How to Build a Jewelers Retail Business

Jewelry isn’t just a piece of metal or precious stone—it’s a symbol of personal style and elegance. For this reason, a successful jewelers retail depends on a strategic marketing plan that effectively leverages the brand image and reputation of your business to drive engagement and sales. Effective marketing tools like promotions, PR, social media, SEO & content, and paid advertising can all help you shape your brand image and nurture trust value.

As a jeweler, you can offer customers financing options for larger purchases. This can help you sell more expensive pieces that would otherwise be out of the reach of many shoppers. You can also partner with a finance company that will pay you interest on the principal payments, while the customer makes a fixed monthly payment to cover the cost of the jewelry. This is a great option for luxury items, such as a fine diamond ring.

To maximize your business opportunities, choose a location that is convenient to potential customers. A storefront near banks or shopping malls will draw in consumers with disposable income. Then, use merchandising techniques to showcase your best pieces prominently. Jewelry is often an impulse purchase, so make sure your displays are eye-catching and easy to navigate.

Consider hiring a team of experienced and knowledgeable staff. Your employees can help educate customers on your products, answer questions, and assist with custom orders. They can also help you determine the right prices for your jewelry, and ensure that your inventory is up-to-date with current trends.

You should also select a wholesale manufacturing partner that can meet your specific needs. For example, you may need a manufacturer who can provide hang tags that include UPCs and pricing information to get your jewelry retail-ready. In addition, your manufacturer should be able to provide padding and fixtures to protect the integrity of your designs during shipping. Finally, your manufacturer should have an EDI department to process orders electronically for retailers and make it easier for you to act as their middleman.

As a jeweler, you can participate in trade shows and buying groups to expand your network and increase your business opportunities. You can also hire outside sales representatives to represent your products, and work with retailers to develop and grow relationships. These roles are often full-time positions that require you to travel to jewelry fairs, and spend occasional overnights away from home. The responsibilities of these roles are similar to those of a sales manager, but focus more on delivering profitable sales growth and providing customer service with existing retail and wholesale customers. In addition, you can rely on these professionals to help you develop new product ideas and see them through from design to production. This can be a valuable asset for your business if you’re trying to break into major retailer shelves.