Today’s independent jewelers are straying from the traditional image of opulent luxury. They’re experimenting with case sizes, floor treatments, and ceiling designs, and less relying on a central ring of identically-sized showcases. New modular case arrangements enable associates to stand on the same side of the customers, making the shopping experience more pleasant and casual. Jesse Balaity, editor of the National Jeweler, advises his clients to remove showcases from behind counters, as the customer is less likely to purchase anything they can’t see up close.
Obtaining a Certificate of Occupancy (CO) is an important step for any new jewelry business. The CO confirms the business’s adherence to building codes and zoning regulations. As an owner, you’ll want to acquire one. It is not unusual to have to obtain a new one if you’re doing major renovations. Make sure to state in your lease agreement that payments will not begin until you’ve received the CO.
As a jewelry retailer, you can’t avoid the inevitable changes coming your way. As a millennial, you’re likely to be influenced by trends on the internet, which make comparison shopping a breeze. And because you’ll be looking for a bargain, you’ll also need to find one that is affordable. As Peter Gasca, CEO of Performance Concepts, points out, millennials aren’t going to be buying from a local store, and they’re also savvy.
The art of design is another skill that is necessary for a jeweler. In addition to being able to create unique designs, jewelers must be able to sell them. This is why they start by sketching out ideas that customers can approve before they begin work. Sometimes, they use software programs to design a picture of a design that can be easily reproduced. It’s important to be able to quote a customer a price and deliver it when promised.
When shipping jewelry, make sure you require a signature, and don’t use a drop box. A good insurance policy covers the cost of replacing your inventory, but it cannot replace your life. The same goes for your customers. If your business has any broken jewelry, make sure you have a backup plan in place in case something happens to your inventory. Just remember that while you’re covered by an insurance policy, you can’t replace your inventory, so be sure to take the appropriate precautions.
Regardless of your location, there’s a good chance that you’ll lose a few jewelry stores in the next year or so. There’s a good chance that your store has been in business for decades, but you might need to rethink your business plan if you want to remain competitive in this environment. Several new trends in retail may have you wondering how to survive in the future. Retail is changing, and jewelry is no exception. Retail sales of luxury items have increased since the recession.
Fortunately, there are ways to stay relevant in today’s market. One such strategy is e-commerce. Online retailers have the opportunity to offer more than just jewelry. With an increasing number of consumers opting for online shopping, retail jewelers can make their brand more relevant to consumers. Some of these sites even feature video content – such as YouTube videos – so consumers can enjoy a virtual experience. Whether online or in-person, e-commerce can help a jeweler survive in the current economic climate.
