Jewellery stores are retail businesses that specialize in the selling of jewellery and watches. However, they also offer a range of services, such as designing, restoring, and manufacturing. Below is a brief description of the different services a jewellery store provides. These services include: designing, manufacturing, and remodeling.
The jewelry industry is a unique one. It faces unique challenges that are not common in other types of retail businesses. Because of this, the right software solution for jewelers is important. For example, these businesses must manage a range of custom orders, and communicate with their customers regarding the orders. In addition, they must have a strong online presence.
Millennials are a major driving force behind the success of online jewelers compared to brick-and-mortar retailers. The younger generation is much more savvy and willing to shop around for the best deal. As a result, millennials tend to base their purchasing decisions on price rather than brand loyalty. In addition, nearly every big box retailer has an online presence, including Amazon and eBay. In fact, in 2016, fifty-one percent of all retail purchases were made online.
As a result, online jewelers are also more affordable than brick-and-mortar jewelers. Moreover, online jewelers offer the same quality products and customer support. Most people are busy and can’t afford to visit several brick-and-mortar retail jewelers. Additionally, online jewelers have lower overhead costs compared to brick-and-mortar retailers. They have fewer personnel costs, which translates to a lower markup.
The quality of jewelry purchased from a brick-and-mortar jeweler is undoubtedly higher than those found from big box retailers. These retailers often use cheaper materials and mass-produce their jewelry. Moreover, their jewelry may not have been inspected before being sold. They may also not have the same standards of quality as those offered by an online jeweler.
Retail jewelers display their jewelry on colorful case boards. They also have central cash wrap islands and two predominant credit booths. Besides selling jewelry, they also offer other services such as value appraisals of gems. Some retail jewelers also sell decorative items such as clocks and figurines. As a result, these businesses are exposed to a range of insurable equipment risks.
Physical retail jewelry stores have grown by 25 percent in the last decade. In the first two months of 2021, jewelry sales in these stores were on the rise. According to a McKinsey report, jewelry sales worldwide will grow by 18 percent by 2025. The market is estimated to increase from $280 billion to $340 billion by 2025.
While the trend toward branded jewelry is undoubtedly a challenge for small jewelry makers, there are ways to take advantage of the trend and create your own unique brand. For example, one strategy is to seek distribution through a brand store such as Cadenzza. A curated multibrand store like this one aims to create an experience that separates the brand from the rest.