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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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Evan James Deutsch is founder and president of Evan James Limited, a 30-year-old AGS Fine Jeweler located in Brattleboro, VT.

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Wilkerson Testimonials | Sollberger’s

Going Out of Business Is an Emotional Journey. Wilkerson Is There to Make It Easier.

Jaki Cowan, the owner of Sollberger’s in Ridgeland, MS, decided the time was right to close up shop. The experience, she says, was like going into the great unknown. There were so many questions about the way to handle the store’s going-out-of-business sale. Luckily for Cowan, Wilkerson made the transition easier and managed everything, from marketing to markdowns.

“They think of everything that you don’t have the time to think of,” she says of the Wilkerson team that was assigned to manage the sale. And it was a total success, with financial goals met by Christmas with another sale month left to go.

Wilkerson even had a plan to manage things while Covid-19 restrictions were still in place. This included limiting the number of shoppers, masking and taking temperatures upon entrance. “We did everything we could to make the staff and public feel as safe as possible.”

Does she recommend Wilkerson to other retailers thinking of retiring, liquidating or selling excess merchandise? Absolutely. “If you are considering going out of business, it’s obviously an emotional journey. But truly rest assured that you’re in good hands with Wilkerson.”

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