Pop Jewelry
Retail Jewelry – The Current State of the Industry
In the past 10 years, so many things have changed in the jewelry business, some of them for the good of the industry and others to their detriment. The Internet has accelerated the transfer of information and made products readily available. National Chain of stores have changed their business models to become more aggressive and today's consumers have changed their buying habits accordingly. Industry veterans suggest that 10,000 privately owned shops may close over the next 7-10 years. In short, the jewelry business is not the same as it was 10 years ago and so Jewelry independent owners need to respond quickly. In this article, I hope to offer advice on how to overcome the many challenges that independents can be found.
Today's consumers can be categorized as value-driven or experience. The impulse value is rarely concerned with the image of the store, brand name products, or service after the sale. He / she is concerned about one thing and one thing only and that is "the lowest price as possible. Internet is the best equipped for this type of clients and has done a great job of servicing them. The attractiveness to potential consumers of the Internet can be the value and anonymity to compare products and prices without human interaction. Some people have told me that they feel compelled to buy after spending time with vendors store brick and mortar, this adds undue pressure to make a quick decision. Go conscious consumers can also methodical decision-makers and need time to feel good about their decisions, the Internet offers this time of brick and mortar stores do not. In general, in charge of a retail store expenses represent a high percentage of his total income. They just have to sell their diamonds and jewelry for more – that compete with Internet retailers in the purchase price and leisure becomes a difficult task. So, in turn, independently owned stores have lost market share every year for the past nine years. In fact, independent retail have shown only modest growth of 2% -5% per year, while internet retailers have grown by 25%.
The consumer experience is driven largely concerned about the selection, convenience, brand image, availability and service. Recognizing this is the national supermarket chains, including Jared Jewelers, Helzberg, Bailey Banks & Biddle, and others like them. These companies are building bigger and better stores with millions of dollars inventory of breaking the windows. Each option is available jewelry and customers do not have to shop elsewhere. They also put a greater emphasis in training their employees that they have in the past. The days of receiving the advice and service second-class national chain stores are becoming a thing of the past. This is something that independent retailers have always hung his hat: they can not say that you'll only get a great service to the stores that are privately owned. All this is possible thanks to an aggressive plan to take over a market previously controlled by the mom and pop stores, then invest in that plan. Independent jewelry can not offer the selection of the size of a same product, we do not have the finances. The chain stores have better real estate, better selection of products, and more money for advertising.
You could say that Internet retailers have opened the door for chain stores by fragmenting the market and independents putting on the ropes. The recent growth of chain stores and independent retailers on the Internet has been a bad place. They can not sell their jewelry the same price as internet retailers can not afford to offer the product selection than the chains. Without careful planning and adjustments to its model business independently owned stores may extinction border. There are some who strongly disagree with this view and I think it would be impossible to happen. For I ask a question … "When was the last time you bought home improvement items from a mom and pop hardware store?" O "When was the last time you bought electronics a mom and pop electronics store? "These stores existed before the consolidation of their industries occurred. It simply took more time to spend in the jewelry business, but I assure you will continue to happen. The future looks bleak for the independents, but there are things can be done to ensure their healthy existence of the industry.
Taking back market share will be a very important part of the process and this must begin with the Internet. Most independents have done nothing to create an Internet presence, I am surprised to hear that some jewelers do not even have a website. I think this is largely due to their reluctance to adopt a business practice that has taken a lot of them. An example of a website is well done http://www.rokstok.com Jewelry Retailers Internet have grown rapidly because they have not been challenged, it is time for independents to strengthen and create a much more competitive environment for retailers Internet. The area most in need of improvement is the sale of online diamonds and engagement rings. Margins of course, have dropped significantly in loose diamonds because the availability of products with an aggressive price. The independents have a real problem accepting the notation of the sale of diamonds for much less than in the past. To success, they must understand that diamonds can be sold for more at a store and less online. Why not do business with the two types of customers and take back some of the market share previously lost to competitors. Assemble an effective website involves more than listing the jewels on the website. The content is very important, so such as search engine optimization, I recommend hiring a SEO specialist before hiring web developers. They will provide valuable information on how to create a successful website.
Dealing with the superstores takes a different approach and courage. Most independents will never have the funds necessary to compete at the same level as the supermarkets. That does not mean you can not defend themselves and gain a good life. It will be necessary to choose a category of jewelry that is possible to control or own a large piece. Dealing with advertising budgets retailer, inventory, location, and trying to be all things to all customers will be almost impossible. I think the owners of the stores that will succeed will use his passion and concentration in certain product categories and try to own that market. I had a retail jewelry 13 years and witnessed the deterioration of the market for privately owned shops. I am also experiencing firsthand the problems facing my colleagues and hesitated in the appropriate course of action. I decided to be true to my passion and my girlfriend and continued to promote Diamond business. I know in the final will be the right decision because I have a good chance of creating a strong presence in a product category. This presence will be hard to walk away from me and I always should be able to make a good living. I hope all the independents can do the same, but obviously at this point that will require courage and commitment.
About the Author
Andy Moquin has spent 16 years in the jewelry business buying and selling over $20,000,000 in diamonds and custom jewelry. He can be reached at:
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