Jewelry retailers are faced with a unique set of challenges. They need to provide quality products and exceptional customer service. Moreover, they need to monitor the value of their products. Jewelers must be able to manage custom orders and maintain the integrity of their warranties.
As more customers become tech-savvy, online jewelers are gaining ground. The benefits of buying jewelry online are many. Consumers can get a great price for quality products, and they can also have the convenience of being able to shop from the comfort of their own homes. Some jewelers even offer free ring sizing. Getting the right jewelry for your budget can be a lot easier when you don’t have to worry about a salesperson hovering over you.
Jewelry retailers are also facing the challenge of high markups from big box retailers. Big box retailers typically sell their jewelry in bulk, which means that the price they mark up is a lot higher than what consumers can expect. In fact, some retailers mark up jewelry anywhere from 300 to 500 percent.
Jewelry retail stores may also provide services such as repairs, appraisals, or surface finishing. While some retailers choose to handle all of these tasks in house, others prefer to outsource. Many jewelers are using wireless point-of-sale systems to streamline their business operations.
Another key challenge for retailers is dealing with the changing needs of their customers. Today, millennials are much more tech-savvy, and they prefer to shop online rather than at brick and mortar stores. When they do visit a local store, they want to have the freedom to make their own decision, and they don’t like the idea of a salesperson hovering over them.
Millennials are also accustomed to comparing prices and finding the best deal. This is especially true when it comes to fine jewelry. For example, they are more likely to purchase an engagement ring online than they are to go to a brick and mortar store.
In addition to online competition, retail jewelers face other challenges. Store owners have to consider how they will manage the safety and security of their employees. Additionally, they need to communicate with their customers to inform them of the various options available to them.
In order to meet these challenges, retailers must invest in a unique software solution. A good solution will allow them to manage their inventory, warranty management, and product creation. It can also give them real-time information about their business’ performance.
Retail jewelers also need to optimize their presence online. In the next century, online sales will continue to grow, and they are expected to account for a significant portion of all purchases. However, operating an online jewelry store can be expensive. Moreover, the success of such a venture depends largely on customer reviews. If you don’t have a strong web presence, you might not survive the competitive online marketplace.
Lastly, jewelers should keep an eye out for the latest trends in the industry. Millennials are expected to drive the growth of online jewelry purchases, and several major retailers have already developed platforms to cater to their needs.