Jewelry designers spend years mastering their craft to create pieces that other people will want to wear. That same talent and drive can translate into a thriving business if you are willing to put in the work. However, the jewelry industry is a competitive one, and it can be difficult to distinguish yourself from your competitors. Fortunately, you can set your jewelry store apart from others by embracing the following best practices.
Provide Financing
Consumers are often willing to go above and beyond their budget for the perfect piece of jewelry. That is why many jewelers offer financing. By offering loans, you can increase the number of consumers who will purchase from your jewelry store and build a strong customer base.
Providing finance options also helps consumers feel more confident about their purchases and allows them to choose a diamond that fits within their budget. As a result, customers will be more likely to shop at your store over other local or online jewelers that do not provide loan services.
Personalization
When shoppers visit a jeweler, they are looking for an experience that is personalized and memorable. For example, if a customer is buying a wedding ring for their fiancé, they will likely want to be able to choose the exact setting and diamond for the ring. By addressing each customer by name in relevant communications and ensuring that each interaction is meticulously planned, you can deliver an exceptional customer experience that will stand out from the competition.
Education
Consumers appreciate when a jewelry brand takes the time to educate them about the materials, craftsmanship, and history of each piece they sell. By educating customers, you can establish yourself as an expert in the jewelry industry and create a stronger bond with your customers.
Buy Local
In addition to supporting a local community, shopping at locally owned jewelry stores also has the added benefit of boosting your local economy. Studies have shown that for every $100 spent at a local retailer, $68 stays in the community compared to only $43 when spending at a chain retail location.
Shop Local for the Best Price
Unlike big-name jewelers, independent family-owned jewelry shops have low overhead expenses. Because of this, they can afford to offer more competitive prices. Additionally, they do not have to pay for a large inventory, so they can quickly switch out merchandise as new styles arrive. This keeps their inventory fresh and allows them to pass the savings on to their customers.
Some large branded jewelry retailers are attempting to differentiate themselves from their competitors by associating with celebrities, designers, and other equities to create exclusive collections. For example, Sterling Jewelers launched a line of jewelry by Jane Seymour and collaborated with QVC to feature celebrity costume and fine jewelry lines. These types of partnerships allow larger jewelry brands to generate buzz and drive traffic to their stores. However, these partnerships can be risky if they do not resonate with consumers.
