Some wise tips you can apply to your online or physical jewelry store.
It always pays to be on top of things when it comes to tracking your jewelry business’ inventory. Doing so will help you find out how your merchandise is faring with the buying public. From there you can make the right decisions for your store, particularly in the aspects of sourcing, product development (if you’re selling your own creations), selling, and advertising.
But should excess inventory be a cause for immediate concern? More often than not, yes it should be a cause for concern because excess inventory means the long-unsold items are taking up space that could’ve been occupied by new products. Just imagine your store’s jewelry display and shelves overflowing with products ー not the most ideal scenario, right? Especially when you’re in the business of selling luxury items, retail displays should remain tasteful and aesthetically pleasing and overcrowding can be considered an eyesore. It’s better to just have the right amount of merchandise on display ー a mix of old but strong performers and new fresh pieces ー to keep the buyers interested.
Trends and holidays may determine what gets snatched up on the shelves quickly. There’s also the matter of changing consumer preferences, and as many retailers will tell you these days, extraordinary happenings that are out of our control like the COVID-19 pandemic can shape supply and demand. Taking into account all these factors, let’s look at the various ways entrepreneurs can deal when there’s excess inventory in their shops.
Take a step back to look at your jewelry display efforts
For those who own brick-and-mortar jewelry stores, sometimes all it takes is to recalibrate how you are promoting your merchandise. The easiest thing you can do is reposition your slow-moving items in a different part of your store. Next, you can try out different concepts to ones you think will click with the public. Think of fresh jewelry display ideas as you might just strike gold (pun intended) and bring attention to products that have been ignored before.
Even replenishing your labels and signages can bring life back to old stocks. Lighting and props can also help liven up your retail space so look for aesthetics that you think will be a hit with your customers. Nothing too drastic, just a little sprucing and rearranging may just be what you need to do to boost your store’s sales.
Hold a sale
Now, this advice works for both online and physical jewelry stores. Remember that a lot of customers are on the lookout for great bargains, and so giving them discounts may just nudge them into buying your items, including older stocks they may have missed out on before. The best time to do this is near the end of a season or just before new fashion trends emerge.
Remember to promote this event well so it captures the public’s attention. If you can’t launch a full sale event just yet, offering vouchers or sale coupons to your customers can also help in selling your overstocks faster.
Place your slow-moving items in multiple places in your store
This technique is called “double” or “triple exposing” and it’s a great way to showcase the items you may be having a hard time selling.
Sometimes it’s all just a matter of boosting your jewelry display setups to get them the attention they deserve. First, study where your customers are going to see the prime spots where they may be spending a long time. Perhaps some of your slow-moving items just have the bad luck of being located in a spot that the public is missing out on. Again, you can apply this technique during the sprucing and relocating process as suggested in the first tip. You can also try out showcasing items by your window display so you can definitely shine the spotlight on them in a way that people, whether they enter your store or not, will definitely notice.
Retrain your staff in selling techniques
Another route to take is to look at how your people are selling your merchandise. Take a step back and see how they are presenting your products as well as their selling prowess. Are there issues that need to be fixed? Sometimes lean times happen not because of the products but how a store’s staff deals with the customers that come in.
It’s important to find out if there are problem areas that need to be corrected but also look for instances of exceptional work. Give rewards to staff members who are going the extra mile when it comes to selling and providing customer service. There’s indeed value in positive reinforcement and you might just see improved performance in your items once you implement these tips.
Rework some of your old designs into new ones
For those of you who make your own jewelry pieces, experimenting with new designs may just be the trick you need to try. You can experiment a little and see if giving your old pieces a fresh take can bring life back into them.
Pick a select few of your slow-moving items to see if they can be refashioned into entirely new pieces. With a little bit of imagination and the needed technical know-how, you can create new jewelry designs that will wow your customers.
Bundle your overstocks with other items
Another great technique is combining your slow-movers with your most popular store products. Just remember that the key to success with this technique is having a good eye at combining products.
Naturally, the items you group together must make sense. You can go by a theme (Mother’s Day bundle) or go with the similarities between the products as your guide (a full set of jewelry for brides).
It’s a smart way to deal with your excess jewelry inventory because not only would you be selling some of your dormant stocks, but you are selling other pieces to go along with it.
Exchange them for other items with your suppliers
Now, this requires having a good relationship with your stock providers. It’s important to be upfront about your situation and to present options that will be good for both parties. Ideally, they can exchange your old stocks with new designs that may be to your customers’ liking.
By sticking to your commitment and maintaining a two-way relationship that benefits all, you can safely apply this strategy to avoid getting stuck with jewelry items that you are not able to sell at all.
Offer them as perks to your existing rewards programs
Just because you may be having a hard time selling some of your products doesn’t mean you can’t refashion them into items of value, so how about offering them as gifts for promos and for your store’s rewards programs?
You may offer your excess inventory as a gift for customers who are hitting a certain price point with their purchases. Likewise, during holidays and during your valued customers’ birthdays, overstocks may be given out as gifts as a form of “thank you” for their continued patronage.
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