TEN YEARS AGO, it was hard to fathom anyone buying a $6,000 diamond engagement ring online. Fast forward a decade, and Sotheby’s and Christies are selling million-dollar diamonds in online auctions, and e-commerce websites and shop-able social media platforms have become primary revenue drivers for many fine jewelry retailers.
But though modern jewelry consumers are tech-savvy, smart retailers understand that they will be more likely to buy, and spend more per transaction, when they’re acquainted and aligned with a company’s mission and ethos.
That’s where having a cohesive online strategy—one that prioritizes social media growth—comes in. Jewelry shoppers have been migrating online for years, but never has the mandate to connect with them on a personal level been more pressing than during the COVID-19 pandemic. U.S. online sales increased 42% year-over-year in August, and 55% year over year, according to data from Adobe Analytics.
It’s more important than ever that retailers create a robust social presence—not simply for brand-building (marketing), but to directly boost online sales.
How does social media support website transactions? Think of your website as an empty, unmanned store—because really, that’s what it is. It would be nice if building a beautiful website and populating it with photos and product descriptions was enough to increase your bottom line. But the rate of abandoned online shopping carts in the U.S.—which hovers around 70 percent, according to several studies—tells a different story. In 2020, it simply takes more than great merchandising to do brisk business in jewelry.
Social media, on the other hand, is akin to a long and winding text exchange with a close friend. Instagram, Facebook, Twitter, and other networks are informal by design, allowing businesses to connect with new and existing consumers in more informal ways.
Social media opens the door to creative expression, which results in better and more memorable storytelling. A standard product photo on a website is elegant, yes. But you’ll have a better shot of selling that sku by showing it in motion—ideally on a person—in a video posted to Instagram. An emailed invite to a trunk show is great. But a slideshow of the designer’s latest looks posted to Facebook will stoke more excitement for the event.
Some tips on how to use (and think about) your social media channels:
Post Frequently
Ideally once a day, which is great for the algorithm, especially on Instagram. If you don’t post for more than couple of days in a row, Instagram can shadow-ban all your future posts. For Pinterest, at least five posts a day is ideal, but you don’t need to create all five posts by yourself—repining Pins works, too.
Post of a Variety of Content
Flat-lay photos are great, but your audience also wants to see how jewelry looks and moves on a person, so aim for a mix of content types. Also, remember that Instagram ranks videos higher than photos in user searches. And currently, Instagram is promoting a new feature, Reels, Reels are ranking higher on Instagram Explore pages, where users discover new feeds and content creators.
Explore Paid Advertising Tools
Spending marketing budget on magazines is great, but in the digital era you should also have budget social media ads. Facebook ads is a great way to promote your account, increase reach and visibility of the brand, and as a result drive traffic to your website.
Don’t Focus on Follower Count
Smart marketers now understand that the number of followers and likes on a post don’t mean much. Social media best practices are always evolving, and what was working couple of years ago doesn’t necessarily work now.
Hashtags, for example, are still good to use, but aren’t as impactful as they used to be.
You could have 100,000 Instagram followers, but if your engagement is low, you’re not making much of an impact. The most important metrics to watch are engagement rate, impressions, and reach, which show how invested your followers are in your brand.
Reconsider Pinterest
The main goal of social is to convert, and Pinterest is one of the best platforms out there for bringing traffic directly to your site. Don’t underestimate it! You can check Google Analytics to see where your web traffic is hailing from.
Thankfully, there’s little guesswork involved in measuring how social media is fueling sales. Thanks to the sophistication of modern analytics, accessible on all social platforms and website CMS systems, the results are clear. Even in the midst of the COVID-19 pandemic, the outcomes of our efforts have been favorable.