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How Jewelers Can Defy Amazon with the ‘Best Buy’ Strategy

You have advantages that the online retail giant can never match.

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AMAZON HAS RETAILERS everywhere scared.” That’s the first line in a recent YouTube video by CNBC. In it, they talk about the fall of retail giants like Circuit City and Toys R Us. Five years ago, if someone had said that Best Buy was closing its doors because of online competition from Amazon, no one would have been shocked. But today, CNBC presents a different story for Best Buy. And this is one that jewelers should pay attention to.

Best Buy Did What Amazon Couldn’t

It’s hard to imagine anything that Amazon can’t do. But Amazon doesn’t have physical stores and in-person expertise. This is what Best Buy leveraged in order to prosper in the age of Amazon. According to CNBC, Best Buy was able to turn things around by focusing on in-store service, stocking key products, and leveraging their network of stores.

The Jewelry Store Advantage

Like Best Buy, jewelers have advantages over Amazon. Here are just a few.

Physical location – Jewelers have beautiful physical spaces that are pleasant to visit.

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Luxury brand – While Amazon can sell an engagement ring, people usually think of it as a place to get cheap stuff fast. Jewelers, however, are seen as upscale.

Better customer service – This is better in several ways:

  • In-store service – Your sales staff can provide a buying experience that Amazon can’t match.
  • Real people on calls and email – Calling or emailing Amazon for help is very different than calling or emailing a local jeweler who will talk to you like a human, not a robot.
  • Personalized suggestions – Most suggestions we get from Amazon are done by a computer. Very different from a jeweler who takes the time to get to know your story and find the perfect piece for you.
  • Community involvement – Every local jeweler is seen as a part of their community, and many are active in organizations and charities. That’s a relationship worth reciprocating.
  • In-Store Events – As much fun as “Prime Day” is, it doesn’t hold a candle to a ladies night or a trunk show. We see jewelers with a strong focus on events flourish.

The “Best Buy” Strategy for Jewelers

Best Buy’s strategy wasn’t to do anything terribly new or innovative. It was to better focus their energy on things they had already been doing. Things that made them different from Amazon that people appreciated.

Jewelers can replicate this success in much the same way. The digital phenomenon has left a physical experience void in the lives of shoppers. Best Buy has proven that retailers can use that to their advantage without reinventing the wheel. And as we saw above, jewelers are well suited to do just that.

The Jewelry Store’s Online Advantage

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Customers today are still going to see you online first. This is the one major point that’s different from the pre-internet days. But this is actually not a weakness. It’s an extension of your advantage.

Local jewelers won’t compete with the Amazons of the world with sophisticated tech and fancy ecommerce options. Instead, use the internet as a megaphone for your brick and mortar appeal. A “call now” button on a jeweler’s website carries more weight than on Amazon. Online ads for jewelers can proudly encourage people to stop in and experience their expert level service.

Customers are looking online for a reason to choose you, and everything that happens from clicking on an ad to calling the number on the site can be used to highlight the experience that jewelry stores offer. An experience that has become far too uncommon in today’s age.

So, the next time you hear that “Amazon has retailers everywhere scared,” remember that Best Buy has successfully defied that phrase, and you can, too.

Want to work with an agency that knows how to promote the advantages of jewelers like nobody else? Contact suits@fruchtman.com.

Charles Pobee-Mensah is the director of digital marketing for Fruchtman Marketing. Contact suits@fruchtman.com.

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That Weird ‘Diamond in a Diamond’ Isn’t for Sale. It Will Go Here Instead …

Alrosa revealed the find in September.

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RUSSIA’S ALROSA DIAMOND mining company announced Thursday that the curious “diamond in a diamond” revealed on social media in early September has been added to its collection of rare finds — and is not for sale.

In early September, Alrosa surprised its Instagram followers with a video that seemed to show a tiny rough diamond moving freely in the cavity of a larger one (pictured above). The caption read, “A diamond in a diamond? We couldn’t help but share this very special find with you.”

At the time, Alrosa wasn’t quite sure what to make of the phenomenon. Nobody at the mining company had ever seen anything like it. Five weeks later, Alrosa scientists confirmed that both the host and smaller crystal were diamonds.

