As Valentine’s Day approaches, retailers across the country are filled with excitement and apprehension. The day is synonymous with chocolates, flowers, and, most memorable of all, jewelry.
Valentine’s Day is an important event in any jeweler’s calendar. So we have prepared some jewelry insider tips to make sure the day is just as special for retailers as it will be for those who receive their gifts.
Set the mood… literally
One less talked about consequence of the coronavirus pandemic is that many brick and mortar jewelers have found themselves with a lot of time on their hands. This time has presented an intriguing opportunity for busy stores to reimagine their store and setting.
Richter & Phillips Jewelers of Cincinnati took advantage of this downtime to renovate a part of the store. The results speak for themselves. While most retailers won’t have a grand, century-old building to work with, they can still learn an important lesson from the work of these Cincinnati jewelers as they prepare for Valentine’s Day shoppers.
As consumers return to in-store shopping, Valentine’s Day is an excellent time to set the mood and enhance the experience with an elegant redesign. Colors, presentation, and comfort are all part of the broader occasion of browsing for jewelry. Even minor decorations can make a difference. They get customers in the mood, attract them into the store, and can even serve to remind them that the holiday is fast approaching.
This Valentine’s Day, retailers should think about the small aesthetic changes they can implement to wow their customers and make them want to come back time and again.
Create a buzz
As experts in their field, jewelry retailers should understand what styles are the latest, breaking, or most coveted. Getting on top or ahead of trends lends a retailer credibility and prestige. Furthermore, it helps the browsing customers feel like they are in safe hands.
A knowledgeable and genuinely enthusiastic sales assistant should assure customers and infect them with their love of diamonds while freely sharing tips for buying jewelry. As with all holidays, retailers should be well prepared to guide first-time buyers on the basics, like cut and clarity.
A vital part of the process is guaranteeing the entire team is informed and up-to-date on the latest trending pieces. Customers new and old will want something striking and exclusive, so retailers should take steps to ensure their staff is ahead of the curve and ready to make tips for buying jewelry — particularly tips on new jewelry trends that resonate.
Inventory
Retailers should ensure they have the inventory to meet the surge in demand caused by Valentine’s Day. Failing to have the supply to satisfy this rush means that customers seek out alternative jewelers. It’s not just that particular sale a retailer could lose out on, but potential return business too.
While some customers are prepared well in advance, others wait until the week that leads up to Valentine’s Day. Many jewelers’ stocks are low after the Christmas rush, but it’s wise to replenish in mid to late January to catch consumers who like to plan ahead as well as those who realize that the date is approaching at the last minute.
Understand the thought
The perception of Valentine’s Day is that the main driver of the market is men buying diamonds for women. While this does make up a significant part of revenue, concentrating solely on this market constitutes a missed opportunity.
Jewelry is for everyone. Retailers should communicate this ethos in marketing materials and other content. Additionally, jewelers should place more focus on getting people to buy jewelry for themselves too. Making the focus of advertisement solely a man buying diamonds for his partner limits prospective customers considerably.
A marketing message that promotes the idea of jewelry as a meaningful gift to celebrate a promotion, a raise, or as an act of self-love could open up the market to others and encourage a new revenue stream.
Anticipate changes
Jewelry retailers also should look to social media to gauge the temperature of the market. Understanding where consumer shifts are happening will allow a business to stay current and relevant.
Gen Z is an ever-growing demographic — and, most notably — an ever-growing consumer base for engagement and wedding rings. The upper range of these consumers will be turning 25 years old this year. Best practices of past years will not be enough; capturing the attention of this generation will require a fresh approach. Retailers should curate their marketing materials to speak to these consumers. Social media alone is not sufficient. How retailers use these tools will determine their effectiveness.
To maximize impact for Valentine’s Day, jewelers should pre-program their social feeds and blog calendars. Establishing the brand as a trusted source and easy to navigate retailer is crucial in this competitive landscape. Gen Z makes up a considerable number of US Consumers (40%). Additionally, they purchase almost $150 billion of goods per year. Retailers cannot afford to ignore this demographic.
Retailers should use the peculiarities and preferences of Gen Z to their advantage. According to Forbes, Gen Z’s trust in larger institutions is on the decline. They prefer smaller, local, boutique-style stores with a less corporate identity. Retailers can make this work to their advantage by promoting the small business aspects of their company.
Further, Gen Z responds well to content that expresses personality. Family-run jewelers or small retail teams can build trust and an emotional connection with social media that tells the story of the company’s origins or highlights a more behind-the-scenes look at the process. Almost half of all Gen Z consumers understand that they can train online and social media algorithms to deliver them the content they want. The line between entertainment and news is non-existent for some of this powerful consumer contingent.
Although it still works, producing content for this demographic is about much more than pretty Instagram photos. Retailers need to dig deeper and offer content that helps forge a more profound connection. This content can be as simple as buying jewelry online tips and tricks to more polished, product-focused videos and articles.
Conclusion
As with all holidays, jewelry retailers are presented with the opportunity to grow their sales, their customer base, and stand out as experts. Thoughtful planning and analysis of growing customer bases can largely benefit sales results.
Adjust the approach to new and first-time jewelry buyers, whether they are buying jewelry online or in-store. Leverage social media and breaking trends to showcase expertise and thought to the holiday.
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