Business Tips

The outlook is very positive . . . let silver lead the way! The Silver Promotion Service offers nine priceless tips to make your holiday jewelry sales shine.

The National Retail Federation reports that retail sales will rise between 3.8-4.4% this year over 2017 on the back of robust consumer confidence and low unemployment. If this projection is realized, it will be better than 2017’s retail sales, which rose 3.9%, to $3.53 trillion.

Inspiro Spiral Earrings, Martha Seely Design

Silver has many qualities that appeal to various consumer segments, and you are probably not maximizing its high margins and giftable price points. At the JA New York Show in July, Gloria Maccaroni of the Silver Promotion Service spoke on how jewelers can utilize silver jewelry to engage consumer segments that may be otherwise untapped – from the self-purchase to bridal accessories.

Yes, competition is everywhere for retailers, as we highlighted last month, but jewelry is still an in-person purchase for most consumers. JCK News Director Rob Bates discussed how to optimize both your online and instore experience in "State of Retail: Growing Segments," at the JCK Las Vegas Show. Let’s look at some of the best ideas to get customers from click to “brick.”

At the JCK Show, JCK News Director Rob Bates broke out data to paint a realistic picture of the state of retail jewelry industry in "State of Retail: Growing Segments." We’re highlighting some key takeaways from his presentation -- don't worry it's not as bad as you think.

Today’s consumers are extremely socially conscious, looking not just to make a purchase, but also to make a difference when they do buy. Research shows over 80% of millennial consumers believe it’s important for companies to publicize their social responsibility efforts, and they will go looking for that information online.

Alex Woo “Words” sterling silver Mom heart pendant; Gabriel & Co 925 silver and sapphire ring

Mother’s Day is just around the corner! According to the National Retail Federation’s annual survey, the amount that consumers spent on jewelry reached $5 billion for Mother’s Day in 2017. As a jeweler, there are an abundance of ways that you can capitalize on the large spend and high demand of jewelry this year.

Jewelers of America commissioned Provoke Insights, a consumer market research firm, to conduct an in-depth study to uncover industry challenges and understand consumer buying habits and attitudes towards fine jewelry. We’ve compiled the results from this study into Jewelers of America's 2017 Fine Jewelry Industry Consumer & Retail Market Report, a comprehensive white paper that includes survey results as well as customer buying habits and marketing opportunities.

To View the Report

• Jewelers of America Members: Download a digital version of the full Report for free. Login at the "Read More" link below to access the report.
• Not a JA Member? Join now to access the full report, or click here to download a report summary.

Martha Seely "Swing on a Star" sterling silver earrings (left); Drukker sterling silver earrings with cultured pearls and white cubic zirconia (right)
The outlook is very positive…. let silver lead the way with eight tips on how to maximize your holiday sales.

What your customers are saying about you online is more important than your website, social media posts, or paid online ads. Many people will read reviews of your store and your products before making their first purchase. Discovering how to manage online reputation and reviews is one more learning curve for jewelry companies. In his session at the JA New York Show on March 13, "Power to the Consumer: Effectively Market Your Business with the Rise of the Reviewer," Matthew Perosi, of Sapphire Collaborative, offered simple steps to help jewelers navigate online reviews.

Technology is changing fast and the jewelry industry is taking note. Designers and manufacturers are using 3D CAD design software and smaller retailers are starting to build more sophisticated websites to keep up with consumer trends. It’s all very exciting, but one trend you can’t let slip off of your radar is security.