They named the double-diamond “Matryoshka” because its strange configuration is reminiscent of the popular Russian nesting dolls. The specimen, which weighs only 0.62 carats, was discovered in Yakutia at Alrosa’s Nyurba mining and processing division.

Matryoshka joins Alrosa’s ever-growing collection of diamond wonders. These include crystals that resemble a soccer ball, a Valentine heart, a skull and a fish.

Interestingly, some of Alrosa’s most unusually shaped diamonds have come to light at the most opportune times.

Credits: Diamond images courtesy of Alrosa Diamonds and via Alrosa/Instagram. Soccer ball image by Pumbaa80 (Self-published work by Pumbaa80) [GFDL or CC BY-SA 3.0 ], via Wikimedia Commons.

For instance, an Alrosa discovery in July of 2018 had us wondering out loud if Mother Nature was a World Cup soccer fan. Just three days prior to the Russian national soccer team’s exciting quarterfinal match against Croatia in the 2018 FIFA World Cup™, Alrosa discovered a diamond that looks amazingly like a soccer ball.

In February of 2019, Alrosa revealed a 65.7-carat rough diamond that had an uncanny resemblance to a Valentine heart.

“Diamonds of a distinctive shape that resemble some object or symbol are extremely rare in nature,” Alrosa’s deputy CEO Evgeny Agureev said at the time. “Most rough diamonds are octahedron-shaped or do not have a particular shape at all. The appearance of a heart-shaped rough diamond, especially on the eve of Valentine’s Day, seems to be a symbolic gift of nature not only to our company, but also to all loving couples.”

Credits: Diamond images courtesy of Alrosa Diamonds and via Alrosa/Instagram.

Alrosa noted that a 24-carat, skull-shaped stone was unearthed prior to Halloween in 2018.

In August of 2019, the company posted to Instagram a photo of a rough stone resembling a fish. It had been discovered back in 2002, and was revisited to help promote the firm’s ecology efforts, which include releasing hundreds of thousands of fish into the rivers near its mining operation in Yakutia.

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Upping the Game: Why Dubai Watch Week is the Perfect Example of How to Run a Fair

A key factor: There’s no pressure to buy or sell.

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WATCHMAKING CLASSES TAUGHT by Swiss masters. Luxury hotel rooms at the new Waldorf Astoria. Daily gourmet breakfasts. Seven limited-edition timepieces being released. Three-course lunches in a Cipriani pop-up. Thirteen education panels featuring world-renowned speakers. An international press squad representing over 45 media titles. And Jean-Claude Biver dropping knowledge and signing books. Any one of these would be enough to raise the level at most watch-related trade shows or fairs, but when you combine them and place them into a setting like Dubai, the result is almost unfathomable. Unless, of course, you lived it, which is exactly what I was privileged enough to do just over a week ago.

For the third year in a row, I was invited by the team at Ahmed Seddiqi & Sons and Dubai Watch Week to attend a horological event they were organizing. Two years ago, it was to visit the third edition of Dubai Watch Week in Dubai as a member of the press. Last year, it was an event they were holding in London in collaboration with Christie’s Auction House called “Horology Forum.” I was asked to be one of five panel moderators for that event; an honor which I never thought could be matched. That is, until this year when again I was invited by DWW to moderate the final panel, entitled “Hot Potato.” Each of my experiences has been extraordinary.

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The No. 1 characteristic that separates Dubai Watch Week from any other watch fair (or jewelry event, for that matter) is that there is no pressure to buy or sell. In the U.S., the closest we have to that experience is the American Gem Society Conclave, which I’ve often compared to Dubai Watch Week on an education level. But in terms of pulling in a worldwide audience that includes watch brands, retailers, collectors, journalists, scientists, speakers and skilled artisans, there is no other fair that can hold a candle to this one, and the other watch fairs know it.

