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3 Ways to Instantly Increase Your Store Profits

These three small changes can yield big results to your bottom line.

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3 Ways to Instantly Increase Your Store Profits

IF YOU’VE been the owner of a retail fine jewelry store over the past few years, you may feel like you have a target on your back — and it has nothing to do with being vigilant about security. We are being squeezed by internal forces, like the inability to find qualified sales help and a decline in overall store traffic, as well as external forces like deep internet discounting and the fickleness of millennials. So what’s a jeweler to do? 

Here are three solid ways you can make some extra profit without much extra effort. 

1 Update your watch battery pricing and offer lifetime contracts. Jewelers do a huge business by offering this service (which can’t be easily duplicated online), so make sure you are charging at least $15 installed with a one-year warranty. Offer your customer a lifetime battery contract for $29.95 and you’re guaranteed to increase your profit and keep that customer coming back to your store.

2 Change all of your pricing tags to end in 99 cents. The majors have been doing it for years. Your customer won’t care or probably even notice since they’ve been conditioned by Wal-Mart and Target to expect it. If you sell 3,000 items this year, it’s a free $3,000. You can use that money for an inexpensive company car or an awesome employee party after the holidays.

3 Charge to clean those pearls you restring. Most jewelers offer a pearl stringing service, and as you know, those pearls always need to be cleaned before they are restrung. We have been conditioned to do that at no charge. Explain to each customer that you will professionally clean their valuable pearls before restringing for only an additional $29. I’ve never had a customer say no to this offer, and they always thank me afterwards.

In this troubled retail environment, who doesn’t need a few ways to make some extra money?

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SPONSORED VIDEO

Moving Up — Not Out — with Wilkerson

Trish Parks has always wanted to be in the jewelry business and that passion has fueled her success. The original Corinth Jewelers opened in the Mississippi town of the same name in 2007. This year, Parks moved her business from its original strip mall location to a 10,000-square foot standalone store. To make room for fresh, new merchandise, she asked Wilkerson to organize a moving sale. “What I remember most about the sale is the outpouring excitement and appreciation from our customers,” says Parks. Would she recommend Wilkerson to other jewelers? “I would recommend Wilkerson because they came in, did what they were supposed to and made us all comfortable. And we met our goals.”

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