Things to Consider When Starting a Jewelers Retail Business

jewelers retail

A jeweler’s retail establishment specializes in the sale of jewellery and watches. Some jewelers also offer other services such as designing, remodeling, and restoring the items they sell. If you are interested in opening a jewellery retail business, here are a few things to consider. First, you’ll need to decide what kind of services you need to offer your customers.

If you’re in the market for a piece of jewelry but don’t have the time to visit several brick-and-mortar jewelers, consider buying it online instead. You’ll save time and money while receiving expert customer service. Plus, online jewelers usually offer free ring sizing and lifetime warranties. Another benefit is that you can choose the price range that’s right for your budget.

E-commerce has become the biggest disruptor in the jewelry industry. Its growth has averaged between twelve and fifteen percent annually in the past 15 years, and it’s expected to increase as much as 25 percent by 2020. Although many jewelers view e-commerce as a competitive threat, the fact of the matter is that it has become a powerful way to improve the shopping experience for consumers.

Another aspect of retailing jewelry is bringing in younger consumers. Fashion jewelry companies are introducing new collections twice a year. This means that jewelers have to be creative and innovative to remain competitive. In addition to keeping pace with fashion trends, they also need to maintain an affordable line of products. The key to doing this is a clear eye for design. When developing a new design, a jeweler often draws a sketch of the jewelry for the customer to review and approve. With the help of software, jewelers can also create pictures of their designs.

Having a clean and safe store environment is essential for the health of customers and employees. Whether you’re a brick-and-mortar store or an online one, it’s important to communicate your safety measures to customers. A recent webinar hosted by the National Jeweler highlighted the importance of keeping employees and customers safe. By implementing safety measures in the store, customers will be more likely to feel comfortable and return to your store.

In 2003, there were 49,542 jewelry retail establishments and 199,366 workers in the industry. These companies are concentrated in the four largest U.S. states, California, Texas, New York, and New Jersey. The industry generated $13.8 billion in sales in the United States alone. Some jewelers may even specialize in creating unique jewelry items.

Independent jewelry retailers face a tough battle to maintain their unique identity in the competitive jewelry industry. These stores offer in-house credit cards to their customers, which help them boost sales. Moreover, in-house credit cards often come with lower interest rates and better terms.