adminser Market pundits think the industry will gain momentum and reach new milestones. The online jewelry market is predicted to reach $58.9B by 2027. This represents a 15.5 percent CAGR. They agree that jewelry business owners need to take proactive steps in order to rebound quickly and attain the desired sustainability.
You need to be a jewel retailer to succeed and grow your business. This is not an easy task. Here are 12 tips to help you get on the right path.
Concentrating on certain segments is a huge strategic error to try to sell to everyone.
Different groups have different needs. A woman in her 20s who earns $47,000 per year would have different requirements when purchasing jewelry than a 45-year-old woman making $125,000 per year. You can’t approach them both with the same strategy or approach.
It is wrong to target “everyone”.
Instead, choose a few segments to focus your resources on and target them. It would make the conversion so much easier.
You can create a niche within the jewelry industry where you cater to certain segments.
Offer attractive discounts
It is simple and straightforward.
For new and existing customers, introduce jewelry shop sales to your collection.
The discounts should be “urgent”, meaning that they must be available for a short time.
Ensure that your target audience is made aware of these discounts by using marketing campaigns.
Your sales team should be trained
Selling is an art. Are you looking for ways to increase jewelry sales? Selling is not as simple as asking your customers what they want.
It is much more strategic than that. This strives for high close rates, better upsell, and an amazing customer experience.
Your sales team should be able to sell better; they should also be able to deliver great customer service offline and online. This will bring you greater success.
Click on the social media ads
If done right, social media ads can help unlock the potential for your business’s rapid growth.
You can also run ads on Facebook, Instagram, and LinkedIn.
If necessary, hire ad specialists.
Focus on the segments you are interested in. Use relevant content to communicate with them. Offer a better value proposition. Inform them about the special-time discount for your jewelry collection
Advertising can bring you a huge return on your investment.
Build Brands!
Retail jewelers have one of the most valuable assets: a loved and visible brand. 59% prefer to buy new products from brands that they are familiar with.
You could find yourself in a top-tier business with loyal customers and huge marketing budgets. You need to find ways to shine with your brand-building approach.
How can you increase jewelry sales by branding?
Two phases are essential to branding: creating brand identity and trust around it.
It is important to use brand identity elements in all media. This includes your logo and website design, patterns, icons, colors, fonts, and advertising campaigns.
You can enhance the brand image of your jewelry store and foster trust by using digital marketing techniques such as SEO, social media marketing, content marketing, and content marketing. Paid advertising and email marketing. These measures together are key to building trust in your brand.
Personalize your communication
Personalization is a key strategy to increase conversion.
Communicate in the prospect’s language. It is important to communicate with prospects in their language.
Your words and expressions will make prospects feel valued.
Your conversion rate can be dramatically improved by personalizing your jewelry shopping experience. This will allow you to close more deals faster!
Listen more and better
What do your customers think? Are they unhappy with your selection of necklaces? Do they have opinions on online shopping? Are they looking for discounts? Are they referring to the difficulty in finding your store? Did they refer to the difficulty in finding parking spots outside your store?
Customers can give you rich insights by listening to them. These insights can be translated into action and used to improve different aspects of your jewelry business in order to increase your sales.
Do not forget existing customers
Engaging a new consumer is more expensive than retaining an existing customer. A survey found that selling to an existing consumer has a success rate of 60-70%, while it is only 5-20% for a new customer.
Unfortunately, many jewelry retailers are too focused on new acquisitions and neglect their existing customers. Don’t be one!
Create a customer retention strategy that keeps your existing customers loyal to your brand and excited about your products. You must make sure that they feel valued.
Your conversion rate can be boosted exponentially by providing a positive experience for your customers. This can help you reap greater rewards through word-of-mouth advertising.
Get feedback
You are looking to improve. You want to improve and move things to the next level. You don’t know what to do!
It is a great way to get feedback from customers.
Ask everyone who visits your store or website to complete a survey. Ask them questions about the collection, salesperson, pricing, marketing campaign, and other details.
Collect relevant data and identify any gaps in your approach, strategy, or overall business. Then take concrete steps to improve.
Accept the AR solutions
You won’t get new results if you use the same old methods.
Augmented reality is becoming more popular among jewelry manufacturers… and you should too!
AR solutions can be integrated into your sales channels to provide customers with a unique, try-before-you-buy experience. This applies to both online and physical jewelry shops.
Foremost, digitize your inventory. In a physical store, set up screens so customers can view themselves through a camera and try on the jewelry. Install an AR solution for the website to allow visitors to the product page to try the product out.
Augmented reality increases prospects’ engagement. Augmented reality gives prospects an unforgettable experience. This improves conversion rates. It also increases your brand’s value.
the mirror is a leading name in this area, providing a variety of AR solutions for owners of jewelry businesses.
Develop a growth mindset
2020 was the year that e-commerce made significant strides in the past decade. It has fundamentally changed the way people shop for jewelry. The future of jewelry shopping is here, whether you are ready or not.
Online and in-store roles are becoming blurred. To meet customer expectations, we need to create seamless hybrid experiences that combine the best of both online and in-store.
You need to provide the same transactional conveniences as customers expect from online shopping, such as easy customizations and seamless checkouts.
Jewelers can also use augmented reality (AR), which allows customers to imitate the physical store. Customers can now try on jewelry pieces on their smartphones and make informed purchasing decisions.
Continue to improve your collection
This is a fact that should be obvious!
You must constantly improve your jewelry collection to attract new customers and expand into other sub-markets.
Regularly audit your collection to improve it with newer jewelry and/or refinements.
