Jewelry retailers are now using a wide variety of business systems to run their retail operation. Some are re-designing store space to maximize the customer’s view and some are turning to appointment-only shopping. They are also incorporating technology, such as social media platforms, to target niche segments.
Jewelry has evolved from a local store to an online market. Today’s consumers are busy and they don’t have the time or inclination to visit a dozen stores to find the best deal. That’s why online jewelers are flourishing. They offer the same quality products as their brick-and-mortar counterparts, but with a lower price tag. Online jewelers are competing with each other to secure storefronts.
The big box retailers sell jewelry in bulk, and they don’t inspect their merchandise or verify its quality before selling it to customers. These jewelers may also use lower-quality materials and don’t have the same expertise that an independent jewelry store does.
The baby boomer generation of retail jewelers is past retirement age and won’t be around to pass their business down to their children. In the coming years, the jewelry industry will face a number of challenges. For one, the millennial generation has changed the way people shop. Many of them prefer the cheapest price over loyalty to local stores.
Jewelers are also facing a margin squeeze, as their prices have risen steadily for the past year. This may be due to a lack of inventory turn, or it could be a result of suppliers’ price increases. To remain competitive, jewelers will have to get online. However, if they want to remain profitable, they must take steps to manage the value fluctuations in their product line.
A few of the biggest retailers in the United States are Zales, Signet, and Kay Jewelers. They have 2,800 stores in the U.S., including more than 350 in the Chicago area. Their marketing strategy has been a hit, and they’ve been able to stay competitive. They offer great customer service and a penny-down-and-dollar-a-week credit plan.
Independent jewelers are still a small niche in the jewelry industry. They’re becoming more popular, and their passion for the art of jewelry makes them stand out from the crowd. It’s important to find a reputable online jeweler that offers free shipping, lifetime warranties, and no-hassle returns. You’ll also find that they have prices to fit every budget.
There are also boutique jewelry stores that focus on higher-end products. These are typically family-owned, and they often carry a wide selection of jewelry lines. Boutiques are often art galleries, and they can be a great place to buy custom-made jewelry.
Most retail jewelers are small businesses that specialize in unique designs. They’ll sketch your ideas, or use software programs to create a picture of what you’re envisioning. Retail jewelers will help you choose a gemstone or design a piece of jewelry. They can also provide surface finishing and welding services. If you need a repair, they’ll also be able to advise you.
