Whether you’re an online or brick-and-mortar (or both!) jewelry entrepreneur, you need these savvy tips to remain successful in the industry.
The pandemic has definitely caused huge upheavals in the jewelry industry. It has led to store closures and reduced operations but also opened up new markets and opportunities in the digital marketplace. Shoppers began buying for essentials but also made time to buy luxury items during the lockdown. Experts attribute this to buyers replacing their travel plans with jewelry purchases instead. Another reason? People wanted to look good while working from home and so many purchased jewelry to wear during video conferences.
Likewise, the imposition of stay-at-home orders compelled people to explore new hobbies and for many, it was the art of jewelry making they’ve come to love and eventually expand into a business. This group of jewelers turned entrepreneurs turned to online platforms to sell their wares online. All of sudden, many are taking their cameras to do product photoshoots featuring their creations showcased on jewelry display tools to sell online.
What this all tells us is that the jewelry industry is growing by the day, the pandemic notwithstanding. And with the nation now returning to near pre-pandemic conditions, the jewelry business is bound to get even bigger. The need to stand out will become a lot stiffer so here are some ways to be one of those who come out on top.
Be ready to adapt to the times
COVID-19 has certainly changed how we live our lives today and jewelry entrepreneurs are no different. A lot of adjustments had to be made to accommodate health mandates, changing shopping habits, and the shift to digital marketplaces. For those who survived and thrived in this new landscape, the keys to their success are adaptability and resiliency. Whether as a physical or online shop owner, the way to face business challenges is to accept changes and be ready for what may come.
Go for specific markets
You can stay ahead of everyone else by targeting a particular niche segment of the jewelry market. While many find success while catering to a general audience, you may be missing out on amazing growth opportunities if you don’t focus on a specific customer base.
There are plenty of jewelry styles in existence and specific types are preferred by certain segments of jewelry consumers. Why not look for an underserved segment of the buying public and see if you can pivot your business to cater to their needs?
Establish your brand’s identity
Oftentimes, success in business relies on being the more popular brand. That’s where the importance of branding comes in. Branding is the process by which a business establishment or even a person sets out to build a public identity through the use of distinctive images, themes, and personas. Want to stand out from the crowd and attract a consistent buying public? Start with building an identity for your shop.
The key here is consistency. Use your brand identifiers to shape the public’s perception of your company. Together with giving the public fine products and top-notch customer service, you can definitely earn the public’s favor by presenting yourself as a distinct and reliable jewelry establishment.
Make it easy for customers to shop at your store
In the case of brick-and-mortar jewelry shops, this means maintaining a good store ambiance that people are actually enticed to come and enter your store. And how would you keep their interest long enough to stay around, browse, and eventually make a purchase? By making sure the shopping experience at your store is a pleasant one. This means the merchandise is showcased with care so make sure to use the appropriate jewelry display tools for your items. The retail space must also be kept neat, chic, and easy to navigate around. Browsing must not be a chore to the buyers so make sure your items are kept within eyesight and will not require them to stoop low or go on tiptoes to view your merchandise. Additionally, essential retail facilities such as mirrors must be on hand to help shoppers make the best jewelry choices. Most importantly having a knowledgeable and friendly staff contributes a lot to building the ideal shopping experience for jewelry customers.
For online shops, a comfortable shopping experience means having a website that’s easy to navigate around with pages flowing smoothly with one another. Quick load times, a well-planned layout, and having multiple options for payment and shipping are likewise essentials.
Offer promos and discounts
Customers love a good bargain, so make it a point to hold sales where they can avail themselves of discounted items for your store. Consider those days as a way to reward loyal customers and to attract new ones to come to your store.
Just remember to promote the events heavily to guarantee their success.
Be aware of the shopping seasons
Speaking of heavy promotions, you need to make sure to promote your products heavily during peak shopping days. Doubling your advertising efforts on the following days will mean doubling on your profits as well:
- Black Friday
- Cyber Monday
- Super Saturday (or the last Saturday before Christmas)
- Boxing Day/Day after Christmas (Dec 26)
Holidays, where jewelry is a popular gift to give such as Valentine’s Day, Mother’s Day, Graduations, and even the period between Thanksgiving and Valentine’s Day considered to be “engagement season,” are yearly happenings that jewelers should pay attention to.
At the core of each tip discussed here is the need to provide a customer-centric approach to your store’s operations. As they are the source of your jewelry store’s earnings, make sure you’re doing everything to cater to your buyers’ wants and needs.
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