Jewelers retail has faced challenges in recent years, but millennials are the biggest reason for their failure. The millennial generation is web-savvy and values online shopping over loyalty to local stores. In the article, Peter Gasca points out that nearly every big box retailer now has an online presence, including Amazon and eBay. In 2016, more consumers purchased their jewelry online than ever before, up from 48 percent in 2015. However, the future for the jewelry industry is bright.
Although brick and mortar retail jewelers may have a more personal feel, many smaller independent jewelers are joining the trend of the homey, boutique-like vibe. In addition to allowing customers to browse jewelry on their own time, independent jewelers are offering complimentary beverages. Of course, the drinks are only available upon request. Nevertheless, the concept of a homey atmosphere is still a popular one, and it’s growing in popularity.
Despite the challenges of the online business model, brick and mortar jewelers should not be abandoned. The internet provides access to the same high-quality products, the same customer service, and a vast selection. With the growing popularity of e-commerce, the retail jeweler’s overhead is much lower compared to brick and mortar competitors. And while the online market is a more convenient option for some, brick and mortar retailers may soon follow suit.
A brick and mortar retailer’s overhead costs are higher, and it’s impossible for busy consumers to visit multiple retail jewelers. And a brick and mortar store’s high overhead cost is not an option for most people today. With more than half of brick and mortar retailers closing their doors, online retail jewelers should focus on improving their online presence. The e-commerce world is an excellent opportunity for those who have limited time and/or money.
In the online world, e-commerce has given consumers a more convenient way to purchase their favorite items. By allowing shoppers to compare prices at the click of a button, consumers can find a better price than ever before. Plus, the convenience of buying jewelry online is an attractive feature for online retailers. And it’s important to remember that if you have the luxury of browsing through a multitude of brick and mortar stores, it’s best to opt for the latter.
In order to keep up with the competition, jewelers need to be able to offer the best value to their customers. In fact, consumers need to consider the environment when shopping for jewelry, and it’s essential to choose an eco-friendly store. A business with a low environmental impact, can survive for decades on recycled materials. It also needs to be sustainable, so it’s important to consider this when choosing a brand. A jeweler’s brand is more than just a storefront.
