The pandemic has made a deep wound in the jewellery industry with business owners struggling to tackle lockdowns, looking out on how to improve the jewellery business to attract customers, whose purchasing power has declined over the past year. For instance, India, the world's second-largest gold consumer, saw a 30 per cent plummet in gold purchase in 2020.
That said though, market pundits believe the industry will eventually gain momentum and flag new milestones. The online jewellery shopping market is expected to touch the $58.9 billion mark by 2027, recording a CAGR of 15.5 per cent. But they agree, to bounce back quickly and achieve the desired sustainability, jewellery business owners must take proactive measures.
If you are a jewellery retailer, you need to take the right steps to outdo competitors and increase your sales. Indeed, this is easier said than done. To help you get started on the right track, here are 12 tips:
Trying to sell to everyone is a big strategic mistake.
Different segments have different needs. For instance, a woman in her late 20s, earning $47,000 a year would have different considerations when buying jewellery as compared to a 45-year old woman who makes $125,000 a year. So, with the same strategy and approach, you cannot approach both of them, can you?
This is why targeting “everyone” is a mistake.
Instead, pick a few select segments and then direct all your resources to target those segments. The conversion would be so much better.
In a way, carve for yourself a niche in the jewellery industry, wherein you specialize in catering to select segments.
This is very simple and straightforward.
Introduce jewellery shop sales on your collection for new and old customers.
Make the discounts “urgent”; meaning, make them live for a limited-time period.
Thereon, make sure your target audience is aware of such discounts through marketing campaigns.
Selling is an art. If you are looking out for how to increase jewellery sales? simply asking customers what they want and showing them that piece of jewellery doesn’t necessarily qualify as selling.
It’s much more tactical than that, which strives for a high close rate, better upsell, and a fantastic customer experience.
So, train your sales team to be better at selling; train them to be better at delivering customers a great offline as well as an online jewellery shopping experience. This will generate greater benefits for you.
Social media ads, if done correctly, can unlock your business’s exponential growth.
So, run ads on platforms like Facebook, Instagram, Google, LinkedIn, Quora, and more.
Hire ad experts if needed.
Target the defined segments. Communicate with them through relevant content. Provide them with a better value proposition. Tell them about the limited-time discount on your jewellery collection.
A small investment in ads promises a great ROI.
A visible and loved brand is among the most valuable assets a retail jeweller owns. Moreover, 59% of customers prefer to purchase new products from brands they know.
As a jewellery business, you could be locking horns with top brass with devoted customers and immeasurable marketing budgets. As such, you need to look for ways to shine - with your own solid brand-building approach.
But how to increase jewellery sales with branding?
Branding boils down to two high-level phases: building brand identity and building trust around that identity.
You should apply brand identity elements across all mediums uniformly. This includes your logo, website design, patterns and icons, colours and fonts, and ad campaigns.
Moving ahead, you can amplify the brand identity of your jewellery store effectively and nurture trust value around it through numerous digital marketing activities, like social media marketing, SEO & content marketing. paid advertising, and email marketing. Together, these measures are core to building a trusted brand.
Personalization is one of the key tactics to drive higher conversion.
You need to communicate with prospects in their language. You must convey to them that you understand their needs and requirements; that you have the ideal piece of jewellery that matches their preferences and budget.
Make the prospects feel important with your words and expressions.
Personalizing their jewellery shopping experience, like they are talking to a friend who understands them, can drastically improve your conversion rate. This will help you close more deals quickly!
What are your customers saying? Do they not like your collection of necklaces or have an opinion on necklace online shopping? Do they wish for more discounts? Did they have trouble finding your store? Were they talking about the difficulty they had finding a parking spot outside your store?
Listening to customers can provide you with rich insights. You can translate these insights into actions and improve the different aspects of your jewellery business to scale your sales.
Retaining an existing consumer is cheaper than engaging a new one. As per a survey, the success rate of selling to a current consumer is 60-70 per cent, while it’s just 5-20 per cent in the case of a new consumer.
Sadly, so many jewellery retailers focus too much on newer acquisitions, forgoing their existing customer base. Don’t be one of them!
Have a defined customer retention strategy that aims to keep the existing customers hooked to your brand and engaged with your offerings. Make sure they feel appreciated.
Delivering a good experience to your existing customers can exponentially boost your conversion. Further, this can also trigger word-of-mouth marketing, bringing you greater rewards.
You want to improve. You want to grow and take things to the next level... But you don’t know how to do that!
This is where getting feedback directly from customers can be incredibly helpful.
Request everyone who visits your website or physical store to take part in a survey. Ask them questions about your collection, your salesperson, pricing, marketing campaign, and various other aspects.
Gather up relevant data, identify gaps in your strategy, approach, and overall business, and then take definite steps to make improvements.
More and more jewellery brands are embracing augmented reality… and so should you!
AR solutions can be integrated into your sales channels and help you deliver customers a unique try-before-you-buy experience. This works in both models, whether you have an online jewellery shopping store or a physical showroom.
Foremost, digitize your inventory. Second, in a physical store set-up, install screens where customers can look at themselves via camera and virtually try on the jewellery. In the online store set up, install an AR solution on the website that allows the visitors on the products’ page to virtually try on that product.
Augmented reality enhances engagement with the prospects. It provides them with an exciting and outstanding experience. This increases the chances of conversion. On top of that, it also adds to your brand value.
mirrAR is one of the leading names here, offering various AR solutions for jewellery business owners.
2020 spurred the decades-long progress of e-commerce and fundamentally transformed the way people discover and shop jewellery items. Ready or not, the future of jewellery shopping has come early.
The roles of online and in-store are blurring. As such, focus on smooth hybrid experiences that bring the best of online to the store, and vice versa, to fulfil customer expectations.
Considering the demand for a prompt brick-and-mortar experience, you need to offer the transactional conveniences and speed that customers are familiar with online shopping – from easy, customized selections to quick, seamless checkouts.
On the flip side, jewellers can leverage augmented reality (AR) to let customers imitate much of the physical store. With AR, customers can try on your jewellery piece on their smartphones and make efficient purchase decisions.
This goes without saying!
To attract more customers and expand in different sub-markets, you need to continuously improve your jewellery collection.
So, regularly audit your collection and improve it by adding newer varieties of jewellery or refining the existing ones.
Many jewellers give preference only to the art of designing and creating jewellery pieces. But if you want to monetize that art and turn it into a sustainable business, you have to avoid making some common mistakes.
For instance, ignoring your customers’ preferences and thinking they will purchase only what you want them to purchase is a big mistake. Similarly, most jewellers get too upfront or sales when dealing with customers. This blocks their way of creating a rewarding customer relationship.
Moving forward, various small jewellery shop owners fill their shelves with all types of jewellery rather than focusing on in-trend jewellery design trends. Since customers want jewellery that’s in fashion, most of the collections end up with no buyers.
Furthermore, some new jewellers set any price they see fit and don’t consider various factors, like market demand and competitors’ prices. Worse, they don’t allow negotiation on those prices during checkouts thus repelling potential customers.
When looking for how to expand the jewellery business, you should avoid such practices that can put off the customers.
how to improve the jewellery business? remains a big question in today's uncertain market but mirrAR is an augmented reality tech platform, redefining how jewellery shopping is done. It is trusted by many jewellery retailers in India and abroad, including some of the leading brands like Tanishq, Kalyan Jewellers, PCJ, Forevermark, and A.JAFFE. It offers three products: WebAR, mirrAR In-Store, and mirrAR App.