September 20, 2016
The jewelry shopper's mindset and motivation for purchase increasingly seems to be a mystery, but it doesn't have to be. Luckily, Synchrony Financial -- the leader in luxury consumer financing -- shared insightful consumer shopper trends and data in a September webinar for Jewelers of America Members. In case you missed it, here are four surprising jewelry shopper trends related to jewelers' websites, the in-store experience and financing.


1. Your Website is Critical . . . for In-Store Experience

Acccording to Synchrony Financial, 72% of fine jewelry shoppers begin their major purchase research online. A jewelry store's website cannot be overlooked; it is critical in getting consumers interested in a store visit.

2. In-Store Research & Purchase Still Dominates

Your in-store experience matters more than ever, with Synchrony Financial's data showing that 65% of fine jewelry consumers conducting in-store research and 85% purchasing in the store. Fine jewelry remains an in-store experiential category. While jewelry consumers are increasingly using the web to browse and research initially, the physical store remains the primary channel for jewelry sales. 

3. Jewelry Customers Want to Know About Financing Options

Synchrony Financial found that 29% of jewelry shoppers research financing on their path to a jewelry purchase, and 52% know how they will pay (and if they want financing) before entering the jewelry store. If your website doesn’t clearly convey financing options, you risk ceding those customers during the research phase to other jewelers make financing options obvious.

Financing continues to play a critical role in the major purchase process, especially bridal category, yet for 54% of jewelry stores surveyed by Synchrony Financial, consumers weren't aware it was available. Make financing options visible and work it into the sales presentation. If customers know the financing options upfront, they are more likely to complete their purchase with you.

4. Longer Terms Are Trending in Fine Jewelry Financing

In terms of financing trends for fine jewelry, credit promotions are being offered for longer durations. Make sure you’re aware of the offerings of your competitors (local and national). Consider testing longer financing options using guardrails, like minimum average sale and/or exclusion of merchandise categories, to protect yourself. An educated credit financing partner like Synchrony Financial can help you determine the best financing offers and terms for your target customer. For more information, visit www.synchronybusiness.com.
 
Jewelers of America webinars are available exclusively -- for free -- to employees of JA Member companies. Don't miss the next one, see our webinar schedule.
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