These tips just might boost your jewelry store sales.
Every jewelry store wants to bring in new customers and create repeat sales. There are a few crucial pieces of advice that every store should follow to encourage foot traffic and increased revenue.
While some of these tips are essential and timeless for any retail store, others are based on trends in recent years. With the increased presence of online-only stores and new generational influences, there have been some major changes in the retail jewelry marketplace. Here are 5 ways to stay on top of the trends and keep your store exciting and inviting for customers:
1. Take Advantage of Your Store's Physical Presence
One of the most important differences between an online store and a brick and mortar retailer are the store’s physical presence. Clearly, the retailer has the advantage in being able to showcase the jewelry in person. Although jewelry can look great online or on Instagram, there really is no comparison when it comes to being able to see jewelry sparkle and shine in-person.
But while the jewelry looks great, it’s important to make sure your store looks just as amazing. If you have a less than stellar store environment, with worn-out rugs, cluttered shelves, and walls that haven’t been painted in years, it’s going to make the wrong impression your customers.
Color in particular plays an essential role in helping to form a customer’s opinion, so make sure your store’s color scheme is consistent, appropriate and helps to inspire the emotions you want your customers to feel.
2. Develop a Strategic & Subtle Sales Plan
Building rapport is number one when it comes to developing a successful sales strategy. If your salespeople are simply trained to go over diamond specs and hard facts, this isn’t going to do much to move products off your shelves.
In the same way, if your sales team is focused only on “closing” the deal and not on genuinely getting to know your customer’s desires and preferences, this will not work in your favor. Modern consumers don’t react as favorably to pushy sales tactics, especially in a luxury setting, and need to feel as if they have space to make a decision. That being said, you always want them to try on and closely admire any pieces they have their eye on.
3. Change Your Store's Dress Code & Vibe
Although they might look great, fancy suits and ties are not in vogue and usually aren’t appropriate anymore in retail, especially when targeting millennial customers. This kind of attire might conjure up images of pushy salespeople or business, which is not what you want your customers to think about. Business casual is an appropriate look.
This especially applies to couples who are engagement ring browsing or shopping; for the most part, you don’t want couples to view the activity as a business transaction, and you want their shopping to be as pleasant as possible. Train your salespeople, on-staff jewelers, and even your security guard, on developing a warm and friendly demeanor at all times when interacting with clients.
4. Address Millennial Values with Conflict Free Diamonds, etc.
While it’s true that many new e-commerce stores are bringing in business because of their convenience, there are also some other factors at play. Many new brands are basing their company vision on values millennials are highly focused on, such as sustainability, fair trade practices, empowering women, etc.
If you stock or produce jewelry that incorporates these practices, make sure to emphasize this. If they don’t, you might want to find some jewelry to sell in case a customer asks for “an engagement ring with conflict-free diamonds.”
5. Offer a Variety of Jewelry Options
While crystal clear bridal jewelry will always be in-demand, in order to stay competitive you need to vary your inventory. If you focus only on engagement rings, you’re mostly targeting young men who may never make another jewelry purchase.
Neglecting to market your products to independent female shoppers can be a big mistake. In recent years, both Millennial and Gen X women have shown increased interest in purchasing fine jewelry for themselves, so it’s a great idea to dedicate at least some of your inventory and marketing efforts to non-bridal jewelry.
The best part is, you’re much more likely to have repeat purchases from these customers compared to couples only shopping for an engagement ring and wedding bands.
These 5 tips can help your jewelry business be a more more appealing place for customers of all kinds. Brick and mortar stores need to use everything at their disposal in order to compete; it’s essential to take advantage of the benefits of the in-person retail experience, while also adapting to the changes in the jewelry landscape.