Rapidly evolving customer expectations and tight economic times have kept jewelers on their toes, but the new year offers a valuable opportunity to pause and reassess the business.
“Customers are giving more careful consideration to their purchases and depending on trusted jewelers to help guide their decisions,” said Sam Indelicato, director of jewelry at RDI Diamonds. “Now is the time to take stock of your business and ensure that it’s poised to provide the products, service, and expertise customers have come to expect.”
Making necessary adjustments and setting new intentions will help to earn customers’ trust and, ultimately, their business. Here are three ways to set your business up for a profitable 2023.
Create a Memorable Shopping Experience
When asked what steers their purchasing decisions, more than two-thirds of people surveyed by PwC cited a positive shopping experience. What makes the experience rewarding? According to the report, what matters most is a human touch.
As you prepare for the new year, meet with your team to establish that you’re humanizing the shopping experience by truly connecting with your shoppers. Are you listening to their needs, preferences, and budget? Are you connecting to their unique love story?
Fortunately, diamonds are an inherently personal purchase, often symbolizing the love between two people. Linking a diamond’s origin and journey to the lifetime the stone will share with a buyer is a powerful way to humanize their shopping experience.
According to the 2022 State of Jewelers Going Digital Report, 87% of retail jewelers believe that technology is key to their future.
Technology can optimize operations by helping to manage inventory, forecast better, and provide e-commerce options. It can also aid sales by conveying accuracy and authenticity, for example, grading with artificial intelligence rather than human opinion.
Other tech options include leveraging blockchain technology to create a secure chain of custody, confirming that a diamond is natural in origin, ethically sourced, and accurately graded, and offering customers the option to purchase a non-fungible token (NFT), an immutable digital record of a diamond’s credentials, for added peace of mind and security.
Evaluate Your Supplier Relationships
Your inventory should include a mix of the classics and trending styles. Trusted relationships with diamond suppliers can help ensure that you are well stocked with high-quality diamonds. While assessing the reliability in your suppliers, be certain that they have availability of diamonds through memos and quick shipping options.
What’s equally important to availability is transparency and accuracy. Make sure that your suppliers are accurately representing their diamonds’ ethically sourced provenance and grading. Customers want to feel good about the diamonds they choose and want to know that you do too.
Partnering with a trusted diamond supplier such as RDI Diamonds can help you prepare your business for the new year and guarantee that you have what it takes to win customers’ business and loyalty.
For more advice and information, visit rdidiamonds.com.