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3 Ways Fine Jewelry Retailers Can Stay Competitive

It’s no secret that the jewelry industry is rapidly changing, so how do retailers keep up? 

With the rise of millennial-powered brands and social media marketing, the traditional jewelry retailer needs to evolve in order to stay relevant in 2018 and beyond. Here are some crucial areas retailers should focus on to improve their relationships and boost sales:

1. Offer Custom Engagement Rings 

One area where traditional retailers have an advantage over online brands is with bridal jewelry. Although it might be easy and convenient to shop for your engagement ring online, most millennials actually prefer to do some in-person browsing and sit down with a trusted professional. In order to set your store apart from the online competition even more, make sure to offer custom engagement rings to your customers, or at least custom alterations.

The fact is, you don’t even need to do this custom work in-house. Look for a local custom jeweler that specializes in this kind of production and partner with them for custom orders. Your customer can still pick up their engagement ring in your store, and make any further requests if necessary.

Although it’s a bit more involved than selling pre-made engagement rings, offering high-quality custom work will make your brand stand out in a crowded marketplace. 

2. Make Your Jewelry Website More Modern

Like it or not, most shoppers nowadays are quick to judge a store or brand by their website and online presence. If your website looks like it was designed 10 or 15 years ago, it’s important to find a good web designer or coder who can make your store look more modern and professional.

If you sell your jewelry on your site as well as in-store, a e-commerce platform like Shopify has a lot of good, clean templates. Also, make sure your website is mobile-friendly. Since most people browsing the web are now doing so with their phone, make sure you’re not missing out on these customers!

If you want to learn more about opening an e-commerce store, check out our handy article on the subject. 

3. Locally Target Social Media 

If you’re a local retailer who thinks they can’t compete with the huge, established jewelry brands that dominate social media, think again. Your limited marketing focus on a specific city or region will actually work in your favor.

Use paid social media campaigns and encourage your customers to follow you online, and you’ll soon collect a loyal following of local repeat customers. You can also ask your customers to add you on social media, as well as write you a review on Google or Yelp after a purchase.  

Although people tend to seek after convenience, most shoppers prefer supporting local jewelry businesses if given the chance. So make it convenient to find and interact with your brand online, and the bigger brands with a more general audience won’t be able to compete.

For more info on using social media to your advantage, check out this blog

***

Although it’s certainly a challenge to keep up with the changing jewelry landscape, with the right knowledge and tools you can keep your store a cut above the competition.

An in-person retail shop has a lot of advantages over online retailers, chain stores, and large brands, so as long as you keep your store and online presence relevant to the changing market, there’s a good chance you can increase revenue into the upcoming holiday season and beyond.


By Peter Vey on 05/25/2018


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