Share Tweet The Big Survey 2018: SellingSee jewelry stores' best performers, top categories and expected breakout products. Published 1 year agoon November 2, 2018By INSTORE Staff Instore November 2018 IssueWhat is selling in jewelry stores today — especially the thriving stores — and how are they selling it? The stores doing best are targeting millennials and professional women, and they’re more likely to prominently discount their “dogs.” 10. What are the 3 best-performing brand-name jewelry lines that you carry?While the top two names remained the same from last year, Hearts on Fire made a big jump while Pandora dropped three places. 11. What do you think will be the next breakout trend in jewelry?Top 10 Trends: 1. The return of yellow gold 2. Laboratory-created diamonds 3. Custom design 4. Color stones in engagement rings 5. A big look: Huge hoops, big dangles, long pendants 6. Engagement rings without halos 7. Baguettes 8. Estate, antique and vintage looks 9. Responsible sourcing 10. Rough-cut and rose-cut gemstones 12. What are the 3 best-performing watch brands that you carry?20181. Citizen 2. Seiko 3. Bulova 4. Rolex 5. Belair 6. Pulsar 7. Tissot 8. Tag Heuer 9. Obaku 10. Movado 10. Victorinox Swiss Army 12. BREITLING 12. Michelle 12. Reactor 15. Skagen 15. Timex 17. Shinola 17. Fossil 17. Luminox 20. Charles Hubert Paris20171. Citizen 2. Seiko 3. Bulova 4. Rolex 5. Belair 6. Pulsar 7. Tissot 8. Tag Heuer 9. Bering 10. Reactor Advertisement13. What is your core customer demographic?This chart indicates the percentage breakdown of thriving stores, struggling stores and average stores by client demographic.NOTE: The chart makes it clear, it’s more likely you’ll do well when your key customers are also doing well and have cash to spend on life’s nicer things. 14. When a piece of jewelry reaches “dog” status, what’s your typical markdown?Less than 5% 0.4%5-10%s 2%11-20% 6%21-30% 14%31-50% 52%More than 50% 17%I never mark down 6%NA 13% 15. Which age group do you consider your target demographic?THOSE IN THEIR 20sOverall 6%Thrivers 5%Strugglers 7%30sOverall 37%Thrivers 44%Strugglers 28%40sOverall 32%Thrivers 30%Strugglers 36%50sOverall 21%Thrivers 16%Strugglers 22%60s and olderOverall 4%Thrivers 4%Strugglers 7%Comment: The thriving stores are clearly focused on a younger cohort, and primarily on millennials, the oldest of whom turned 37 in 2018. In contrast, stores who have struggled over the past few years continue to pursue their older customers. Solving the riddle of how to cater to millennials clearly appears to be one of the keys to thriving in 2018. Advertisement16. For every 100 bridal rings you sell, how many do you sell in each metal type? 17. Merchandising Box. Please answer Yes or No.Do you display prices prominently?33%67%Do you have props in your display cases?81%19%Do you have a sales/dogs/goodbye-to-old-friends case?51%49%Do you have a “New Items” case?19%81%Do you know your case sales per linear foot?26%74%Do you offer profiles of artists you carry?37%63%Do you use the Good/Better/Best principle in merchandising layout?31%69%NOTE: Compared to their struggling peers, thriving stores are … – More likely to have a good-bye to friends case – Less likely to have a new items case – More likely to offer profiles of artists – Less likely to display prices prominently – More likely to know their case sales per linear foot 18. Has the rise of millennials been good or bad for business?COMMENT: This question produced one of the clearest points of separation between the thrivers and strugglers in 2018: Those stores having their best years have worked out how to ride the Millennial wave. Advertisement19. Which of the following would you regard as the demographic group with the most potential in the next 3 to 5 years?Struggling stores seem to be overly focused on Baby Boomers and not interested enough in professional female purchasers.COMMENT: Baby Boomers are still “self-indulgent” but they are ageing quickly, notes Sherry Smith, director of business development at the Edge Retail Academy. She adds that jewelers need to do a better job of catering to self-purchasers, especially professional women, who are likely to be in your store more than any other group of customers, particularly gift-buying men who are often the targets of jewelers’ marketing campaigns.Related Topics: click to Comment(Comment)Up NextBig Survey 2018: See What Jewelers Bought This Year, and Why They Bought ItDon't MissThe Big Survey 2018: Who’s Thriving in 2018? INSTORE Staff Over the years, INSTORE has won 80 international journalism awards for its publication and website. Contact INSTORE's editors at email@example.com. Advertisement SPONSORED VIDEOWilkerson TestimonialsHaving a Moving Sale? Let Wilkerson Do the Heavy LiftingFor Jim Woodard, owner of Woodard’s Diamonds & Design in Tullahoma, Tenn., when it was time for a moving sale, there was only one company to help with the event: Wilkerson. “They brought in the right team for us,” he says, remarking about the sale’s extraordinary results, including a nearly 