In its 2014 report, Mckinsey predicted that the jewellery industry would grow at a healthy clip of 5 to 6 per cent annually. The projection would have been accurate if not for the COVID-19 pandemic. India saw a decline in jewellery and precious stones exports by 5 per cent during the second wave. The pandemic disrupted the global economy, reducing the purchasing power of some while instigating others to save money rather than investing.
The global jewellery industry is now back on track and gaining momentum. According to a report, it will reach the $58.9 billion mark by 2027. However, unforeseen circumstances will always be a matter of concern. While the market is on the right course, it is time for jewellery business owners to work on how to increase sales in the jewellery business.
Here is a step-by-step guide on how to increase sales in the jewellery business.
- Step 1: Find your niche
- Step 2: Build a brand
- Step 3: Create an immersive experience
- Step 4: Make it glitter
- Step 5: Customize jewellery
- Step 6: Create a sales plan
- Step 7: Partner with other stores
- Step 8: Develop a collection
Step 1: Find your niche
People of all ages wear jewellery, but that does not mean that one business must try to sell to everybody. A successful business model has a clearly defined target audience. It is essential to know who the business explicitly appeals to.
So, the first step in how to increase sales in the jewellery business is a deep study of the consumer. This will reveal crucial details such as their:
- Pain points
- Financial standing
A young working woman will go for minimalist and trendy designs, whereas a socialite will opt for intricate luxury pieces. Trying to sell to multiple segments is distracting. Thus it is necessary to carve a niche in the jewellery industry and cater to only one segment.
Step 2: Build a brand
Now that the target audience is defined, the next step in how to increase sales in the jewellery business is to establish the jewellery brand.
There are two components of building a brand: the first is the brand story, and the second is creating the brand's visual identity. The brand story is essentially writing down the artistic statement. Or, in other words, answering questions such as, what is the inspiration behind the designs? What makes these ornaments unique? Why does the brand exist? The brand name is also an extension of the artistic statement because it tells the brand's story.
Visual identity is helpful in creating a high brand recall. Colour scheme, font style, logo are part of the visual identity, and they should all resonate with the essence of the brand.
Step 3: Create an immersive experience
Digitalisation has changed the market dynamics. All business owners, big or small, are leveraging the power of the internet to promote their brand and increase sales. Incorporating immersive experience in jewellery shopping is the way to create a sustainable business model.
The question that arises is, how to increase sales in the jewellery business by creating an immersive experience? Some techniques you can apply are:
- Virtual try-on
- Interactive display
- Online catalogues
Jewellery is an experiential product, by the above methods, the consumer will get a look and feel of the product. Immersive technology is not only restricted to online stores. Specialised glass displays can be programmed to add animated sparkle to a piece and display its features. It is found that shoppers are more inclined to buy a product when shopping is experiential. So, adapting to the latest technology is a wise business judgment.
Step 4: Make it glitter.
All that glitters might not be gold, but it is attractive. Be it the webpage or physical store, it has to look impressive and must reflect the soul of the brand. Designing the online and offline store are equally important in making a lasting impression on people. In a physical store, one can use the colour of the walls, ambience, and decoration to convey the experience.
Moreover, dressing and grooming of staff members, hospitality, and behaviour can turn one-time buyers into loyal customers. For the online store, following a vibrant colour scheme is necessary, but the most important aspect is to have high-end pictures of the products that truly brings out the beauty of the jewellery.
Step 5: Customise jewellery
Custom-made ornaments have their unique charm. Giving customers the option to customise their jewellery to own personalised pieces is a great selling point and promotes customer loyalty.
Step 6: Develop a sales plan.
At the end of the day, business is all about profit. So, the focus must be on making high sales. Customers will make a purchase if they see value in the product. This is where pricing comes into play. Pricing is an integral part of the sales plan for attracting customers and justifying the product’s value. A great answer to how to increase sales in the jewellery business is having a wide pricing range to cater to all types of customers. Besides, after-sales services and other benefits add value to the jewellery.
Discount is another big factor in jewellery sales. Sales inflate, particularly when promotional offers and discounts are given. Instalment sales is another method to close a deal. The customer can make a one-time deposit and then pay regular instalments instead of paying a huge sum upfront. A sales plan is the way to set a goal and strategise how to reach the goal. An effective sales plan should answer who, when, why, where, and how to hit your sales goal.
Step 7: Partner with other stores
Reaching the maximum audience will push the sales. So, instead of selling through only one store, branch out and partner with multiple retail stores that will display your product and reach more customers. E-commerce sites are a great option as well. They have massive traffic and can boost sales by a big margin.
Step 8: Update the collection.
Updating your collection is not a one-time effort. In the fashion world, things get outdated very soon. Thus it is necessary to keep adapting to the latest trend. New designs and collections keep the customer interested and engaged.
How to increase sales in the jewellery business is an often asked question. However, it is not very difficult to generate significant revenue in the jewellery business if fundamentals are in place. Art and design are a massive part of the jewellery business, but they are alone not sufficient to increase sales. For any business to prosper, the focus has to be the customers. Often business owners make the mistake of keeping the creative aspect above customer relationships. Trust plays a huge role in the jewellery business. Usually, customers don’t visit several shops to purchase jewellery. They go to their favourite jewellers, and that is because they trust him to sell a genuine piece. Hence, building a strong customer relationship is very important to increase sales in the jewellery business.
|We hope our article turned out to be useful for you. For more such informative content, you can visit these linked articles as well:
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|Imitation Jewellery Markets
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|How to start a Jewellery store
|How to Start Online Jewellery Business
|How to Turn Jewellery Hobby into Business
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Q. What is the primary factor contributing to the success of the jewellery business?
Ans. Scope of expansion and maintaining the right balance. A successful business is a result of multiple departments working in tandem. Marketing & sales, design team, finance team, or the management all have to work towards the same vision.
Stagnancy in business can result in flat growth, no wage increase, and overall loss. So, there must be a constant endeavour to expand the enterprise.
Q. Is there professional help for starting a jewellery business?
Ans. Yes, there are multiple sources of obtaining professional help in setting up your business. From online blogs to consultants that can guide you step by step to business partners that can facilitate aspects of your business can be reached. Using third-party software and apps is a cost-effective way to get expert help without spending a bomb. For instance, OkCredit is a ledger app that facilitates the recording of credit/payment transactions digitally.
Q. Is it possible to build a unique jewellery brand?
Ans. The uniqueness of any brand lies in the target audience they are addressing. In-depth research will reveal what unique identity you give your brand and how it can be different from the rest. A brand tells the story of the entrepreneur in a way. So, it is possible to create a unique brand by giving a personal touch.
Q. How to increase sales in a saturated jewellery market?
Ans. The jewellery market is cluttered with the brand, but there is always the scope of adding one more name to the list. People are more attracted to unique custom-made designs than cookie-cutter jewellery pieces. In reality, the jewellery market can never be saturated because it depends on designs, and each design is unique. In addition to that, researching various art styles can give an inspiration for making something different.
Q. How to increase sales in jewellery business?
Ans. The backbone of the jewellery business is authenticity. It's important not to get lost in the noise of the competition and be authentic in whatever you do.