Online Jewelry

It’s the season to think ahead to holiday sales because those Thanksgiving deals have trained consumers to shop earlier, according to a recent nationwide survey from retail advisory group, Market Track. The study also found that this year 84 percent of shoppers will be hitting Amazon for it’s low prices—including discounts on fine jewelry. Blue Nile and Macy’s are also popular destinations for online jewelry shoppers. But the survey also reported that many small brick and mortar retailers will fight online shopping by playing to their No. 1 strength: the try before you buy advantage.

This year all kinds of retailers will be creating events and experiences to drive in-store traffic. Discounts, raffles, drawings, and other enticements can bring more jewelry shoppers into your stores too. If you’re looking for special event ideas, call us, or check out our previous blog: 4 Secrets to Power Up Business Now!

3 more ways to fight back

  1. Forget price, compete on service. Another big advantage jewelry retailers can offer shoppers that web retailers can’t is hands-on service, says Edahn Golan, a well-known analyst for the diamond industry. “This is one of the most important things for store owners to remember because people are looking for information,” he says. “Say someone has a budget of $5,000 and sees something on Blue Nile and then walks into your store to see what a one-carat diamond looks like on a finger and ask questions. In retail speak, that’s a hot prospect—someone who has money and wants to make a purchase. I think jewelers have a golden opportunity to compete with online retailers, not on price, but on service.”
  1. Work within a budget, and offer a great deal. You can also work within a shopper’s budget by showing him/her options that web retail sites can’t. For example, says Golan, a marquis looks completely different on the finger than a round diamond. “It’s less expensive and looks a lot bigger.” Or, he says, a diamond with a blue fluorescence looks nice and sparkly when you walk outside into the light, and can also help a customer stay on budget.
  1. Establish a price-match guarantee. Some of our clients are offering price-matching guarantees on any GIA-certified diamond purchased through a legitimate online retailer. Call us for details; we can help you with that too.