A major disruptor in the jewelry industry is e-commerce. In the last 15 years, e-commerce sales increased by 12 to 15 percent. The projections for 2020 show an increase of 25 percent. While many jewelers view e-commerce as an in-vogue trend, the reality is that it is enhancing the overall shopping experience for consumers. As an example, in 2016 more than 50% of consumers made their purchases online compared to 48 percent in 2015.
Operating a jewelry store can be an expensive endeavor. While most businesses do not require a storefront, the startup cost of operating a store can run several thousand dollars. The initial investment may vary depending on the location, but a storefront will require at least a modest space and a few thousand dollars in raw materials. A full tool set can easily add several thousand dollars to the overhead. Bootstrapping a business can save money on overhead costs by borrowing from savings, cash value life insurance policies, or family members. However, you must have enough money to cover these expenses.
The design of a jewelers’ retail store is as varied as its jewelry. Many jewelers use colorful case boards to display the pieces on display. Some use pillars, which have images of love and family. Some even use fabric-covered pillars to depict the emotions associated with buying jewelry. All of these elements contribute to a well-designed store. In a typical jewelry store, you can find a wide range of jewelry, but it can be difficult to make a decision. Luckily, there are many ways to finance jewelry purchases.
Before you begin shopping for a storefront, think about what type of location will best suit your needs. You’ll need to check local zoning laws and build codes before choosing a location. You’ll also need to have a Certificate of Occupancy, or CO, for your shop. This will be required by your landlord to run the store. This is a legally required step that should be taken before renting a building.
One of the best ways to avoid a store with COVID is to purchase your jewelry from a local jeweler. You’ll get personal attention from a local jeweler, such as Brittany’s Fine Jewelry. When you shop at a large retail store, you’ll end up dealing with a number of people, and you won’t get the quality that you’re looking for. The local jeweler is likely to have unique pieces of jewelry that you’d love to own if you can afford to pay a premium price for them.
The next generation of consumers is the millennials. This generation, formerly known as Generation Y, was born between 1981 and 1996. These people were the first generation to grow up in a technologically-savvy world. As a result, it’s imperative to understand the needs and preferences of this group when shopping for jewelry. You don’t want to miss out on the potential of these consumers. In the meantime, you might consider opening a Zales Jewelers in your town.