Date added: 05/12/2016 Increase Sales In Your Retail Jewelry Store
Most jewelry retailers will at some moment face with the fall in prices. The reasons could be external or internal, like seasonal sales or fall in foot traffic.
The following are some simple ways that you can apply to increase sales in your retail jewelry store:
While you may feel it’s time to reduce your marketing budget, you must probably allocate more funds for your marketing campaign.
It’s plausible to improve marketing campaigns, especially during sales slowdown moment; there’s less consumer revenue, but more competition.
You can advertise on magazines, newspaper ads, special publications and any other marketing channel.
Create a Buzz
Any time there's a momentous development in your business, let the whole world know about it by sending a press release through the media. The notion behind this publicity is to snatch any free coverage available.
Also, participate in community events as a way of catching public attention. You can host meetings, classes or any other networking forums within your jewelry retail store. Exploit a special promotional event to create a buzz around your business.
Evaluate Your Pricing Strategy
Whenever buying and pricing your jewelry products, ensure that you have factored in the cost of your jewelry and that your jewelry outlet is able to generate a profit at that particular price point.
The price of your jewelry should thus be competitive, but also profitable. Definitely, the ideal price is the one the customer is ready to pay for.
Design Your Store for Jewelry Sales
Exploit the benefits of impulse sale moments and cross-merchandising strategies. Also, use creative displays (sign holders, sign stands, window displays, brochure holders, display hooks and lighting techniques to attract customers.
You can play videos for customer entertainment, jewelry education and other promotional or upsell tie-in.
Network With Jewelry Customers
First-class customer services are the backbone for sales increase. Listen attentively to your customers to know their wants and needs and then inform him/her on the right jewelry that suits his/her needs and wants.
Also, let the customers have a feeling that you value their purchase or loyalty to your products.
You can provide value-added products and services to your customers, like free deliveries to their workplace or homes. Create an address list by requesting for contact details from every customer.
Proper Money Management
You might become too much involved with the intricacies of your business to the point where you lose track of your finances. Come up with a budget in order to know where each cent is spent, and also keep a hawk eye on cash flow.
Manage your inventory!
If you want to read more about how to make your jewelry store profitable, visit this page.