One major reason why online jewelers are outperforming brick and mortar stores is that millennials are the most internet savvy and are more likely to shop for a cheaper price. Millennials are also less likely to purchase jewelry at local stores due to their lack of loyalty. In fact, Millennials will prefer to shop at an online retailer instead of a traditional store if they are able to find a better deal. According to Peter Gasca, author of “Millennials Kill Retail Businesses,” Millennials will be a major factor in the future of jewelry retailing. While a high percentage of millennials are already Internet savvy, online retailers will continue to be a more affordable option.
Online jewelry retailers have been able to make significant savings on engagement rings. In fact, online retailers offer up to 50 percent lower prices for engagement rings than brick and mortar locations. The savings can be used to afford a dream wedding or a honeymoon! The digital era has ushered in new ways of shopping and empowered consumers with the ability to compare prices. While brick and mortar retail jewelers are not going anywhere, if they don’t optimize their web presence, they’ll soon follow the trend of hundreds of other jewelry stores closing their doors.
While brick and mortar retail jewelers may have a place in the market, independent retailers have become the new trend. In addition to offering more personalized service, these retailers also dress in business casual and offer complimentary beverages, but only upon request. As a result, these boutiques are more intimate than their brick and mortar counterparts. However, while brick-and-mortar jewelers are still alive and well, they’re becoming less attractive as time goes on.
Online jewelers are a great option for online shoppers as they offer greater variety and lower prices. You’ll find that online jewelers can offer you the best prices, and they’ll be able to keep their brick-and-mortar locations open as well. If your brick and mortar store isn’t positioned to compete in the digital age, it’s best to invest in an online presence and embrace a digital lifestyle.
Besides the traditional brick-and-mortar location, the omnichannel model allows jewelers to reach a wider audience than ever before. By providing more options, jewelry retailers can differentiate themselves from their competitors. It’s important to keep in mind the changing consumer behavior trends. While traditional brick-and-mortar stores are still an important part of the retail industry, it’s also worth a brick-and-mortar store with a modern touch.
Choosing a retail strategy that works for your business is critical for success. First, you must understand your target audience. The next step is to understand your target audience. Your customer base is crucial for your business. The more unique a customer wants, the more likely he or she will spend on the final piece. If your customer has a specific idea in mind, the retailer must be able to replicate the design and create the exact look they want.