500% monthly sales increase compared to the previous year. “I wanted to have the best in the industry. And that’s the main reason why I contacted Wilkerson.”You may likePromoted Headlines The Jewelry Retailer’s Ultimate Marketing Guide: Part 2/5RapNet 5 Creative Ways to Say Thank You This Holiday SeasonJewelers Mutual When It’s Time for Something New, Call WilkersonWilkerson Big SurveyJewelers Studied These Topics In-Depth … And Decided They Weren’t Worth It They’d rather spend their time pursuing other things. Published 2 weeks agoon November 1, 2019By Trace Shelton ONE QUESTION WE asked in Big Survey 2019 was this: “In recent years, is there anything that you studied deeply and decided wasn’t worth pursuing?”In-house CAD/CAM capabilities were the overwhelming winner here, as many jewelers studied it but decided that outsourcing was a better option for them.Interestingly, e-commerce was next-most mentioned (tied with “new lines of product”). Most experts and top jewelry stores have concluded that e-commerce is a must-have for selling to today’s consumer, who likes to shop via mobile device.CAD/CAM (19)E-commerce (12)New lines of product (12)Laser welder/engraver (9)Lab-grown diamonds (7)Pandora (7)Some other interesting answers included buying rough diamonds, joint ventures, hiring an IT person, cloud-based appraisals, and “cutting debt.”Many of our readers have researched, and then decided against, doing things that may seem valuable to other jewelry stores. Here were some of the things that just didn’t work for them.We have tried a few “new and exciting” lines over the past few years, only to find that they were overhyped and complete duds!CAD design … too long to get proficient.Researched Pandora and charm jewelry and decided against it.Buying a 3D printer. Just pay for the file instead.Laser welder. I have wanted one for years, but have realized that at 60-plus, I simply do not have the TIME during the day, week or year to learn this new skill to the level that I would require of myself.Brand name lies and fads. Our market is just too small.Several online review subscription services, those that would help to build reviews. Most are overpriced and inefficient.Photography of jewelry … I have had to delegate it.Manmade diamonds; I learned a lot, but my clients want “real” ones.CAD/CAM in-house. I spent time and money into something that I can now outsource much more cost effectively. The more CAD/CAM business that comes online, the less expensive the services become. My time is better spent designing than going through the mechanics of computer operation.Online marketing: You buy these expensive websites with the hopes of boosting your bottom line as a mom-and-pop shop. Customers may look online before they buy, but still do the touchy-feely in the store.Constantly looking at new small US designer lines and knowing with our weak dollar, it won’t sell at a profit.Geo-fencing … actually pursued it and found it to be a total waste of money and time.But our favorite answer was this one:I don’t believe anything you study isn’t worth a try. Continue Reading Big SurveyThese Are the Tech Innovations That Jewelers Find Most Useful They make a big difference for time-starved business owners. Published 2 weeks agoon October 30, 2019By Trace Shelton ONE QUESTION WE asked in The Big Survey 2019 was this: “What tech innovation or app has had the biggest positive impact on your life as a time-starved business owner?”Here were the top 10 most valuable tech innovations to jewelers in our survey.Unsurprisingly, mobile and remote technology captured seven of the 10 spots, as they allow business owners to accomplish tasks from wherever they may be, in speedy fashion.Here’s what some of our readers had to say about why they chose particular technologies as most valuable.Email on my phone and text messaging. While it can be too much and annoying, I sell more stuff to friends and customers via text than I ever dreamed I would. Guys don’t like to shop, and if you know their significant other, they love it if you can do it for them.The smartphone. We put it off for years before we got one; now I don’t know how we can do business without it.The innovations of The Edge software system in letting you know “where you are” with your business very quickly.Texting and emailing customers estimates and information instead of phone calls. I can do these in the evening and not during those precious working hours.Wax printing. Even though I am a very competent sculptor, there is much to be said for getting the wax printer to make things while you barbeque some dinner.The ability to order/reorder from vendors online to keep best sellers in inventory.Alexa. I love that I can tell her what song I am feeling like and it plays right then.Bank innovations that allow me to pay online, transfer money, set up auto-pay. I used to write a lot of checks!Podium. The ability to directly communicate with our customers in a non-spam way has changed a lot of the way we do business, especially custom and repairs. It is expensive, but in