The number of retail jewelry stores continues to shrink, but those that remain are usually family-owned and operated. Whether they focus on high-end fine jewelry, or offer more modest pieces in malls and shopping centers, their owners tend to be passionate about the business. Their stores are often the end customer’s main point of contact when planning the biggest and most important milestones in their life.
A jeweler’s job can be very fulfilling, but it is also hard work. Many retailers put in long hours and work seven days a week, often making less than minimum wage. For this reason, many people don’t want to be in the business for the long term, and are often replaced by younger family members or other employees looking for a better quality of life.
In the case of a family-owned business, employees have more or less grown up in the industry and can offer decades of experience that chain stores simply cannot match. As a result, many smaller shops are more capable of offering customized designs and expert jewelry appraisals. They also typically use natural gemstones and are more likely to offer pieces that rival the quality of a top-notch designer brand.
Regardless of the type of store or products offered, one thing all successful jewelry brands have in common is a strong social media presence. Establishing a clear aesthetic across all platforms – from Instagram and TikTok to their website and brick-and-mortar locations – makes their jewelry easy to find and recognizable to customers. In addition, a robust social media presence gives a jewelry brand credibility and allows them to reach new audiences through endorsements, partnerships, and collaborations.
Large jewelry companies try to differentiate themselves by associating with celebrities, designers, and other equities to produce exclusive lines of products. Sterling Jewelers found success with a Jane Seymour-branded line, and JCPenney has partnered with Modern Bride to create bridal jewelry lines. They can attract a larger audience this way, but they must be careful not to alienate their existing consumer base by associating with a demographic that may not fit.
For the future of fine jewelry, it is important for consumers to support local jewelers and small boutiques that carry reputable brands. They should choose a retailer that offers a liberal return policy, is a member of Jewelers of America, and provides a secure online shopping experience. In addition, the jeweler should have a good reputation for providing excellent customer service and should be willing to offer financing options to help their customers afford their purchases. Finally, the jeweler should use a jewelry POS system that is designed for the industry to streamline operations, connect with suppliers, and boost profits. Request a live demo today to learn how Jewel360 can help your store stay ahead of the competition.
