and top strategies for online gold selling, let’s take a look at some of the best tools to use. Keep in mind that the different tools on this list all serve unique purposes, so using a combination of them will often be the best approach. With that in mind, here are # of the top tools for selling gold online:
1. WooCommerce
What’s the best place to sell gold online? This is a question that gets asked a lot, and while there are plenty of online marketplaces for selling precious metals, the best place to sell gold for any business dealing in precious metals is going to be your own website.
Thankfully, platforms like WooCommerce make creating a customized and professional online store quick and easy. By using WooCommerce along with WordPress, you can create an online store that is fully customized to match your exact needs and company branding. In fact, the primary reason why we’ve chosen WooCommerce over a more user-friendly solution like Shopify is that it offers more advanced customization options. This makes WooCommerce an ideal choice for companies selling precious metals, since this tends to require a more specialized online store.
WooCommerce also offers a wide range of built-in tools for sales, marketing, inventory management, and everything in-between. It’s also capable of integrating with a wide range of third-party tools, including nFusion Solutions’ gold price API.
2. Authorize.net
We already mentioned the importance of secure payment processing. It’s a top priority for any ecommerce business, but it is especially important for any business that’s selling high-value items like gold.
When it comes to privacy and security, few payment processing solutions are trusted more than Authorize.net. With Authorize.net, you can easily accept credit card payments, e-check payments, and mobile payments from customers. And once a customer enters their payment info, Authorize.net secures the transaction via an advanced suite of security tools and fraud detection filters.
By using a secure solution such as Authorize.net to process payments, you can improve customer trust while also maintaining compliance with regulatory requirements and avoiding costly data breaches.
3. Zendesk
Offering exceptional customer service is a powerful way to set your business apart from its competitors. But if you want to offer the type of swift and reliable customer service that will keep customers coming back to your business, choosing the right customer service platform is a key first step.
Zendesk is one of the most popular customer service platforms on the market today, and there are plenty of good reasons why. With Zendesk, you get tools for live chat, email support, and helpdesk management all in one package. This allows you to offer numerous support channels to your customers and manage tickets efficiently via convenient dashboards and automated customer service workflows.
By using a platform like Zendesk to level up your customer service, you can improve customer retention, prevent negative reviews, and enjoy a wide range of other business-boosting benefits.
4. ShipStation
When you’re delivering products that are worth large sums of money, you need a service that can get them to customers reliably. By the same token, customers who are purchasing high-value items are going to demand swift, transparent shipping complete with real-time tracking.
If you want to offer this and more to your customers, ShipStation is a great platform to consider. ShipStation is an all-in-one shipping and fulfillment solution that integrates with all major ecommerce platforms. Once you’ve set it up, ShipStation lets you choose carriers and print shipping labels, automate various order fulfillment processes, and provide your customers with a real-time tracking portal they can use to track their orders.
A shipping and fulfillment solution is an essential tool for any company that’s going to be shipping large amounts of products. If you want to start selling gold online, planning for success by setting up a shipping solution ahead of time is a good strategy to consider.
5. nFusion Solutions
Selling gold isn’t like selling most products; since the price of gold is constantly fluctuating, you can set just a price for your products and leave it. Instead, companies selling gold need a way to monitor market trends and price their products dynamically.
This is where nFusion Solutions comes into the picture. With nFusion Solution’s industry-leading gold price API, companies can automatically adjust the price of their products in real-time to match what the market is doing. This helps you maximize your profits by ensuring that your products are always optimally priced, and it also eliminates the hassle of having to constantly update your pricing manually.
Sell Your Gold Online With the Best Gold Price API on the Market!
Selling gold online can be a highly profitable venture, but only if you use the right combination of strategies and tools. While there are numerous tools that a company needs to succeed at online gold selling, a tool for tracking the price of gold and updating product pricing dynamically is one of the most essential.
At nFusion Solutions, we are committed to helping our customers optimize their approach to selling gold online. To learn more about our advanced gold price API, be sure to contact us today!
