The jewelry business is a competitive arena, where the right retail strategy can elevate your brand and draw in customers. A deep understanding of your core customer base drives everything from store design to product selection. For example, if you sell luxury pieces, your store location and design should reflect that image. And a jeweler that caters to eco-conscious millennials may offer sustainable and ethically sourced gems.
A great jeweler knows the nuances of each piece, and can communicate them clearly to customers. For instance, a sales associate should be able to explain how the color, clarity and cut of a diamond affects its value. Likewise, they should be able to explain the difference between mined and lab grown diamonds. It’s also important that a jewelry store is transparent about its pricing, and provides clear breakdowns of the cost of materials, labor and overhead expenses for each piece.
In a city like New York, jewelry stores need to tailor their retail strategies to each neighborhood’s vibe. A luxury jewelry store might do well in an upscale shopping district, while a boutique that specializes in avant-garde styles could thrive in a trendy, creative area.
To stand out in a crowded market, your jewelry store needs to be unique, and provide a wide range of products that appeal to all tastes and budgets. Having an eclectic, yet thoughtful assortment of fine jewelry can help you attract new customers, and keep existing ones coming back.
One way to make your jewelry more enticing is to feature rare colors or materials that you can’t find elsewhere. This helps customers distinguish your pieces from others, and gives them a more meaningful connection to their purchase.
For instance, California native Caitlin Mociun designs modern, fine-jewelry pieces using recycled and ethically sourced metals and gemstones. She’s built a cult following for her namesake collection of rings, earrings and necklaces, which include bold 14-karat gold and Ethiopian opal pendants ($2,560) and turquoise and white-diamond cuffs ($435).
Another strategy for increasing your jewelry’s value is to focus on the rarity of your gemstones and precious metals. This can increase the perceived value of your products, and drive up your average sale amount.
In addition to these retail tips, a jeweler should have a strong social media presence, and use their clienteling platform to recognize birthdays and anniversaries with gift suggestions. This type of personalized marketing increases the likelihood of a purchase, and builds long-term loyalty with your customers.
The best jewelers are always evolving and growing. To stay ahead of the curve, invest in technology that makes it easy to monitor market trends and analyze sales data. A POS system like Jewel360 provides industry-specific features that allow you to track and manage your business from any device. With the right tools, you can master the art of jewelers retail and build lasting relationships with your clients.
