Thursday, April 21, 2011

How to run a Jewelry Business

Jewelry has been an integral part of human civilization. Some people wear jewelry because they adore it and some wear it as a necessity, you won’t find any woman who is not wearing any sort of jewelry. Jewelry is also used at auspicious occasions like marriages, engagements, etc. Jewelry is a symbols power and prestige. Jewelry is also worn to deliver style statement and be fashionable. Jewelry retail stores are one of the most profitable businesses now days. These stores are primarily engaged in the retail sale of jewelry, such as diamonds and other precious stones mounted in precious metals and sold as rings, earrings, necklaces, nose pins, bracelets, sterling, plated silverware, watches, etc. Running a jewelry business is quite simple if you are an expert jeweler. Jewelry is something which attracts both men and women. For some of the people jewelry is a fashionable entity at the same some of them considered jewelry as an asset. Jewelry is something which is always in demand. Your Jewelry business will never run short of customers. However if you are new at jewelry business it may be a little bit difficult task in the starting but after some time you will find unlimited opportunities in front of you. It’s a highly profitable business. A retail jewelry business buys and sells old and new jewelry item to or from public. In jewelry retail industry, good merchandising and effective marketing are the only sources of profitability. If you think that the big jewelry store can affect your profitability then you are wrong, smaller retailers can flourish and have prosperous future. The main thing which will decide the success of your retail jewelry store is the retailer's strategy.

You will have to take care of few things while running a jewelry retail store:

Location for jewelry retail store:

The place where your jewelry store is situated matters a lot for the success of your business. Look for an easily approachable location. A store needs traffic passing by it every time. So you must open your jewelry retail store at malls or at city shopping centers. It is easy to attract customers at a crowded market.

Staff for jewelry retail store:

Jewelry retail stores should hire staff having knowledge about jewelry. Experienced and dedicated staff is a major factor behind the success of any business. A jewelry retail store may require staff like salesmen, jewelry designer, goldsmith, gemologist, etc. You need to have skilled marketers for your jewelry retail store, who are capable enough of converting the leads into the sales. Your staff must possess great convincing skills. Main task of sales person is to showcase jewelry items in their stores and sell them to customers. Make sure staff you chose is reliable. On the other hand you can hire a designer to create unique jewelry items for your jewelry retail store. A jewelry designer should be an experienced goldsmith who can design jewelry items using various precious metals and gems like gold, silver, platinum, diamonds etc.

Offer various payment methods:

Your retail store should provide all the available payment methods to their customers, like you can accept payment through credit cards, debit cards etc. It will increase the goodwill of your retail store and can increase customer’s satisfaction for you.

Specializing in specific types of jewelry items:

You can make your retail jewelry store unique from other by specializing in specific types of jewelry products such as weeding rings or diamond jewelry etc. You can go for any of the specialized field it will help your retail store to get success easily.

Consider customer’s needs and demands:

You should take care of customer’s choice and requirement, what exactly they want to buy. You should offer right jewelry to them. Design the jewelry with fresh outlook for them; offer something different to your customers.

Observe competitor for your jewelry retail store:

Learn from other jewelry business as they are mostly run by experienced persons. Figure out at their market strategy and what types of jewelry do they specialize in. Look for the jewelry line which is not available by your competitors. Make an identity for your retail jewelry store by displaying unique jewelry line which is not available by any other retail jewelry business.

Promotion of jewelry retail store:

Every business nowadays requires networking to survive and find prospective clients. A jewelry retail store is no different from others. A jewelry retail store would always require some sort of promotion to stay in the business and compete in the market. A jewelry retail store needs to promote its jewelry collection in a right manner to find potential clients. Word to mouth is the best type a promotion a jewelry business can get, it always has a positive impact on a person as it is done by a third party and is a non paid source of promotion. It adds to the goodwill and reputation of a jewelry business. A jewelry retail store can also chose paid method of promotions such as Radio, News Paper, and T.V. A properly marketed jewelry retail store never has shortage of business and clients.

1 comment:

  1. Useful info. Lucky me I discovered your website unintentionally, and I am surprised why this accident did not happened in advance! I bookmarked it.