Jewelers retail is a dynamic industry, and its players must be aware of important trends and developments in the marketplace to thrive. Those who fail to adapt to changes in consumer preferences and the jewelry business itself are apt to lose out to competitors. The most successful jewelers embrace change, identifying opportunities and taking the lead on new trends.
While some jewelers are self-employed and run their own shops, the majority work in retail shops that sell, repair, and service jewelry and timepieces. These retail stores also often carry other items such as glassware, silverware, china, and other gifts. Some jewelers also specialize in certain types of products such as diamonds or gemstones.
Despite some high-profile closures of traditional jewelry stores, some independent jewelers are thriving. In the right hands, these stores combine locally minded service with a global knowledge of the jewelry industry to create a welcoming and memorable shopping experience for their customers.
In addition to sourcing quality products and offering top-notch customer service, these retailers are leveraging technology in innovative ways to reach their target audience. Many of them have websites that feature virtual reality and 3D product configurators that entice and inform customers about their selections. These tools allow shoppers to try on different styles and see how they look on their bodies, bolstering confidence in the purchase.
Others use their websites to host social media contests to promote their jewelry collections, driving brand awareness and encouraging engagement among followers. Jewelers that are savvy about social media can make their posts more effective by using tools such as Linkpop, which allows shoppers to instantly link to their website from their Instagram bios, and Shopify’s “add to cart” button, which makes it easy for customers to complete the purchase on site.
The best jewelry stores also offer exceptional return policies, which is especially important given the high cost of some pieces. For example, the third-generation family owned R.F. Moeller in Minneapolis has been serving clients for more than 70 years. The owners of this store are devoted to the craft and understand that their clients are often looking for an investment. They know that a well-made piece of jewelry can become an heirloom, and they go the extra mile to ensure that each customer leaves the shop satisfied with their purchase.
If you are a jeweler who is looking to expand into major retailers, working with a manufacturer that has expertise in producing the perfect jewelry for these markets is essential. They should be able to produce your designs with precision and handle all aspects of distribution—including the assigning of unique Universal Product Codes (UPCs) for each piece. This will help your product move quickly and accurately across the shelves of major jewelry chains. In addition, the right manufacturer can help you design new jewelry based on current market trends and see it through from idea to production. This type of collaboration will set you up for success with the biggest brands in the business.