READY TO PUT this year’s market research from the jewelry industry to work in your business?
While many sectors of the luxury market have been thrown into a tailspin, 2020 and 2021 have been relatively kind to jewelers.
Accessories have experienced the least disruption in their sales statistics and are on track to continue rising as other market segments (think travel or fine dining, for example) face great challenges in getting up to speed safely.
Translation? You only need to make a few small shifts to capture the blue ocean of opportunity that lies before you!
1. Don’t rely on the “Buy Now” button to be your lead salesman.
There’s no denying that digital sales have increased exponentially over the last two years — but when it comes to fine jewelry, we need a nuanced approach.
Executing a flawless online sales strategy isn’t as easy as maintaining a website, hopping on social media from time to time, and hoping those ready-to-buy leads find their way to you. The overwhelming majority of collectors want to be guided through their shopping experience.
Use technology to your advantage to build trust and invest in tools like a chatbot and a scheduling tool to make sure your browsers can get support and book an appointment with you directly from your home page.
2. Offer the luxury of privacy when making sales in any setting.
Whether you’re offering in-person appointments or are taking a strictly digital approach with your business right now, offering private appointments will go a long way in building a sense of safety and security into your buying process.
Privacy is a huge concern to modern collectors, and the affluent are willing to pay a premium for that luxury.
One client of mine moved to a “by appointment only” approach in the spring of 2020 and has maintained that approach both digitally and in their showroom, resulting in their best year ever with over $1.5M in additional revenue compared to their previous annual record.
Not surprisingly, they plan to continue their “by appointment only” approach indefinitely!
3. Bring a personal touch to every step of your sales process.
It’s no secret that human connection is something we all deeply crave right now — and bringing that into your online sales presentation is a surefire way to stand out from the competition and gain collectors for life.
Small touches can go a long way, like a personalized PS in your emails or revising the automated and templated elements of your business to better reflect you. This is especially true in the modern high-end market now, and the importance of having a personal jeweler is expected to rise in the coming years.
Change is never exactly easy, but making these three simple shifts in your business can lead to big results when it comes to your revenue in 2021 (and beyond!)