Editor's Note

These Are The Three Factors Driving Revolution in the Jewelry Industry

All three are technology-based.

Published

5 years ago

April 22, 2019

Trace Shelton Instore May 2019 Issue

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

Trace Shelton

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

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)

This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”