Looking to acquire new customers? We give you our top 5 tips!
In the aftermath of the COVID pandemic, the jewellery industry is back up on its feet. The global jewellery business is reviving, with research indicating that it will be worth $58.9 billion by 2027. As long as the market is moving in the right direction, jewellery store owners should increase sales.
But things will never be the same again. The pandemic has changed the way people buy and sell. To bounce back quickly and achieve the desired sustainability, jewellery business owners must take proactive measures.
Scroll through to read our top 5 tips to amplify your jewellery retail sales!
#1 Determine your segment
Jewellery has a universal audience – people of all ages wear and love jewellery. However, your jewellery store need not target all the groups of this audience. It is always better to identify certain groups of customers that your brand wants to serve. To understand who your company is targeting, the first step is to learn as much as possible about your customers in order to increase your sales.
Every segment has a special need. For example, a woman in her early 30s has a lesser amount of disposable income when compared to a woman in her late 40s; targeting both of them may not be the best plan in the book. Instead, pick a few select segments and then direct all your resources to target those segments.
This helps you carve a unique identity for yourself in the jewellery industry, where you can create a niche offering in specialized segments.
#2 Focus on developing your brand
Studies show that 59% of customers prefer to purchase new products from brands they know. Branding mainly consists of two important heads: building brand identity and building trust around that identity.
You should apply brand identity elements [your logo, website design, patterns and icons, colours and fonts] across all mediums uniformly.
You can amplify the brand identity of your jewellery store through social media marketing, SEO & content marketing. paid advertising, and email marketing. Together, these measures are core to building a trusted brand.
#3 Personalize your customers’ experience
Personalization is one of the key tactics to drive higher conversion.
When you strategize to build your brand, it must convey to them that you understand their needs and requirements; that you have the ideal piece of jewellery that matches their preferences and budget.
Personalizing their jewellery shopping experience, like they are talking to a friend who understands them, can drastically improve your conversion rate. This will help you close more deals quickly!
#4 Embrace AR Solutions
New-age shoppers are always looking for the most convenient ways to shop. Many AR-powered jewellery Tryon apps are now going a step further and introducing exciting new features to help jewellers bring in more customers through features like Ring & Bracelet Tryons and Group Video-Calling features powered by AR.
These tools give your users an incredibly immersive experience and allow them to engage in jewellery shopping like they would in a physical store. Plushvie’s PlushMeet is one such tool that not just gives you a chance to reach out to customers all over the globe, but makes it easier for you to adapt to technology.
#5 Value your existing customers
It is a proven fact that retaining an existing consumer is cheaper than engaging a new one. As per a survey, the success rate of selling to a current consumer is 60-70 per cent, while it’s just 5-20 per cent in the case of a new consumer.
It is important to have a defined customer retention strategy that aims to keep the existing customers hooked to your brand and engaged with your offerings.
Delivering a good experience to your existing customers can exponentially boost your conversion; in some cases triggering word-of-mouth marketing!
The post-pandemic world will keep coming in and out of global catastrophes, and that only makes it even more important for you to pandemic-proof your jewellery business. After all, sustainable businesses are built to last, and not just survive, but thrive.