Jewelers retail offers a number of unique challenges that other types of stores do not experience. The store must be able to manage custom orders, track value changes in the jewelry business and offer high-touch service for customers who come into the store seeking an appraisal or repair. This requires a different type of software solution.
The e-commerce boom has put a lot of pressure on traditional brick-and-mortar jewelry stores, especially smaller independent shops. In addition to competing with larger jewelry chains, these jewelers must also contend with the growing popularity of online engagement ring retailers. Consumers want space and time to choose their jewelry without feeling like a salesperson is hovering over them, which can be off-putting and frustrating. They also want a clear return policy and warranty information before making a purchase.
To remain competitive, many jewelers have diversified their product offerings. They now sell both natural and lab-grown diamonds, as well as pre-owned pieces, colored gemstones, and other specialty items. In addition, they have embraced the latest technology to keep their products looking new. One such company is Continental Gems & Jewelers, which offers a wide variety of custom design services for both rings and necklaces.
Other companies are focusing on improving the customer experience in-store. They are increasing their staffing during peak seasons and offering free services to help customers find the perfect piece of jewelry. This is to reduce the amount of time they spend waiting for an associate and make the process more enjoyable.
In the future, jewelers will need to focus on digital marketing and social media. This will be important to reach millennial shoppers who are less likely to shop at a brick-and-mortar store. They should also continue to work on customer loyalty programs.
Jewelers that are unable to adapt will struggle in the future. They will need to invest in a software solution that helps them track inventory, customize products, and create high-touch experiences for customers. Additionally, they will need to train their employees on the latest trends in jewelry. They should also keep up with industry news and events to stay on top of their game.
Jewelers are an iconic part of our cultural landscape, and a lot of them have survived for generations. However, with baby boomers reaching retirement age and less millennials willing to enter the industry, some of these stores will need to close their doors. The ones that survive will be those who are able to adapt to the changing market. They will need to provide excellent service and create a shopping environment that appeals to younger shoppers. Otherwise, they will be left to fend for themselves against bigger competitors and the internet.
