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Commentary: The Business

Put Yourself First and Cultivate Your Own Brand

Concentrate on custom and healthy vendor relationships to succeed in today’s jewelry retail environment.

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It’s time for independent jewelers to create their own brand identity by partnering with brands that respect and honor their relationships, and by doing whatever they can to build loyalty with custom design, whether or not they have in-house shops.

Larger stores possess the volume needed to buy branded products and the showcase space necessary to display them. Granted, branded products and their retailers have a rarefied environment, with packaging, advertising and a built-in national customer affiliation.

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But Pandora truly changed the dynamic of the vendor/retailer relationship in the last decade by building their brand off the independent’s efforts. They demanded higher sales volume and reorder numbers, then removed underachievers from the supply chain. Many independents lost the branded customer base they had acquired.

Worse, once Pandora identified the larger established consumer markets, in a checkmate move, they established their own stores, thus selling directly to the consumer. Many retailers suffered serious financial losses with non-returnable inventory and had their reputations damaged with unfulfilled customer service requests.

Following in hot pursuit, several popular companies decided they could dictate to their retailers how much they had to spend and restock in order to keep their brands. But in the end, many of these demanding brands will diminish because trends and styles change!

The goal of a supplier-retailer relationship is to be both transparent and mutually beneficial. There are many companies that go the extra mile for their retailers. Find those, buy from them and remain profitable.

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It’s also time for the independent jeweler to do everything possible to create their own following in the custom-jewelry wars. The popularity of custom has created a multitude of manufacturing jewelry stores showcasing their own products and increasing their own brand diversity.
Great local and online presence, along with professional training and an engaging and well-informed sales staff, allows your store brand to flourish. Self-branding, shameless advertising and polished elevator speeches help us gain and maintain our status in the community as the go-to jeweler.

 

Denise Oros owns Linnea Jewelers in La Grange, IL.

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