Jewelry is a popular purchase, but retail jewelers have to face many challenges. For one, precious metals and stones are expensive to produce and stock. Then, storefronts require a lot of upfront capital to meet security and aesthetic standards. And, competing against e-commerce giants and online specialty stores makes it harder to attract customers.
But if they can focus on customer needs and find ways to stand out, jewelers can thrive. Here are some tips to help them succeed:
Researching Trends
A successful jewelry business can make use of the tools available to validate and stay ahead of trends. Fashion and jewelry blogs, social media influencers and popular TikTok creators are all great resources to get a pulse on what consumers are interested in at any given moment. Using data analysis tools like Google Trends can also reveal what consumers are searching for, and how that may change over time.
Innovating
A thriving jewelry retailer must be constantly evolving to maintain its competitive advantage. This can mean creating new lines of products, enhancing existing designs or exploring alternative materials. It can also mean experimenting with different retail strategies to reach a wider audience. For example, when Biko launched its brassy finish collection in 2010, it was a completely new approach to the market. Eventually, the brand’s distinctive look helped to define its reputation and sparked repeat purchases.
Product Selection
The right mix of products is a vital element in any successful jewelry retail strategy. Whether it’s high-end pieces, or more everyday fashion jewelry, each piece of your inventory tells its own unique story. It’s a story of craftsmanship, luxury or personal significance. It’s also a key element of your brand image and can be reflected in the way your store is designed, with lighting and display techniques aiming to highlight the most captivating pieces.
Invest in a Good Manufacturer
A good manufacturer can be an invaluable asset to your jewelry business. A reputable manufacturer will understand the details of your design concept and ensure that it’s produced to your precise specifications. This will keep your pieces looking beautiful and help you build a solid reputation in the industry.
Marketing and Promotions
Effective marketing is essential for any jewelry retail business. Consider leveraging a network of influencers, or partnering with complementary businesses to cross-promote your products. Corinne grew her business by pitching her designs to local boutiques and working with them on wholesale agreements. This was a great way to get her name out and grow her audience, while still providing a steady flow of revenue.
A jewelers retail strategy should include both in-store and digital sales channels. A strong e-commerce presence can provide access to a broader audience and increase the likelihood of sales, particularly during peak times such as holidays or wedding season. But a well-rounded sales strategy also includes physical retail and establishing relationships with jewelry vendors at fashion shows and other local events.
