The resale market is huge these days—about 16%-18% of people in the U.S. will shop at a thrift store at some point during the year and 12%-15% will shop at a consignment store. While that’s great news if you’re in the resale business, the flip side of that increased consumer interest is increased competition. While you might have once been the only resale jewelry store in the area before, you could now be facing stiff competition from a number of new resale jewelry shops that have cropped up. How can you make sure that customers keep coming through your door instead of heading off to a competitor’s store? Here are three important things you need to do.
Teach employees the art of subtly encouraging bigger sales.
Routinely building higher sales is an important way to build your revenues. Whether you cross-sell (“Would you like to see the bracelet that goes perfectly with that necklace?”) or upsell (“A bezel setting is a little more expensive because of the extra gold, but it will make those diamond earrings look even larger.”), you need to interact with your customers and make suggestions that can help raise the per-ticket price of each sale. Take some time to observe your employees in action. While you don’t want your employees to hover over your customers, you want them to be attentive and make suggestions, especially if a customer expresses difficulty deciding what to buy. Your employees should be guiding customers who are having trouble figuring out what they want to a decision—that’s service that ultimately benefits both you and your customers. You get the bigger sale and your customer gets something he or she wanted with less stress.
Give your customers something to add-on to each purchase.
You need to have on hand a steady supply of plain gold and silver chains that your customers can add to each purchase. Invest in some wholesale jewelry stock that can double as add-on purchases for your customers. Pulling down an 18″ or 20″ gold rope chain and sliding the pendant your customer is eyeing onto it before you encourage the customer to try the pendant on is a good way to quietly demonstrate the importance of buying both pieces at the same time. Have a chain handy in both the next size up and down, so that you can help your customer adjust the length for the most flattering look. By buying jewelry wholesale and in bulk, you can keep the margin on the chains low, in order to encourage their sales. Again, this is the type of service that benefits both you and your customer at the same time.
Offer alternative financing services.
Another way to get customers through the doors is to offer alternative financing options. The reality is that most people in the U.S. have damaged credit these days—56% of consumers have subprime credit scores that make it difficult for them to get regular financing or have credit cards. That doesn’t necessarily make them unreliable people because a lot of folks have suffered through rough financial times in the last few years. Offer your customers alternative financing services that can make it easier to purchase your items. No-interest layaway plans with minimal down payments can help you help your customers return to the luxury goods market and increase your sales. Consider offering in-house financing to regular customers who have had a previous layaway with you and made timely payments in the past. That can increase your customer loyalty and your sales.
In today’s competitive resale jewelry market, increasing sales and keeping customers is all about providing service that simultaneously benefits both you and your customers.
Investing in fine jewelry pieces can not only elevate your aesthetic appeal, but give you access to physical property that has real value. Determining which type of jewelry pieces to invest in can be challenging, but opting to buy pieces made from real gold can be beneficial.
Here are three reasons why you should consider investing in gold jewelry now.
Some of the value of gold jewelry items can be attributed to their scarcity. Gold is a commodity that must be mined from the Earth before it can be refined and transformed into a valuable piece of jewelry.
The number of productive mines is decreasing, and experts estimate that it can take anywhere from five to ten years for a new mine to be developed and begin yielding new gold. By buying gold jewelry items now, you ensure that you will possess some gold even as access to gold becomes more limited.
Gold jewelry items are constructed from a metal that is proven to retain its value over time. When looking at charts illustrating gold prices over the last 100 years, it’s easy to see that the value of gold has steadily climbed throughout the years.
Gold retains its value in the face of geopolitical uncertainty and deflation, making it an excellent way to diversify and strengthen your investment portfolio. By investing in gold jewelry items now, you will give yourself access to a valuable commodity that can be sold for a profit if the financial need arises in the future.
When viewing gold jewelry items as both an investment and a fashion statement, it’s important to recognize that demand can increase the value of your gold jewelry.
Although the gold in your jewelry pieces has value as a market commodity, investing in pieces created by notable jewelers can add value to your jewelry. Collectors are often willing to pay top dollar for jewelry pieces made by Trifari or Coro, so buying these pieces now will allow you to capitalize on their increasing collectible value in the future.
Finding ways to diversify your investments can be challenging. Viewing gold jewelry items as both an investment and a way to make a statement can allow you to stockpile assets that can prove financially beneficial in the future. Gold jewelry items are scarce, retain their value, and are often in-demand as collector’s items, so purchase some gold jewelry in the near future to begin enjoying the benefits these pieces can offer. Contact a company like Ed’s Coins for more information.
In life sometimes you go through hard times. There are also times in which you will be doing well and a loved one will be having some sort or difficulty. If you have a friend who is going through a period that has been rocky for them or is embarking on a tough journey, you may be interested in doing something nice for them. If you want to help your friend by providing them with a tangible token, here are some items that your friend may enjoy during their rough patch.
A love knot ring
Not just for lovers, love knot rings symbolize more than romance.The decoration and interlocking patterns of the Buddhist love knot and the Celtic love knot are a symbol of everlasting. When going through a hard time, it can be rough remembering when times were good. What your friend may need is a reminder that, much like the love knot, life is a series of patterns. Good days are coming after they have weathered the storm. Give love knot jewelry to your friend along with a letter explaining how you also got through a difficult period in your life.
Sapphire ring with wave band
Much like the ocean is vast, so is life. Water is also a life source for the entire planet. A small blue sapphire ring with a wave design will help your friend think of the ocean each time they look at it. This ring may also inspire your friend to take a nice trip to the beach to see the ocean, which can provide an instant mood boost for those who love nature and need some relaxation. Present this small ring to them with some photos of the ocean.
Locket with engraving
Lockets are a small safe space to keep a small reminder or token that you may need. A locket for your friend can be an excellent place for them to keep something that they love. This may be a photograph of their family, a small printed quote that they fold up, or even encouraging words that they write on a regular basis and trade out regularly, similar to a locket dairy. Get your friend a locket with a quote inscribed that can help encourage them during a time of turmoil. This way every time your friend looks down they can enjoy what is inscribed on the locket, plus enjoy what they keep inside of the locket just for themselves.
For more information, contact jewelry companies like Sloane Jewelry LLC.