Connect with us

Tip Sheet

What to Stock in 2021 … and More Tips For January

Including advice on holding a “progressive sale” for Valentine’s.

mm

Published

on

diamond earrings and necklace set

inventoryOffer Comfort and Joy

Consumers are buying things that make them feel stable and secure. “In the grocery aisle, that means soup, but for a luxury business, that tends to translate into classics,” says jewelry industry consultant Andrea Hill. “Diamond studs, pearl earrings, straight line bracelets and simple diamond pendants are flying off the shelves and will likely continue in their popularity until after Mother’s Day,” she says, adding that a good guideline for 2021 is, “if Jackie O wore it, it’s likely to sell.”

MarketingInject Urgency

Want to build more urgency into your direct marketing ahead of a big jewelry date like Valentine’s Day? Take a tip from MADE Jewelry Boutique and Studio in West Reading, PA, and send “progressive sale” postcards. “The earlier they shop, the higher the discount. Last year was our first year to try it, and it worked great,” says owner Chrissy Cook.

ManagementSet Blackout Dates

Before the new year gets much older, lay out a calendar for your team of blackout dates for vacations. These can include days assigned for in-store events, holidays, and other dates when you need everyone present. “It is important to provide this in January to let your team know you are aware they have lives outside of work. And, it’s important you give them ample time to plan their personal vacations,” says Megan Crabtree, CEO of Crabtree Consulting.

ManagementTalk to Your Employees

Tony Hsieh, the popular tech entrepreneur who died last month, was probably as well known for his efforts to foster company culture (such as a $2,000 payout to get new hires to quit if they weren’t happy) as for the companies he founded (Zappos). To boost the happiness and the productivity of employees, he offered this simple prescription: “Just talk to your employees. Ask them what would make them happy.” It was a focus on worker welfare that helped build a billion-dollar company that is renowned for its exceptional customer service.

CommunicationChannel Your Fury Through Notepad

If you find yourself in a rage about a mistake a vendor or an employee has made or even about something a customer has said, draft your angry missive in Notes or Notepad so you can’t immediately send it. If possible, wait at least 12 hours before your next step. If you’re still angry and think it’s still the best option, go nuclear. We’re guessing most times you won’t.

ProductivityThe Golden Hour and a Half

Research shows how you start the day has an enormous positive effect on productivity. To actually get things done in the morning, The 4- Hour Work Week author Tim Ferriss suggests having the first 90 minutes of your workday vary as little as possible. “I think that a routine is necessary to feel in control and non-reactive, which reduces anxiety. It therefore also makes you more productive.”

Advertisement

Over the years, INSTORE has won 80 international journalism awards for its publication and website. Contact INSTORE's editors at [email protected].

Continue Reading
Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

Retirement Made Easy with Wilkerson

The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.”

Promoted Headlines

Advertisement

Advertisement

Advertisement

Subscribe


BULLETINS

INSTORE helps you become a better jeweler
with the biggest daily news headlines and useful tips.
(Mailed 5x per week.)

Facebook

Latest Comments

Most Popular