In 2017, I left Dubai thinking to myself that I had just left the most organized event I’d ever attended. In my mind it was flawless, leaving very little room for improvement, and yet when I stepped onto the impeccably pristine grounds of the DIFC this year I was flabbergasted. It was not just grander from a visual standpoint, but the program itself read like perfection. Panel topics at the “Horology Forum” covered everything from how smart watches are affecting today’s watch sales, to what really happens when you’re put on a waiting list for a watch, to how women come to power in fields largely dominated by men, to how industry outsiders (like award-winning actor Aldis Hodge and quantum physicist Michael Biercuk) are finding their place in the watch community. Attendees were also treated to events held in the “Creative Hub,” where several watch brands discussed their histories and where some even released new limited-edition timepieces in conjunction with Dubai Watch Week. Watchmaking classes were taught in a separate pop-up venue, as well as classes on watch design, dial painting, engraving and more. Christie’s even had its own auction room on premises where one could attend talks on topics such as the restoration of timepieces and why vintage Patek Philippes are so sought after. And, because DWW gets it, there was a children’s program. Yes … an actual children’s program! Because let’s face it, kids will eventually determine the success of the watch industry, both as future buyers and as future artisans, so why not teach them how special watchmaking is now, right?

As the days turned into nights, the festivities didn’t slow down. There were cocktail events by Tudor, Grand Seiko, Ulysse Nardin, HYT, Bell & Ross, Roger Dubuis, Girard Perregaux and others. Oh, and if you tired of any of those, Chopard pretty much had its own nightclub set up, complete with a well-known Dubai D. J. and plenty of industry personalities.

These days, as an almost-47-year-old woman, I feel that the older I get the harder I am to impress. I’ve done a lot in my life, and I’ve seen even more, so when something comes along that is special – truly special – I sit up and take notice, and often will do my best to tell the world about it. This is exactly what Dubai Watch Week makes me want to do. Everyone from their smiling security guards, to their wonderful public relations and press teams, all the way up to Hind Seddiqi – the director general of Dubai Watch Week – went out of their way to make sure that every person in attendance was taken care of, and that everyone had an experience unlike any other. Hind and her entire team succeeded in accomplishing that, yet again, which makes me wonder how the 2021 edition could possibly get any better. Although, seeing what the DWW organizers have been capable of so far, I’m sure it will be otherworldly.

PHOTO GALLERY (6 Images)
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Editor's Note

For Jewelry Retailers, Being With Family Often Means Being At Work

But most say they enjoy spending so much time with relatives.

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FOR MOST PEOPLE, the holiday season means spending time with family. For most independent jewelry retailers, the holiday season means spending a whole whole lot of time with family.

That’s because being in the jewelry business frequently means being in the family business, with retail stores passed on from generation to generation. Brothers, sisters, cousins, in-laws, parents and grandparents all work together on a daily basis.

The average layperson might think that these jewelry families would be at each other’s throats since they’re around each other so often. But we’ve found that most in jewelry retail say they not only work well with family members, they enjoy it.

That’s why we thought it would be fun (and instructive) to do a photo essay on jewelry retailers who work with family members. Now, the story is not exhaustive by any means! After all, since you’re reading this, there’s a decent chance that you work with at least one relative yourself. But in reading about other families who work together in a small business like your own, we hope you’ll see yourself in them — and hopefully pick up some tips to improve relations in your own store along the way.

Being part of a family isn’t always easy. But being part of a family that also works together can be especially stressful — although many of you make it look easy. We hope your family has a fabulous holiday season, and we’ll see you on the other side of the new year!

Trace Shelton

Editor-in-Chief, INSTORE
trace@smartworkmedia.com

 

Five Smart Tips You’ll Find in This Issue

1. Launch three new Pinterest pages: Last-minute gift ideas for her; Last-minute gift ideas for him; Gift ideas under $100. (Manager’s To-Do, p. 28)
2. Post photos of two best-selling jewelry pieces on Facebook each day, one when you open and the other around 3 p.m. (Manager’s To-Do, p. 28)
3. Limit the number of pieces that can be presented to a customer to between one and three pieces of jewelry or watches at a time, and post signage of this policy. (Ask INSTORE, p. 52)
4. Add one or two new descriptive words to your sales presentation, and then add more as you become comfortable with them. (Ask INSTORE, p. 54)
5. Always include some of the relevant search keywords you determined for your business in your social media posts. (Maccaroni, p. 53)

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