Connect with us

David Brown

5 Key Actions to Making More Profit on Your Bridal Sales

Just because it’s the most competitive category doesn’t mean you can’t make money.

mm

Published

on

LET’S FACE IT — bridal is the most important part of any jewelry business. It can also be one of the most competitive areas thanks to its stellar status. Everyone wants a piece of the action and sometimes it feels as though you are almost giving the product away just to get a sale.

So how can you make this part of your business more profitable? Here are our best tips to get the most from this important part of your store.

1 Review your margin policy. Are you achieving the best margin you can on your product? Fast sellers in particular need to be fully priced. Our KPI reports allow you to determine not only what items are selling well across the industry but the price points they are selling for. Are you underpricing a proven seller compared to the competition? Do you re-price fast sellers upwards once they prove themselves?

2 Develop a strategy to combat discounting. Many retailers are frustrated by requests for discount but few have a strategy to deal with it. Instead of becoming frustrated, see it as a plus: the customer has just given you a buying signal — they want the item. You don’t need to roll over at this point. Test how serious they are about wanting a price reduction with an initial “no.” If they insist, ensure they are ready to commit before going any further.

3 Use technology to customize and personalize. CAD design technology and prototype models can help you offer a larger range of merchandise without the heavy price tag. Allowing customers the opportunity to create their own unique piece or to customize an existing item (which can often be delivered to you within 48 hours) is a cost-effective way to cater to a wider buying audience at an improved margin.

4 Establish added value and a point of difference. You need to give customers a reason to buy from you. Having the “best service” is not an answer. Create more value for your customer so their focus is less on price and more on how they stand to benefit.

Advertisement

5 Restock proven winners. Whether you sell “off the shelf” or focus more on custom, certain styles, sizes and cuts will be the proven winners. Make sure you have these in stock. Don’t be afraid to continue stocking proven winners — with only 20 percent of your inventory being profitable, they are hard to find, so don’t abandon them once they are bringing results for you.

Advertisement

SPONSORED VIDEO

Retiring? Let Wilkerson Do the Heavy Lifting

Retirement can be a great part of life. As Nanji Singadia puts it, “I want to retire and enjoy my life. I’m 78 now and I just want to take a break.” That said, Nanji decided that the best way to move ahead was to contact the experts at Wilkerson. He chose them because he knew that closing a store is a heavy lift. To maximize sales and move on to the next, best chapter of his life, he called Wilkerson—but not before asking his industry friends for their opinion. He found that Wilkerson was the company most recommended and says their professionalism, experience and the homework they did before the launch all helped to make his going out of business sale a success. “Wilkerson were working on the sale a month it took place,” he says. “They did a great job.”

Promoted Headlines

Advertisement

Advertisement

Advertisement

Subscribe


BULLETINS

INSTORE helps you become a better jeweler
with the biggest daily news headlines and useful tips.
(Mailed 5x per week.)

Facebook

Latest Comments

Most Popular