Jewelry retailers sell fine jewelry (which generally contains a precious metal or gemstone) and silverware, as well as watches and clocks. In the United States, 21,700 companies operate stores that generate more than $2 million in annual revenue. Smaller companies are typically able to compete with large jewelry chains by establishing a solid reputation for quality. The 50 largest firms account for 41 percent of industry sales. Traditional jewelers often employ security systems and strict inventory control to prevent theft, which is particularly common because pieces are small and can be easily hidden.
Choosing the right wholesale jewelry supplier is an essential step in the success of your business. Choose a manufacturer or wholesaler who uses durable materials and has a track record of providing quality pieces. You also want to work with a company that has the ability to produce different designs and price points to appeal to your target market.
In the retail world, omnichannel experiences are quickly becoming the norm. Allowing customers to seamlessly go from offline to online brand experiences is a growing trend that could have a positive impact on your jewelry store’s bottom line. This allows you to offer customers a wider selection and can help you increase your overall customer base.
Many people prefer to shop at a local, independent jewelry store rather than a larger chain or department store. This is because they enjoy the personalized experience of working with a jeweler and often have access to more unique pieces that aren’t sold in other stores. In addition, some independent jewelers focus on social responsibility and prioritize inclusion, representation, and ethically sourced jewelry.
For many women, a piece of jewelry is an emotional investment that holds sentimental value. This is especially true for bridal pieces, which can account for up to half of a jewelry retailer’s revenue. Despite declining marriage rates, this segment remains strong due to the enduring popularity of diamond engagement rings and wedding bands.
It’s important to consider the future of jewelry retailing when making purchasing decisions. Emerging trends call for transparency in jewelry origin and pricing, going omnichannel, and delivering enticing customer experiences through virtual reality and 3D configurators. Jewelers who embrace these trends are well on their way to building a successful and profitable business in the years to come.
When you’re ready to invest in a new piece of jewelry, whether it’s a wedding band or an anniversary gift, don’t hesitate to contact the expert team at Edge Retail Academy. We’re happy to provide more information about the latest trends and opportunities in jewelers retail, so that you can make a wise decision about your next big purchase.
