A jewelers retail store is a business establishment that specializes in the sale of jewellery and watches. These stores also offer a variety of related services, such as remodeling, restoring, and designing. This makes them a versatile business opportunity. There are many benefits to opening up a jewellery retail store. Here are a few of them.
One of the biggest disruptions to the jewelry industry is e-commerce. E-commerce has grown at 12 to 15 percent per year over the last 15 years. By 2020, e-commerce sales are projected to grow at 25 percent. Although many jewelers view e-commerce as a threat, the reality is that it is a necessary component of a more complete shopping experience.
A jeweler has to be talented in designing jewelry. A good jeweler must be able to sketch out a customer’s design ideas and get their approval before they begin their work. Today, software can be used to create pictures of a design so the customer can see it before the jeweler can start making it.
A retail jeweler’s bottom line depends on how well they engage with consumers. Most retailers get 40 percent margin on loose diamonds and do better with custom-designed mountings. Today’s jewelry customer is mostly millennials. While a physical store is still necessary, the internet is more crucial in generating traffic and building a brand. Social networks such as Facebook and Twitter have made it easy for consumers to interact with retailers.
The US jewelry retail industry is divided into chain stores and independent businesses. Chain stores have dominated the market. Independent jewelers are a small minority. The industry is cyclical and depends on the demand for luxury goods. Small jewelers compete with larger chain stores by establishing favorable reputations. A high percentage of revenue is generated by the top 50 companies.
Jewelers can work as bench jewelers, working for a jewelry retailer or a manufacturing company. They typically use precious metals for their work, but may also specialize in designing jewelry, making molds, or repairing jewelry. Many bench jewelers also work as self-employed business owners and sell their wares online and at trade shows. Their work is varied and their hours are unpredictable. They typically spend the majority of their time working on their workbench. A technical school degree can improve their employment opportunities.
Independent jewelers can offer a personalized touch. They have passion for jewelry and are happy to help you find the perfect piece. The personalized service provided by independent jewelers is rare in online retail stores. They also have access to more selection than online stores. They are dedicated to providing the best service for their clients. However, it’s still recommended to purchase your jewelry from an independent jeweler rather than an online store.
Despite the challenges in the industry, the future of the jewelry industry is bright. It is expected to grow at a 5-6% annual rate to reach EUR250 billion in 2020. While the global recession dampened consumer appetite for jewelry, it is now even more voracious. As such, today’s players in the jewelry industry must keep up with emerging trends and developments to stay competitive.