Jewelers retail a variety of fine jewelry items such as rings, necklaces, bracelets, earrings and watches. They also offer services like custom design, repair and appraisals to help customers make informed purchasing decisions. They may specialize in specific gemstones or metals and provide unique, personalized service to increase customer loyalty and satisfaction. In addition to the high cost of merchandise, they must pay for overhead such as rent, insurance and staffing. They must also keep up with current trends, market conditions and competitor activity to stay competitive.
Many independent, family-owned jewelers sell their products in free-standing namesake stores, chain department store locations and on the internet. However, the competition is stiff and it can be difficult for small business owners to compete with national chains and big-box retailers on pricing and selection. In addition, the baby boomer generation is reaching retirement age and it’s becoming increasingly difficult for these stores to find younger people to take over their businesses.
Whether buying jewelry from a local jeweler or a big box retailer, shoppers want to be assured they’re getting a fair price for their money. Unfortunately, some retailers have been known to overcharge for their merchandise by manipulating the selling process. For example, some jewelers have been criticized for charging higher prices than their competitors for the same item, as well as lowering their prices to buy back gold.
Jewelers who are BBB accredited are required to post their A+ rating in and around their store as a sign of trust. Additionally, they’re able to offer their customers Better Business Bureau dispute resolution services. A BBB A+ rating is a great marketing tool and can help customers decide to shop at that particular jeweler.
In-store service is a key differentiator between independent jewelers and large chain stores. Customers at a small, locally owned jeweler can expect to be served by an experienced associate who takes the time to listen and answer questions. This personal attention increases customer satisfaction, boosts sales and creates loyal customers.
A store’s ambiance is another important factor that can influence customer behavior. A brightly lit, clean and organized showroom can promote a positive shopping experience. It’s also crucial for jewelers to provide customers with plenty of merchandising options, such as glass showcases and jewelry trays.
When displaying jewelry, consider the color scheme, theme and style of your establishment. Choosing colors and finishes that complement the jewelry will enhance the aesthetic. In addition, it’s essential to regularly clean and sanitize high-touch surfaces, such as counters and display cases, before and after each use. Providing hand sanitizer stations throughout the store can encourage customers to clean their hands frequently, reducing the spread of germs and improving safety.
Lastly, jewelers must have a solid management system to manage their inventory and sales. They must be able to track product creation, warranty details and serial numbers. A jewelry POS can automate these tasks and save valuable time for employees. In addition, a good POS can categorize products by product type, material used, brand and more to simplify the billing and checkout processes for customers.
