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Big Survey

2019 Big Survey: Retailers Share Most Memorable Sales

These are the sales that make the jewelry business most rewarding.

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IF YOU HAD to narrow down your most memorable sale to just one, what would it be? Jewelers remember sales for a wide variety of reasons. Sure, sometimes it’s a big sale, but more often, it’s the occasion or the circumstances of the purchase or the inspiration behind a custom piece that ensures the sale will always have a place in your memory. Here are a few of the kinds of sales that speak to relationships and make the jewelry business most rewarding:

A GOLDEN ANNIVERSARY. A farm couple celebrating their 50th anniversary bought a $150 10K gold and sapphire ring. The emotion of the couple was more rewarding than anything else. It was not much, but it was what they could afford. It was what it meant to them that was so special.

A LAST WISH. A first-time customer came into our store and told us that a friend had recommended us. She asked if we made jewelry on the premises and we told her that we did. She then showed us several pieces of gents’ jewelry that she had brought with her and asked if we could use both the stones and the gold to make new pieces. She needed several ladies and several gents’ pieces. If memory serves me correctly, 13 in total. We came up with the designs and she gave us the OK to proceed provided we could finish all items in five days. She explained that she had just come from the hospital where she had been visiting her dying father and that he had given her the task of taking his jewelry and converting it into multiple pieces so that he could give each of his loved ones a piece to remember him by. Needless to say, this project took center stage and was completed on time. He died three days after he got to give his gifts. She has become not only a fantastic customer, but also a friend.

A SON CLOSES THE SALE. A 1-carat diamond for a 50th-wedding anniversary. The husband did not want to spend that much, and the son told him his mother was worth more per year than the cost of the ring. He paid cash on the spot.

A TURNING POINT. For three years running, a middle-aged couple, not married, came in during a local festival. They looked at stones and talked about a custom “not-wedding, not-engagement ring”. By the third year it had become a joke because they thought it was as unlikely that they would buy a ring as it was that they would get married. I got them very excited about a trilliant purple sapphire and made a custom ring. After they came to pick it up, he proposed on the steps outside the store. This is the only experience I have had where the process of shopping for jewelry was the turning point toward actual marriage.

A LAYAWAY LEGEND. A gentleman put two rings in layaway ($79 and $89) for his wife and daughter for Christmas gifts. He paid $4 every week. They came in on the 26th to have them sized. They were so thrilled with their rings you would have though he had spent thousands.

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MORE FOR HER MONEY. A little girl about 5 years old with her piggy bank in hand, wanting to get her mom a diamond heart for Mother’s Day. She had just under $10 in coins. The project was completed in two days just in time for Mother’s Day. Best sale ever!

The 2019 Big Survey was conducted in September and October and attracted responses from more than 800 North American jewelers. Look out for all the results in the November issue of INSTORE.

Chris Burslem is Group Managing Editor at SmartWork Media.

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Big Survey

Jewelers Studied These Topics In-Depth … And Decided They Weren’t Worth It

They’d rather spend their time pursuing other things.

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ONE QUESTION WE asked in Big Survey 2019 was this: “In recent years, is there anything that you studied deeply and decided wasn’t worth pursuing?”

In-house CAD/CAM capabilities were the overwhelming winner here, as many jewelers studied it but decided that outsourcing was a better option for them.

Interestingly, e-commerce was next-most mentioned (tied with “new lines of product”). Most experts and top jewelry stores have concluded that e-commerce is a must-have for selling to today’s consumer, who likes to shop via mobile device.

  • CAD/CAM (19)
  • E-commerce (12)
  • New lines of product (12)
  • Laser welder/engraver (9)
  • Lab-grown diamonds (7)
  • Pandora (7)

Some other interesting answers included buying rough diamonds, joint ventures, hiring an IT person, cloud-based appraisals, and “cutting debt.”

Many of our readers have researched, and then decided against, doing things that may seem valuable to other jewelry stores. Here were some of the things that just didn’t work for them.

  • We have tried a few “new and exciting” lines over the past few years, only to find that they were overhyped and complete duds!
  • CAD design … too long to get proficient.
  • Researched Pandora and charm jewelry and decided against it.
  • Buying a 3D printer. Just pay for the file instead.
  • Laser welder. I have wanted one for years, but have realized that at 60-plus, I simply do not have the TIME during the day, week or year to learn this new skill to the level that I would require of myself.
  • Brand name lies and fads. Our market is just too small.
  • Several online review subscription services, those that would help to build reviews. Most are overpriced and inefficient.
  • Photography of jewelry … I have had to delegate it.
  • Manmade diamonds; I learned a lot, but my clients want “real” ones.
  • CAD/CAM in-house. I spent time and money into something that I can now outsource much more cost effectively. The more CAD/CAM business that comes online, the less expensive the services become. My time is better spent designing than going through the mechanics of computer operation.
  • Online marketing: You buy these expensive websites with the hopes of boosting your bottom line as a mom-and-pop shop. Customers may look online before they buy, but still do the touchy-feely in the store.
  • Constantly looking at new small US designer lines and knowing with our weak dollar, it won’t sell at a profit.
  • Geo-fencing … actually pursued it and found it to be a total waste of money and time.
  • But our favorite answer was this one:
  • I don’t believe anything you study isn’t worth a try.
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Big Survey

