Jewelers retail is a multi-billion dollar industry that encompasses everything from rings to earrings, necklaces and pendants. The most successful jewelers focus on creating and maintaining a brand that consumers trust. They also offer an exceptional shopping experience that helps to build a relationship with customers. This is important for building loyalty in today’s phygital era, where many consumers prefer tactile experiences to the digital realm.
Local jewelry stores are more likely to be transparent with their pricing and willing to work with shoppers on a budget. These independent stores are passionate about their craft and understand that a purchase of fine jewelry is often an emotional investment for a customer. They will also be more willing to adjust their commission structure in order to help make the purchase affordable for a shopper. In contrast, chain jewelry stores are more interested in upselling for commission and may not be as flexible with their pricing.
When it comes to ecommerce, jewelers must keep in mind that consumers are researching and purchasing their products online prior to making a purchase. Jewelers who fail to incorporate a digital strategy into their sales and marketing will lose market share to online retailers. In fact, McKinsey found that two-thirds of their polled participants admitted to resorting to online research before heading to a store.
In addition to establishing their website, jewelers should consider utilizing marketplace platforms such as Etsy and eBay. These marketplaces enable sellers to connect directly with buyers, eliminating the need for a middle man and keeping markups low. However, it is important to keep in mind that these platforms typically charge listing and seller fees, which can offset any profit.
Jewelers should also consider participating in local farmers markets and other events. This is an excellent way to expose their brand to a wider audience and sell some of their older pieces. They can also host events in their own studio, such as a trunk show, to invite in-person shoppers into their space and process payments. Lastly, Jewelers should consider using an omnichannel platform like Shopify POS to manage their inventory and payments, so they can sell anywhere customers are shopping.
As a jeweler, you need to have a clear understanding of your production costs and how they relate to the retail price of your products. This will help you maintain your pricing consistency and avoid any surprises down the line. A well-equipped manufacturer should be able to keep an extensive database of your existing products with a breakdown of their specs, materials and pricing. This data can then be used to create new product lines and convey a consistent aesthetic for your company.
Body jewelry is highly personalized and can vary based on shopper preferences, skin types, health and comfort levels. Some piercings may require more maintenance, while others are more delicate and sensitive to metals. A good manufacturer will provide options for different sizing and metals to accommodate shoppers’ needs.
