Policies & IssuesMay 06, 2024
Rolex Files Objection to Hallmark’s New Trademark ApplicationThe Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
EditorsMar 13, 2015
Sales are slipping, but for whom?
When the U.S. Department of Commerce released their jewelry and watch sales figures for 2014 it wasn’t a pretty picture and it hasn’t improved in the new year.
Sales were down 0.8 percent year-over-year in November, fell 2 percent in December and were down 4 percent in January, Commerce Department data shows.
When we talked to independents during and after the holiday season, we found sales results to be mixed. Some retailers reported their season got off to a very fast start only to stall, while others experience strong traffic throughout or had a slow season overall. The same held true for Valentine’s Day.
So what, then, separates the winners from the losers, so to speak?
Is it a simple matter of having a store vs. not? On one hand, you read that online-only retailers have their problems, here and here. Or, wait, is it brick-and-mortar retailers that are doomed?
The fact is, it’s neither. It’s not a winner-take-all scenario where brick-and-mortar jewelers are eventually going to crush the likes of Blue Nile, or everybody is going to start buying their diamonds at Costco, never to set foot in a mall jewelry store again.
It’s retailers that have figured out the right product mix and know how to reach today’s consumers that are doing well and taking market share from those they haven’t, which really hurts in an environment with fewer discretionary dollars to go around.
It’s those that are doing a few key things well that will last.
They have a strong online presence and a physical touch point. As noted in both the articles about online-only retailers that I linked to above, e-tailers are coming to the conclusion that they need to have a physical presence, a place where the public can see, touch and feel their product or, at the very least, pick up or return something they bought online.
The example most germane to this industry is, of course, Blue Nile.
The Seattle-based e-tailer started out by putting a few showcases of its rings in two Nordstrom stores. It didn’t sell in either of these stores; people still had to go online to make a purchase. Recently, Blue Nile announced plans to open its own storefront in a still-unnamed major American mall. The new store will operate by the same set of rules—you
can look but you can’t buy.
On the other hand, brick-and-mortar retailers need to, at the very least, have a modern-looking website that contains professional images of the jewelry they sell.
I am not 100 percent convinced that everybody needs to be selling online, only because I am a proponent of tackling fewer projects but doing them well, rather than trying to do everything with poor results. If you don’t have the staff to properly maintain and operate an e-commerce site, than don’t do it. Concentrate instead on having a nice website, a great in-store experience and a strong social media presence.
Your social media priorities should be: 1) Instagram; 2) Facebook; 3) Pinterest and 4) Twitter. Don’t have the personnel to do them all? Eliminate Twitter first and go from there. And forget Google+. It’s not worth it.
Retailers that will last also have a defined brand presence that customers, both potential and current, can understand.
Branding is important, but it isn’t limited to simply filling a store with well-known names. Retailers also can be their own brand, which means sending a cohesive message that resonates across their merchandise mix, employees’ attitude and dress, and in their store logo and social media interactions.
Are you the hip spot that carries cutting-edge designers, the fifth-generation family-owned business that endears yourself to each new generation of customers or the local destination for those big-name brands? What is the story of your store? Why are you in business?
There’s no right answer to any of these questions. Whatever you do decide, though, you just need to figure it out and go with it.
As a person who has a hard time making decisions (you have no idea how many times I’ve just rewritten these couple paragraphs), I recently was struck by this interview in Rolling Stone with a young, successful musician who said she lives by the creed, “first thought, best thought.”
While it’s never a bad idea to think things out when you’re running a business, it’s usually the case that one’s first instinct turns out to be correct. You know what your store is about, so be it.
On the other hand, brick-and-mortar retailers need to, at the very least, have a modern-looking website that contains professional images of the jewelry they sell.
I am not 100 percent convinced that everybody needs to be selling online, only because I am a proponent of tackling fewer projects but doing them well, rather than trying to do everything with poor results. If you don’t have the staff to properly maintain and operate an e-commerce site, than don’t do it. Concentrate instead on having a nice website, a great in-store experience and a strong social media presence.
