The internet is a big disruptor in the world of retail, especially for jewelers. Over the last 15 years, e-commerce sales grew between 12 and 15 percent a year, with the projected growth rate of 25 percent for 2020. While many jewelers still look at e-commerce as an “us versus them” scenario, there are some ways in which e-commerce can enhance the overall shopping experience. Read on to learn how e-commerce can benefit your business.
First, consider the preferences of Gen Y. This group, which is now known as millennials, were born between 1981 and 1996. They grew up with digital technology, making them especially receptive to luxury items. It is a good idea to pay close attention to their needs and preferences. This is crucial for the health of both your customers and your employees. In addition to making sure that your employees are working safely, you should also consider how to improve the environment in your store.
Another benefit of local jewelers is that they give their customers individual attention. For example, at Brittany’s Fine Jewelry, each customer is treated individually. This type of personal attention is not always possible at large box retailers. The same holds true for jewelry quality and prices. Big box retailers often sell mass-produced pieces of jewelry at a lower quality. You may be able to find a higher-quality piece for a lower price at a local jeweler.
Independent jewelers tend to offer better service. Smaller companies often use more knowledgeable employees than large chain retailers. Unlike big box retail companies, small independent jewelers tend to focus on their customers’ needs and build a good reputation in their community. They know that customer service and quality is critical for their success. There are many ways in which independent jewelers can differentiate themselves from chain retailers. One way is through word-of-mouth advertising. If you have a great reputation and a loyal client base, chances are they will recommend you to them.
For instance, Harry Ritchie’s new marketing strategy focuses on the emotional component of purchasing fine jewelry. Their in-house financing program works through an account at Harry Ritchie’s. In-house financing means the buyer can pay over time through their Harry Ritchie’s account. It is also helpful that they offer a rent-to-own option. Moreover, customers can get credit for their new jewelry through perse and progressive accounts.
Despite the growing number of online jewelers, brick-and-mortar stores still hold a unique niche, with the millennial generation as the biggest consumers. While physical locations are essential for building traffic, a website is crucial for attracting customers. Social networks like Facebook and Twitter have made it easier for customers to connect with retailers, which increases their chances of success. A recent study concluded that millennials are increasingly buying jewelry online. With this trend in mind, brick-and-mortar jewelers are no longer the only way to attract customers.
If you are working with artists, be sure to draft a standard contract that regulates the terms of sale. Also known as a consignment agreement, this document can be found here. Another important document to secure is a Certificate of Occupancy. This is needed to prove compliance with zoning and building codes. This document is required by landlords. While you may not need a CO for your jewelry store, it is crucial to ensure that the landlord has one.
