A jeweler retail is a professional who sells or repairs jewelry in brick-and-mortar stores. The industry requires a high level of expertise in precious metals and stones. A successful jeweler will be able to read the market, understand trends, and develop relationships with customers.
The jewelers retail industry is highly competitive and constantly changing. Jewelers who do not keep up with industry developments risk losing sales to their competitors who adapt quickly. This means that jewelers must focus on expanding product offerings, improving customer service and building their online presence.
Most independent jewelers are family-owned and have a lifetime of experience catering to customers. This is a big advantage because they can educate their customers about what their purchases mean to them and provide them with confidence that they are getting what their money is worth. Independent jewelers also tend to have lower turnover and can offer a more personalized experience.
A jeweler is paid a set price for each piece of jewelry they sell that includes the cost of the precious metals, gemstones, and labor for fabrication. The jeweler also adds in their profit margin. Depending on the business model, the jeweler may take cash or credit payment and may also be able to offer in-house special financing for larger orders.
Unlike traditional stores, many jewelers have websites that allow customers to browse through their products and get an idea of what they are looking for. This helps them to reach a much wider customer base and can increase their overall sales. Many jewelers also offer custom services to meet the specific needs of their customers, such as engraving and repairing broken pieces.
The line between fine and fashion jewelry is increasingly blurring. For example, in 2012 H&M launched a flamboyant collection of jewelry and accessories designed by Vogue Japan editor Anna Dello Russo at prices starting at EUR20. Previously, fine-jewelry players could decide to play exclusively in the high end and communicate this message effectively through their advertising, in-store experience and customer service, but now they need to be prepared for consumers who want to buy into the brand but don’t have the budget to spend thousands of euros.
As consumers continue to embrace digital technology, it is essential that jewelry retailers have a strong online presence and a good POS system to manage inventory. This ensures that products can be scanned and billed easily, and that the jewelry inventory can be categorised for easy searching. It also allows the jewelry POS to make reports on individual products, categories and store locations to help the jewelers identify their best-selling items and improve their marketing strategies.
Despite the increased competition from digital retailers, there are some key trends that are expected to continue to drive growth for traditional jewelry stores. These include the rise in demand for diamonds, platinum and gold; a shift in purchasing behavior from discretionary to necessity goods; and growing consumer awareness of ethically produced gems.
