Investing in a piece of fine jewelry can be intimidating. Buying an engagement ring, for instance, can be particularly daunting, since it is perceived by most people as an eternal symbol of love, one that will last until the end of time. Since fine jewelry holds such high sentimental value, customers will usually go the extra mile to ensure they are satisfied with their purchase, even if that means making a significant investment. In fact, “the average spend on engagement rings in the U.S. rose from $5,871 in 2015 to an average of $6,163 last year, an increase of 5 percent” (National Jeweler). Conquering the hearts (and wallets) of a soon-to-be married couple does not guarantee that you’ve also won their long-term loyalty. This article discusses the strategies jewelry retailers can use to transform their one-time customers into brand advocates.
Because customers usually walk into a jewelry store with limited knowledge, educating them is key for such a specialized field of business. While they may have heard of the four C’s when it comes to diamonds, they might wonder which one carries the most importance. Is it the color, the cut, the clarity, or the carat weight? Customers may also want to compare different diamonds in person. For instance, showing them colorless and near-colorless diamonds side-by-side can be useful, so they can easily see the difference with the naked eye if they think there is one.
Although jewelers should share their extensive knowledge and opinions with customers, they must still ensure that the products they propose are tailored to their customers’ unique needs. An efficient mobile point of sale solution can be a jeweler’s best friend when it comes to finding the perfect gem for customers, as all the product information they need – including images and descriptions – is right at their fingertips. Spending the proper amount of time with each customer is also critical to earning their loyalty. Your e-commerce platform should also display high-definition images, so customers can see every intricate detail. The option to return products is a smart way to ensure customers leave satisfied, and won’t later resent their purchase.
Invest in a Software that Understands the Specific Needs of Jewelry Retailers
To meet their everyday needs, jewelry retailers can use a full-featured repair module to manage repairs or other services such as alterations, embroidery, engraving, and resizing. By employing these tools, sales associates can easily personalize the experience, and ensure their customers are better informed when they pick up their precious items.
Successful jewelers should also use an analytics solution to keep track of important measures, KPIs, and report details, to always stay on top of their game. The emergence of small jewelers on the market – who also want their share of the cake – has placed additional pressure on both mid-sized and large retailers, who must adapt their strategies if they want to maintain the same level of success as years past.
Make the Shopping Experience Both Convenient and Enjoyable
There is nothing worse than feeling rushed by a sales associate when trying to purchase an expensive piece of jewelry in-store. Customers need their time to think, and letting them decide on their own is always wiser. Stating that the gem “will be gone in a few hours if you don’t act now” will not only come off as pushy, but may even encourage customers to change their minds altogether, and justify shopping elsewhere.
Another smart way to make the experience enjoyable is to focus on effective communication. By using clienteling tools, sales associates can send follow-ups and schedule appointments with new customers. Offering high-quality products, along with an outstanding customer experience, is the key to success in the jewelry market.
Making the shopping experience convenient is always greatly appreciated. By using a modern device-agnostic POS solution designed for jewelry retailers, sales associates can provide a letter of value in just a few clicks, so customers won’t need to make another appointment with a specialist to insure their precious stones. Making the purchase hassle-free is extremely important, but ensuring that you’re the first name in customers’ minds when they’re thinking about new purchases is the goal all jewelry retailers should strive for. A strong rewards program can also help retailers to stay competitive: by offering such perks, a customer might easily forget other, less generous, retailers.
Blend Your Online and Offline Strategy
Focusing your efforts solely on your e-commerce platform or brick-and-mortar stores is not a wise strategy in today’s fast-paced retail world. No channel should be seen as better or more important than any other, it’s just a matter of satisfying customers’ specific wants and needs anywhere and anytime they happen to shop. Your prices should be as competitive online as they are in-store, as customers otherwise will feel “betrayed” if they end up finding out the difference in price.
Offering free shipping and hassle-free returns are other ways to gain trust and, hopefully, loyalty. Neglecting one channel, consciously or not, can have disastrous consequences for your business. The same applies to your international strategy, as customers will come to expect the same level of service from your store anywhere in the world. The secret recipe to building brand loyalty is gaining customers’ trust and admiration by constantly amazing them.