Your social media priorities should be: 1) Instagram; 2) Facebook; 3) Pinterest and 4) Twitter. Don’t have the personnel to do them all? Eliminate Twitter first and go from there. And forget Google+. It’s not worth it.
Retailers that will last also have a defined brand presence that customers, both potential and current, can understand.
Branding is important, but it isn’t limited to simply filling a store with well-known names. Retailers also can be their own brand, which means sending a cohesive message that resonates across their merchandise mix, employees’ attitude and dress, and in their store logo and social media interactions.
Are you the hip spot that carries cutting-edge designers, the fifth-generation family-owned business that endears yourself to each new generation of customers or the local destination for those big-name brands? What is the story of your store? Why are you in business?
There’s no right answer to any of these questions. Whatever you do decide, though, you just need to figure it out and go with it.
As a person who has a hard time making decisions (you have no idea how many times I’ve just rewritten these couple paragraphs), I recently was struck by this interview in Rolling Stone with a young, successful musician who said she lives by the creed, “first thought, best thought.”
While it’s never a bad idea to think things out when you’re running a business, it’s usually the case that one’s first instinct turns out to be correct. You know what your store is about, so be it.
More on Editors
The Latest
MajorsMay 06, 2024
Malabar Gold & Diamonds Opens 4th U.S. ShowroomThe Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
Events & AwardsMay 06, 2024
Ben Bridge Jeweler Accepting Applications for Lonia Tate ScholarshipIt will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
Brought to you by
From Registration to Return: 10 Tips to Protect You Before, During and After a TradeshowTradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
CrimeMay 03, 2024
Second Suspect Arrested in Murder of Colorado JewelerWheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
Weekly QuizMay 02, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
CollectionsMay 03, 2024
A Sneak Peek Into PGI’s Couture Platinum Spotlight ProgramPGI partnered with four new and seven returning designers for its annual platinum capsule collection.
MajorsMay 03, 2024
Kristie Nicolosi Joins WJA Board AgainNicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
CollectionsMay 03, 2024
Piece of the Week: A “Bit of LUV” for the DerbyKarina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
IndependentsMay 02, 2024
Oklahoma Jeweler Glenn Lewis Dies at 68The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
AuctionsMay 02, 2024
Vintage Baume & Mercier With Ties to Elvis Sells for $7K Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
SurveysMay 01, 2024
Consumer Confidence Falls in AprilConcerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
TrendsMay 01, 2024
Amanda’s Style File: All Eyes on EmeraldsMay’s birthstone is beloved for its rich green hue and its versatility.
SourcingMay 01, 2024
Opsydia Names New Sales and Marketing Director Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
CrimeMay 01, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
CollectionsApr 30, 2024
12 Otherworldly Pieces From Tiffany & Co.’s 2024 Blue BookThe “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
MajorsApr 30, 2024
Zales Celebrates 100 Years With New CampaignThe brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
MajorsApr 30, 2024
Platinum Guild International Appoints New CEOTim Schlick has been promoted from his previous position as COO.
Events & AwardsApr 30, 2024
Canadian Jewellers Association Brings Back the Summit It’s the second year for the event, slated to take place in October in Toronto.
Recorded WebinarsApr 29, 2024
Watch: Diamond Identification and Evaluation - How to Protect your BusinessSupplier Spotlight Sponsored by GIA
SourcingApr 29, 2024
De Beers to Move Auction HQ from Singapore to BotswanaSales will be paused while the relocation takes place over the next few months.
CollectionsApr 29, 2024
Simone I. Smith Mixes Denim and Diamonds in New Collection“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
IndependentsApr 29, 2024
Venus Jewelers Relocating After 45 YearsThe retailer is moving to a newly designed space in the same shopping center.
