Jewelry retailers are making the changes necessary and evolving to make sure that their products are sold. They end up in the news for various reasons, but it is good to see that they are evolving and that they are doing whatever they can to increase their sales. Now that gold and diamonds are so much more expensive than they were just a few years ago, they must compete for the ever-dwindling amount of money that people spend. The discretionary budgets of most have gone down significantly. They are saving rather than spending and retailers of all kinds are feeling it rather hard. When spending goes down like it has, the amount of profit goes down for most retailers. Their overhead basically stays the same, so they must find new and interesting ways to get customers through their doors, the more people in the store; the more likely it is that they will sell something. Some of the more interesting tactics or stories end up in the news and other jewelers can learn what to do and what not to do to increase sales by reading such stories.
One jeweler is really pushing the envelope by offering loans on the goods that customers bring in for dental work. Dental work can be very expensive, so Ronnie’s Jewelers and Loans, based in Michigan, is offering short term loans using jewelry as the collateral. He is working in conjunction with local dentists and that not only brings him business, but it brings business to the dentists as well. Another jewelry store has decided to incorporate a wine bar in their store, that way you can get some high end wine to go along with your jewelry. Most people would associate two high-end products together, so the wine bar/jewelry store could be a good idea. They showcase one particular wine, usually local, every month so that their customers know where the wine is from and can get information on the winery. This not only exposes the customer to a wine they may not have tasted, but it also helps the jewelry store with exposure. Those who are interested in wine may come to check it out when they wouldn’t have otherwise.
Some retailers are making waves regarding advertising. In Delaware there is an obscure law that only allows an electric sign to show direct advertising for 10 minutes per hour. The sign must also show relevant local news and information to offset the advertising. A local jewelry owner is appalled that the city government is upholding this ancient law and wants to be able to advertise as he pleases. Regardless of the way you exhibit or sell your goods, it is always helpful to see how others are doing as the jewelry business is a close-knit family in many ways. When looking to new strategies for retail jewelry businesses, it is always wise to see what others are doing and what is and is not successful as that could save you the hassle of finding out yourself.