Jewelers retail offers an opportunity to work with precious gems and metals, as well as share in people’s happiest moments, including engagements, weddings, birthdays and anniversary celebrations. This retail field requires a high degree of knowledge about the industry’s latest trends, jewelry sourcing and manufacturing, and display aesthetics. Jewelry sales professionals are also skilled at building relationships with customers and derive satisfaction from helping them find the perfect piece for their needs.
Successful jewelry stores offer a range of products, including everyday items like earrings and rings, as well as bespoke custom creations. Smart pricing strategies help them stand out from the competition and attract new clients, while still allowing them to cover business costs. To do so, they need to understand their target audience and what appeals to them. This can be done through a combination of research, surveys and in-store observations, such as observing who shops regularly and how they interact with store displays.
Understanding customer preferences can help jewelers develop a more targeted product lineup and better serve their customers. This can include determining their psychographics, values, purchasing behaviors, and preferred communication channels. It can also help them tailor their marketing efforts and focus on selling pieces that speak to their market segment. For example, if many of their customers are eco-conscious, it may be a good idea for them to start offering more sustainable products.
Family-owned or independent jewelers often have more specialized inventory that corporate or retail jewelry stores, such as rare colored stones and unique metals. They may also have a better understanding of artisan methods and techniques for crafting one-of-a-kind pieces that can’t be found elsewhere. They also tend to have more customization options for their customers, such as engraving and special design requests.
Jewelry stores can increase their inventory and sales by partnering with jewelry buyers groups to purchase wholesale merchandise at discounted prices. These groups typically charge a membership fee, but they can save stores significant money on jewelry purchases. Likewise, they can also negotiate more favorable terms when it comes to selling their old inventory.
In addition to purchasing and selling their own goods, some jewelers sell jewelry from other retailers and brands, enabling them to make money on the merchandise they don’t use in their store. This practice can reduce their overhead and help them avoid carrying out expensive maintenance on jewelry they won’t sell.
Retailers can elevate their businesses with effective marketing and promotions that boost brand awareness, engage customers and build long-term loyalty. They can also leverage a POS system designed specifically for jewelry, like Jewel360, to optimize inventory management, connect with suppliers and boost profits. Request a free demonstration of this jewelry management solution today!