our minds, it has been worth it.Online grocery ordering apps that let you place the order for a particular time, drive in, and have it delivered to your car. No more walking through the grocery store with a list. love it.My iPhone. Everything is at my fingertips. This is especially important now that I find that as I get older, I can’t spell anymore.Ipevo camera at each employee’s desk, so every inventory item has a photo. Inexpensive and high quality.GoToMyPC to access my computer and server from anywhere in the world.iPad Pro! It has revolutionized our custom process. I can either draw up a design from scratch, or for custom shadow bands, I take a photo of their existing piece and then draw right on the photo digitally for a great visual. I do it right in front of the clients and they are always wowed by the technology.Grubhub for sure. I love getting home and having a hot meal made by someone else ready to eat. Continue Reading Big SurveyThis Is How Often Most Jewelers Check Online Review Sites It’s tough and time-consuming to stay on top. Published 2 weeks agoon October 29, 2019By Chris Burslem YOU’VE LIKELY HEARD accounts of small-business owners, especially restaurant operators and hotel managers, who now live their lives as if at the mercy at review sites like Yelp or TripAdvisor. From the moment they wake up and take that first look at their phones until they take a final glance at their phone before turning into bed to see if someone has posted a negative review, such ratings sites have placed considerable power in the hands of the angry customer.Well, jewelers, for the most part, aren’t like that. More than half, according to our 2019 Big Survey, check barely once a week.How often do you check online review sites for comments about your store?That suggests both good and bad outcomes: Jewelers aren’t feeling overly burdened by the thought that business success is chained to their online reputation, but also that they might not be fully aware of how they are being perceived on the internet.AdvertisementWith studies showing that more than 80% of customers read online reviews before making a purchase, it’s obviously important to to know what’s being said about your business. But with an endless list of review sites from Yelp, to Google Reviews to comments on Facebook and Instagram and then the plethora of local listings, it’s tough and time-consuming to stay on top. Setting up a Google Alerts should be your first step. If you suspect reviews are having a significant impact on your business, consider investing in an online monitoring service, which will alert you when — in theory — a comment is posted somewhere online.The 2019 Big Survey was conducted in September and October and attracted responses from more than 800 American jewelers. Look out for all the results in the November issue of INSTORE. Continue ReadingAdvertisementLatestTrendingVideos Press Releases40 mins agoJewelry Store Closing After 45 Years in Business Columns5 hours ago5 Watch Brands Your Customers Want this Holiday Season Press Releases5 hours agoTake the Risk Out of Buying Diamonds and Finished Jewelry for Stock with GN Diamond’s 100% Guarantee Press Releases1 day agoPT NEXT Acquires Software Company CodeNameWhat Press Releases1 day agoIndustry Veteran Jerry Ehrenwald Launches Laboratory-Grown Diamond Exchange Photo Gallery1 day agoCarrie Underwood Dons 19-Carat Yellow Diamond Ring for Award Show … and More Celeb Jewelry Sightings News1 day agoList of Jewelry Industry Trade Events for 2020 Columns3 weeks agoJeweler’s Vow: ‘I’m Not Measuring People’s Fingers for Free Anymore!’ Headlines4 weeks agoThe Big Survey 2019: Top Jewelry Brands Revealed Headlines3 weeks agoLuxury Giant Looks to Acquire Tiffany & Co. for $14.5B Jimmy Degroot2 days agoVideo: Increase Your Jewelry Sales Through Add-Ons Multimedia Highlights2 days agoPodcast Highlight: Jenny O. Calleri On Life Growing Up on the Las Vegas Strip Over the Counter4 days agoPodcast: After Tragedy, One Young Woman Turns Her Grief Into Beauty Sponsored Content5 days agoWhen It’s Time for Something New, Call Wilkerson Headlines1 week agoVideo: Things to Remember When Dealing with ‘Gonna Buy’ Jewelry Customers AdvertisementAdvertisementSubscribeBULLETINSINSTORE helps you become a better jeweler with the biggest daily news headlines and useful tips. (Mailed 5x per week.) Latest Comments Most Popular Photo Gallery1 day agoCarrie Underwood Dons 19-Carat Yellow Diamond Ring for Award Show … and More Celeb Jewelry Sightings News1 day agoList of Jewelry Industry Trade Events for 2020 Commentary: The Business1 week agoSometimes Firing a Jewelry Customer Is For the Best … And Here’s a Perfect Example Shane Decker3 days ago4 Sales Meetings You Must Hold Before the Holidays Fun1 day ago13 Painfully Relatable Memes for Anyone Working Holiday Retail Headlines4 days agoVideo: It’s Not My Problem When You Buy a $120 Ring and Your Wife Finds Out It’s ‘Fake’ Headlines1 week agoTiffany Reportedly Wants LVMH to Raise Its Acquisition Offer Columns6 days agoWhere Did All My Profits Go?