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Editor's Note

These Are The Three Factors Driving Revolution in the Jewelry Industry

All three are technology-based.

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WHEN A BUSINESS REVOLUTION arrives, there’s no stopping it. Your only options are to ignore it and die a slow death, or join it and learn, quickly, how to do business within the new paradigm.

Three powerful pistons are driving revolution in the jewelry industry. The first is e-commerce. Some retailers have complained of manufacturers going direct to consumers, but many are now learning to compete in the online space as well. We just started judging this year’s crop of America’s Coolest Store contestants, and we are impressed not only by how many of the applicants sell online, but also by the quality of their websites. Read about retailers doing e-commerce right in our story, “E-Commerce For Everyone,” beginning on page 74.

The second piston is the lab-grown diamond phenomenon. The category continues to gain traction among consumers, and largely driven by consumer demand, not marketing. Read about Soha Diamond Co., a retailer who sells only lab-grown diamonds and gemstones, in our “Talkin’ ‘Bout a Revolution” story starting on page 63.

The third piston is social media, which offers retailers the opportunity to engage local consumers for very little monetary investment. Social media is where the people are; it’s just a question of how to reach them, and then how to interest them in your jewelry and your store.

A revolution is on your doorstep, whether you like it or not. Will you join it or be left behind?

These Are The Three Factors Driving Revolution in the Jewelry Industry

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Trace Shelton

Editor-in-Chief, INSTORE
[email protected]

Five Smart Tips You’ll Find in This Issue

  • During slow times, take photos of all waxes not already in your CAD library and add them. (Manager’s To-Do List, p. 46)
  • Use an aggressive commission to incentivize salespeople to sell old items. (Ask INSTORE, p. 108)
  • Present customers’ kids with gift-wrapped presents to make them feel special. (Tip Sheet, p. 98)
  • Match the percentage of marketing dollars spent on a department with its store performance. (David Brown, p. 112)
  • Make a list of all verbal buying cues and have staff practice their question closes for each. (Sales Truths, p. 112)

Trace Shelton is the editor-in-chief of INSTORE magazine. He can be reached at [email protected].

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Wilkerson Testimonials | MSG Jewelers

Wilkerson Takes the Worry Out of Closing

MSG Jewelers has always treated its customers like family. When owner Mike George decided to retire and close the doors of his St. Louis, Missouri jewelry store, he selected a company to manage his going-out-of-business sale that treats its customers like family, too. That’s why he chose Wilkerson. “Wilkerson was able to do all the things that we needed,” says George. In the end, the bittersweet store closing was so much easier with Wilkerson at the helm. From marketing to pricing to inventory, Wilkerson does it all. “It’s a package deal,” says George.

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