The pandemic has made a deep wound in the jewellery industry with business owners struggling to tackle lockdowns and 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 9 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. 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.
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.
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. Check it out here.
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.
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.