Precious metals and gemstones are expensive, so opening a jewelry store can require significant upfront investment. Competing with established local jewelers and e-commerce giants requires a thoughtful retail strategy. Increasing customer engagement and sales may require strategic marketing and promotions that shape brand image and shine a spotlight on the business.
Registering your jewelry business as a legal entity can protect your company name and shield you from unauthorized use of the name by others. Additionally, registering your business with the appropriate government agencies allows you to obtain any required permits or licenses to operate in your area of expertise. You will also need to secure a location with adequate parking and security, as well as meet aesthetic requirements and building codes for your industry.
The most successful jewelry retailers are able to build relationships with customers and establish themselves as trusted resources for quality pieces. This means promoting your brand, offering educational seminars and workshops to educate the public on best practices for purchasing and caring for jewelry, and using social media to promote specials and discounts.
Invest in your inventory to maintain high-quality products. Jewelers rely on stringent inspection and quality control to ensure each piece meets a specific standard before it can be sold. Inadequate inspection processes can result in costly mistakes and poor customer experience, so it is critical to hire a team with extensive training and certification.
Create an inventory that caters to your target audience. For example, if your target market is environmentally conscious millennials, a jewelry line that offers sustainable, ethically sourced designs can increase your customer base. It is also important to monitor trends in jewelry and incorporate them into your product offerings, as new materials and styles can attract new customers.
Find a manufacturing partner that is committed to your business’ success. Look for manufacturers that offer a variety of services, including professional photography and line sheets that convey a consistent, branded aesthetic and clearly outline pricing and material details to help retailers select what to purchase. Additionally, find a manufacturer that can provide universal product codes (UPCs) for each design to streamline the process of entering your products into retailers’ POS systems and maintaining inventory accuracy.
Partnering with a manufacturer that can provide these services can also save you time and money. A good manufacturer will keep a database of previous designs with a breakdown of specs and materials, allowing you to quickly create new jewelry items based on past successes. They will also provide retailers with electronic data interchange (EDI) support and process invoices for you to cut out the middleman and improve efficiencies. To learn more about how a Jewelry Point of Sale (POS) System designed for jewelry can boost your profits and customer retention, request a demo with us today.
