Jewelers retail is a unique industry that celebrates the beauty, artistry, and personal expression found in fine jewelry. It’s also a business that isn’t for the faint of heart: The jewelry market is highly competitive, and sales trends are challenging. Whether you’re a seasoned jewelry store owner or new to the industry, it’s essential to have a well-thought-out retail strategy to stand out in your niche and attract qualified customers.
Establishments primarily engaged in the retail sale of any combination of the lines of jewelry, including diamonds and other precious stones mounted in precious metals as rings, bracelets, broaches, and necklets; sterling and plated silverware; and watches and clocks. Stores primarily engaged in watch and jewelry repair are classified in Services, Industry 7631.
The jewelry industry is very competitive, and many independent jewelers struggle to compete with large chains and e-commerce retailers. Additionally, the jewelry industry is volatile due to changes in fashion, consumer demand, and price fluctuations. As a result, the number of jewelry stores has been declining for over 20 years. Even a well-established local jeweler can face challenges, such as the recent closing of Fox’s Seattle, a 116-year-old family-owned jewelry store.
A strong jewelry retail strategy includes a clear value proposition (UVP), which defines the customer’s problem and explains how you help them solve it. It should be simple and easy to understand, avoiding jargon and vague terms. Your UVP is the north star that guides your entire business, from product selection to marketing campaigns.
Another key piece of a successful jewelry retail strategy is knowing your audience. This involves understanding your customer demographics, shopping behaviors, and communication preferences. For example, if your customers tend to buy jewelry to commemorate milestones, you may consider offering anniversary-themed promotions. In addition, if your customers prefer to shop online, you can offer a robust e-commerce experience that is consistent with your brand image.
A good retail strategy also focuses on service and atmosphere. If you’re looking to purchase a luxury item, you want to work with a jeweler that treats you with respect and provides top-notch customer service. A quality jewelry retailer will schedule appointments to ensure an associate is available to assist you, and they will take the time to thoroughly discuss your wishes, questions, and thoughts about potential purchases. They should also have a liberal return policy that provides peace of mind and reassures you that they stand behind their products. To find a trusted jewelry retailer, check out the Jewelers of America’s Find a Jeweler directory.