The Big Survey 2019: Big Data

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THE BIG SURVEY 2019

Big Data

Gabriel & Co. is king. Earnings for many jewelers have flat-lined. And customers — and almost as often staff — are still confounding. Those are some of the broad takeaways of the 2019 Big Survey. Dig in and enjoy our analysis of data provided by 802 North American jewelers.

Utah’s jewelers were most concerned about the impact of social media on their personal lives: 75% said it had been negative. In a possible related finding, Utah’s jewelers also checked review sites most regularly, doing it daily or every few days. Jewelers in Maine were the least likely to check what people were saying about them online.
California had the highest number of multiple-store owners: 23% had two stores and 3% had three or more.
Arizona led the way in e-ccommerce with 71% saying it contributed a moderate or substantial portion of their sales (meaning more than 10%).
Texas contributed the highest portion of big city stores to our survey (23%) among U.S. stores. (Canada actually had the most in North America at 29%.)
Wisconsin could possibly change its moniker to the Surprise State: Only 15% of its jewelers said their performance this year was in line with expectations. The rest were either doing better or worse than expected.
Jewelers in Iowa were most excited about lab-grown diamonds (63%), while jewelers in New York were most alarmed by their emergence (48%).
Canadian jewelers are most likely to be asked about a diamond’s origins (83% say it happens regularly) while in the U.S. it was California that holds that distinction (70%).
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1. How well is your business performing in 2019 compared to your expectations going into the year?

Far below expectations
2%
Below expectations
23%
In line with expectations
46%
Above expectations
24%
Way above expectations
5%

2. How many stores do you operate?

3. Where is your store located by region?

Northeast
17%
Mid Atlantic

 

5%
Midwest
31%
Southeast
21%
Southwest
9%
Mountain (Rocky Mountains)
4%
Northwest
(including Alaska)
3%
West (including Hawaii)
5%
Canada
5%
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4. Is your (main) store located:

On a downtown street
33%
In its own free-standing building

 

27%
In a strip mall
24%
In a lifestyle center
5%
Office building/Business park
5%
In a mall
3%
Home studio
2%
On the Internet
1%
Other
1%
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Big Survey

These Are the Tech Innovations That Jewelers Find Most Useful

They make a big difference for time-starved business owners.

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ONE QUESTION WE asked in The Big Survey 2019 was this: “What tech innovation or app has had the biggest positive impact on your life as a time-starved business owner?”

Here were the top 10 most valuable tech innovations to jewelers in our survey.

Unsurprisingly, mobile and remote technology captured seven of the 10 spots, as they allow business owners to accomplish tasks from wherever they may be, in speedy fashion.

Here’s what some of our readers had to say about why they chose particular technologies as most valuable.

  • Email on my phone and text messaging. While it can be too much and annoying, I sell more stuff to friends and customers via text than I ever dreamed I would. Guys don’t like to shop, and if you know their significant other, they love it if you can do it for them.
  • The smartphone. We put it off for years before we got one; now I don’t know how we can do business without it.
  • The innovations of The Edge software system in letting you know “where you are” with your business very quickly.
  • Texting and emailing customers estimates and information instead of phone calls. I can do these in the evening and not during those precious working hours.
  • Wax printing. Even though I am a very competent sculptor, there is much to be said for getting the wax printer to make things while you barbeque some dinner.
  • The ability to order/reorder from vendors online to keep best sellers in inventory.
  • Alexa. I love that I can tell her what song I am feeling like and it plays right then.
  • Bank innovations that allow me to pay online, transfer money, set up auto-pay. I used to write a lot of checks!
  • Podium. The ability to directly communicate with our customers in a non-spam way has changed a lot of the way we do business, especially custom and repairs. It is expensive, but in our minds, it has been worth it.
  • Online grocery ordering apps that let you place the order for a particular time, drive in, and have it delivered to your car. No more walking through the grocery store with a list. love it.
  • My iPhone. Everything is at my fingertips. This is especially important now that I find that as I get older, I can’t spell anymore.
  • Ipevo camera at each employee’s desk, so every inventory item has a photo. Inexpensive and high quality.
  • GoToMyPC to access my computer and server from anywhere in the world.
  • iPad Pro! It has revolutionized our custom process. I can either draw up a design from scratch, or for custom shadow bands, I take a photo of their existing piece and then draw right on the photo digitally for a great visual. I do it right in front of the clients and they are always wowed by the technology.
  • Grubhub for sure. I love getting home and having a hot meal made by someone else ready to eat.
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