If you are looking for a place to shop for fine jewelry, one great option is a local jeweler. These stores typically provide personal attention to each customer. If you’re looking for a more personalized experience, try a local retailer like Brittany’s Fine Jewelry. These businesses are a great alternative to big box retailers, which tend to sell mass-produced jewelry of a lower quality. Buying from a local jeweler will save you time and money, and you can always ask for recommendations.
The millennial generation is one major reason why online jewelers have outgrown brick-and-mortar shops. This generation is more tech-savvy and more likely to shop at the cheapest place rather than a local store, as according to Peter Gasca. Moreover, nearly every major retailer has an online platform, including eBay and Amazon. Online sales are now 51 percent of all retail sales, up from 48 percent in 2015.
While some brick-and-mortar stores offer free shipping, many offer lifetime warranties, free ring sizing, and no-hassle returns. Additionally, online jewelers tend to have a much lower overhead than brick-and-mortar retailers, allowing their markups to be lower. These are important factors for many consumers, and online jewelers have them. It is important to choose a retailer with a reputation for good customer service.
Larger companies are also taking steps to differentiate their products. For instance, some are teaming up with celebrities, designers, and other equities to sell their line. For example, Sterling Jewelers introduced a Jane Seymour-branded line, and JCPenney and Modern Bride partnered to produce replicas of famous pieces. These strategies give a retailer an advantage in the market and often result in more store traffic. But what can be a jeweler’s business model?
In addition to the safety and well-being of customers, retailers must consider employee and customer health. A National Jeweler article in late April highlighted the importance of sanitary measures. Customers will expect to see hand sanitizer, masks, and other social distancing measures in a store. Ultimately, consumers are seeking more personal service. But how do retailers respond? And what do you do if your employees are sick?
When buying from an independent jeweler, make sure you find a store that values the individual client. Independent retail jewelers often offer better quality, more unique jewelry, and personalized customer service. While online stores may seem like the ideal option, they often sell mass-produced pieces with identical design. You may be able to find something unique by spending a little more. However, be sure to ask about the certifications of the jewelry you buy.
There are several ongoing expenses associated with owning a jewelry business. While many owners begin their business from home, larger businesses may need to rent a storefront and pay for overhead. A small storefront might cost less than $1,000, while a larger storefront may cost up to $10k. Other costs include raw materials, rent, and insurance. When your business grows, you’ll need more tools to make your pieces. A good workbench is important, and various gemological tools such as loupes and magnifiers will help you do your work. As you add jewelry items to your inventory, you’ll also need various metal forming tools, molds, and engraving tools.