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Kathleen Cutler

How High-Net-Worth Collectors Are Shaping the Future of Shopping

Close more big holiday sales by offering private appointments.

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THE SECRET TO creating more affluent-attractive shopping experiences starts with a time-tested sales technique that’s making an impact across the industry.

Neiman Marcus is doing it. Chanel and Harrods built new showrooms just to do it. And Brunello Cucinelli is taking it to the next level by doing it in a space designed to make his clients feel like they are being welcomed into his home.

A growing number of luxury brands are offering highly exclusive private shopping experiences that have captured younger affluent audiences and fueled increasing sales since the start of 2020.

Privacy is a huge concern to modern collectors, and the affluent are willing to pay a premium for that luxury. Becoming a trusted advisor to your best clients, especially those within the growing high-net-worth populations is key.

According to Luxury Institute, “Ultra-high-net-worth individuals favor familiar places where they can engage with familiar staff members to create joyful, memorable experiences. This may be one of the best-kept secrets and is an opportunity to provide not just expertise, but support, empathy, and kindness.”

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.

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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. This strategy has allowed them to remain profitable throughout lockdowns, reopenings, and even a renovation in the aftermath of a nearby fire.

But the best part?

As they’ve continued with this strategy, it has added multiple seven-figures to their revenue. Not surprisingly, they plan to continue offering private appointments for the foreseeable future.

There’s a blue ocean of sales opportunities for those jewelers who are ready to step up their service to meet the needs of busy affluent clients in our changing market. Having a clear understanding of where the high-end jewelry market is right now is key to working smarter as you strive toward your goals and close out your year strong. And perhaps more importantly, having a clear understanding of who your extremely important collectors are on a deep level and offering a more personalized service to meet their needs is key to building trust (and revenue).

Set a goal to provide a high-touch experience for your best clients with private appointments this holiday season, and watch the magic happen in your sales.

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SPONSORED VIDEO

Moving Up — Not Out — with Wilkerson

Trish Parks has always wanted to be in the jewelry business and that passion has fueled her success. The original Corinth Jewelers opened in the Mississippi town of the same name in 2007. This year, Parks moved her business from its original strip mall location to a 10,000-square foot standalone store. To make room for fresh, new merchandise, she asked Wilkerson to organize a moving sale. “What I remember most about the sale is the outpouring excitement and appreciation from our customers,” says Parks. Would she recommend Wilkerson to other jewelers? “I would recommend Wilkerson because they came in, did what they were supposed to and made us all comfortable. And we met our goals.”

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