Living in the new normal requires new strategies.
First, the good news:
The market for jewelry remained robust even during the height of the pandemic lockdowns. In fact, several retailers have reported an uptick in the 30-40% range in the purchase of luxury products compared to the previous year.
Unfortunately, it’s been reported that the vaccine rollout in the country has slowed down. This means that while life has pretty much returned to normal for many, the fact remains that the virus is still very much present, and the presence of a more transmissible variant of the virus means the time’s not yet right to let our guards down.
And so, jewelry entrepreneurs need to think of new ways to handle their businesses while all of these are going on.
While we’ve always talked about jewelry display solutions here in our blog, we’ve decided it’s time to talk about the takeaways jewelry businesses can learn from their pandemic experience. Given the current status of the industry and the society at large, what are the learnings or tips they can build themselves from and apply in the new normal?
1. Be flexible. Change is something that should be expected and embraced.
To say that all of us have to make huge adjustments in the early days of the pandemic would be an understatement. Almost overnight everyone had to pull back and basically change their everyday, normal habits to curb the virus’ spread. Outside of essential workers, everyone was made to stay at home for their health and safety. All of a sudden, businesses were shut down, work and schools had to be recalibrated for the home, and with it came new challenges that most are faced with for the first time.
Yet those challenging times brought forth innovative ideas. A lot of folks have turned their hobbies into money-making ventures ー jewelry making included. For those who already have existing jewelry businesses, many turned online so they can continue selling their merchandise at home. When setbacks happened, a lot of folks were quick to make adjustments to cope with the unpredictable nature of things.
Recently, two social media marketplaces that serve as hosts to many jewelry entrepreneurs have all of a sudden shut down for hours. Last Monday, October 4, 2021, Instagram and Facebook (as well as WhatsApp, Facebook Messenger, and Oculus) ceased operations for more than six hours because of a server configuration issue according to Facebook. The effect was global and this urged many small business owners using the said platforms for selling to look for alternatives such as setting up their own websites.
Pandemic or no pandemic, many veteran entrepreneurs will tell you that this won’t certainly be the last roadblock on the path to owning a business. What matters is that you are capable of thinking ahead and knowing when to make adjustments to the challenges that you will be facing.
2. Be clear about the new policies your store is adopting.
Along with the increased reliance on online marketplaces, many stores have adopted new policies to ensure the continued smooth operations of their businesses.
Online shopping means deliveries and the need to have a clear purchasing and shopping system in place. Having multiple payment options is the most ideal, most especially electronic payment options for their ease and to minimize contact with the courier. When it comes to shipping, it’s best to rely on courier companies that are reliable and have clear tracking systems in place for your customers’ peace of mind. Likewise, you need to also have enough packaging materials to accommodate your goods.
The same case should be applied to brick-and-mortar shops but it would require additional systems in place such as installing hygiene areas, barriers, and even regular disinfection and cleaning schedules to keep your premises safe for shoppers.
These policies need to be conveyed and explained clearly to shoppers as part of your store’s customer services.
3. Be creative with your marketing efforts and selling.
Standing out from the competition is always the goal of every entrepreneur, but times are harder and so you may need to do something extra to get the public’s attention. The good thing about having all this technology within reach is that you can explore different facets of the marketing game to boost sales for your shop.
Mere static ads just wouldn’t do these days especially online. From quick clips on TikTok and Instagram to long-form videos that you can use to create beefed-up content to promote your merchandise to the public, video is the way to go. Think of it as similar to TV infomercials but done online.
But that’s not all you can do with the technology available. You can also highlight your products with lifestyle vlogs featuring influencers that can talk about your products. Providing educational content is always a good strategy to take as well. Many would love to know how to style themselves with accessories or are curious to know how to take care of and store their jewelry collection to make them last longer. From here you can talk about particular items from your merchandise that you would like to highlight or have some experts talk about jewelry care and jewelry display ideas that would be of interest to potential buyers. Some shops these days are also holding live selling on videos to boost their shop’s earnings.
Simply put, there are plenty of ways to get creative and stand out, and it would be to your business’ advantage to take your shot with these opportunities.
Looking ahead…
4. Be one step ahead by studying your customers and the market.
Being proactive these days is crucial to a business’s survival. While the pandemic was an event that no one anticipated, the experiences of entrepreneurs during this period should serve as a reminder of the importance of having the foresight to be ready for the future.
Market research is key here. Data gathering and customer mapping may help predict future buyer behavior. Learn about their buying journey and see if you can spot issues to resolve. From here you can find out what could be possible pain points and make the best plans to resolve them.
Likewise, keeping abreast with industry trends helps you figure out what items could be hot commodities in the coming months. If you are an entrepreneur and also the creator, this can help you come up with styles to include for your future collections.
It’s safe to say that many of us went through the wringer in the past year and a half. Individuals and institutions alike faced challenges but the beauty of these tough times are the stories of resilience and redemption stories of those who were able to bounce back. With careful planning, a positive attitude, and the guts to push through the rough roads, life will go on and will continue to prosper. Hope this article gets you the motivation to continue on your road to success!
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