In an era when online sales are booming, jewelers are challenged to find ways to distinguish themselves from the e-commerce crowd and attract customers to their brick-and-mortar stores. Adding new product offerings and expanding their web presence are two of the key challenges for jewelry retailers. Another challenge is keeping pace with consumer demands for fast, efficient service. Some jewelry players have tried to differentiate their businesses by offering mono-brand retail, which gives them more control over their brands and allows them to establish a close connection with consumers. Others have tried to achieve scale by creating multibrand boutique chains, such as the Cadenzza store concept, that offer a carefully curated assortment of brands and products.
In general, large jewelry chains and specialty retailers have a higher operating cost structure than smaller independent stores. This is because of the high costs associated with sourcing and maintaining inventory in the industry, which can run into millions of dollars. Many small jewelers are family-owned and operated, which can help them keep their operating costs lower than a big-name retailer.
Jewelry shoppers who visit a local shop can benefit from expert jewelry knowledge that is hard to find at a chain store. At a small shop, the staff are often jewelry enthusiasts who have spent their entire lives working with diamonds and gemstones. They can offer valuable insight into the unique properties of each piece and how it was created. The staff can also provide guidance and suggestions that will make the shopping experience more exciting and fulfilling.
Buying in person allows shoppers to see the beauty of each piece and try it on to see how it fits. This can be difficult to do with jewelry online because the details of a piece may be obscured by shadows and the lighting in the picture is often inconsistent.
When shopping for an engagement ring, the personal experience of working one-on-one with a jeweler can be very rewarding. During this process, the jeweler will create a custom design for the customer that will take into consideration all of their preferences. The jeweler will show sketches and renderings of the final piece to ensure that it reflects all of the ideas and characteristics that the customer wants. The jeweler will not move forward with production until the customer approves of it, which can result in a truly custom-designed piece that is unlike anything that could be purchased off the rack.
In addition, the staff at a local jeweler can assist with services that can be a hassle to receive at a large chain store, such as resizing, cleaning and engraving. Local jewelers are also active in their communities and often donate time and money to support community initiatives. This is a great way to support the local economy and build lasting relationships with the community. In addition, it is a great way to keep the local jewelry business alive and vibrant.
