Bloomreach’s Post

“The jewelry industry’s journey through 2024 will be not only about overcoming challenges but also seizing the opportunities that come with changing consumer behaviors, preferences, and values.” #retail #jewelry #sales #dataanalytics #edgeretailacademy #Nationaljeweler #retailstrategy

The Engagement Ring Sale - Pick a lane and do what you do best - Part 1 Just a few years ago the average sale on an engagement ring at an independent jeweler was around $,5000.00 or more. It was a 3/4 - 1CT center with a beautiful mounting that made the guy a hero. Then a new product came to market that offered consumers what is called “more for the same” in marketing speak. This was terrific as consumers were spending the same money and getting more and so was the jeweler …in his pocket. This quickly eroded to more for less and now we are faced with declining revenue but arguably higher percent margin. As we all know, you can’t eat margin percent as we all pay our bills in real dollars. So, what happens now? What should we do ? It seems obvious to me that there is a finite number of engagements a year and if the price points drop even further, then this beautiful cultural imperative that launched millions of happy engagements and happy jewelers is being challenged. I am sure I am late to party on this but here is a thought or two. I am a father with two married children. One is a woman, and one is a man. In both cases they married wonderful spouses, and, in both cases, they purchased a natural diamond. It meant a lot and it cost a lot. That was the thing. You appreciated me enough to spend that much to say I love you. Lab created diamonds are beautiful and have a real and sustainable place in the jewelry business. That being said can your store sustain a business if $2,000.00 engagement rings are your new norm? Here is my initial suggestion with more to come. First, pick a lane. Who do you want to be as a retailer? Is your customer a prestige or a value shopper? If you want to be a retailer that services the prestige customer, then start with natural diamond. You can always have Lab Grown for those who absolutely want to spend less but is not the headline. Begin to offer Lab Grown in fashion where the sale is less emotive. Let’s find a way to bring customers back into the stores more often by offering great value and options to wardrobe more frequently in fine jewelry. Now... let’s pick a lane and go. Would love to hear your thoughts ! #labcreated #labgrown #diamonds #jewerly

DYK the average conversion rate for luxury and jewelry stores is typically around 1.46% – however, if research is to be believed, the conversion rate for jewelry businesses has increased by a little over 32%. Let the experts convert your clicks into customers smoothly. #binary #binaryic #shopify #shopifyexperts #shopifypartners #ecommerceexperts #ecommercebusiness #onlinebusiness #jewellerybusiness #estore #jewellerystore #conversionrate #cro #crostrategy #jewelleryaddict #jewellerytrends #fashionaccessories #onlinejewelleryshop

The world of #jewelry is constantly evolving, each year bringing in a fresh wave of #creativity and #style that reflects the shifting landscapes of #culture and #design. As we edge closer to mid-2024, it’s time to delve into the sparkling trends that will adorn buyers, excite suppliers, and shape the global trade market. Whether you’re a #fashionista, a luxury retailer, or a keen market analyst, join us as we unveil the trends set to define the year ahead in jewelry. Read more: bit.ly/48jI5ui #buyer #trends #globaltrade #markettrends 

As a Director at Diatrends, I've witnessed the ebb and flow of the jewellery market. Like any other industry, it presents its share of challenges. Yet, it's crucial to echo Gail Lynne Goodwin's wisdom: 'Adversity can be turned to Opportunity simply by adjusting our perception and our attitude.' In the face of market shifts and fluctuations, our team's optimism and resilience have been instrumental. We view challenges as stepping stones to innovation, allowing us to refine our craft and explore new avenues. It's this optimistic outlook that transforms obstacles into opportunities, guiding us towards continued growth and excellence in the ever-evolving world of jewellery. #customercentricity #b2bjewellery #jewellerymanufacturing #diatrends #OptimismInBusiness #TurningAdversityToOpportunity #JewelryIndustryInsights

Cart abandonment benchmarks: Which categories have the highest and lowest rates? The average cart abandonment rate worldwide was 73.9% in the 12 months ending July 2024, according to data from Dynamic Yield. Among eight categories, luxury and jewelry had the highest cart abandonment rate, at 81.4%, and consistently experienced the highest rates, averaging around 80% in the 12 months ending July 2024. Given the high price points and longer consideration times for luxury purchases, it’s not surprising that the category has the highest cart abandonment rates. #shoppingcartabandonment #conversionrateoptimization #ecommerce

Hey, fashion-forward individuals! I have a message for you. 🌟 Once, I struggled to find genuine luxury items at prices that didn't break the bank. I know the frustration of questioning authenticity & waiting endlessly for deliveries. That's why I created Murillo Merchandise! 💎 Here are the facts: - Industry: Luxury Fashion - Niche: Curated luxury at unbeatable prices - Zero-tolerance policy against counterfeit items - Core values: Authenticity, Affordability, Unmatched customer satisfaction Step into Luxury: Start Your Shopping Journey at Murillo Merchandise! ✨ Share or comment if you crave authentic luxury without the hefty price tag! 💬 #LuxuryForLess #AuthenticFashion #MurilloMerchandise #luxuryonabudget #luxuryforless #authenticitymatters #murillomerchandise #designerbrands #luxurylifestyle

Did you know the top 2% of luxury customers drive 40% of total sales? A case study reveals how luxury brands like Gucci, Mytheresa, and Tiffany & Co. are doubling down on experiences and emotional connections to build loyalty with their highest spenders. (source: The Business of Fashion) The results: - Gucci: Private salons increased repeat visits and average spend, showcasing the power of exclusivity. - Mytheresa: Very Important Customer-only events fostered a tight-knit community and organic word-of-mouth, built on shared experiences. - Tiffany: Custom creations catalysed emotional connections that drive enduring loyalty. While our context may differ, the fundamentals remain relevant: High-touch service and customization for our most valuable accounts deepen relationships and loyalty. So, whether we sell luxury goods or professional services, these lessons apply: - Identify our customers and understand what matters to them. - Craft elevated experiences that make them feel uniquely special. - Build genuine emotional connections beyond transactions. Let's not take clients for granted. Analysing our book of business, we should take into account who represents the disproportionate revenue and how we can further tailor offerings to their needs. Small gestures that make customers feel understood and appreciated can pay huge dividends. We can use their feedback to fuel innovation. The bottom line? Doubling down on our dream clients is one of the smartest investments we can make, especially amid market uncertainty. What strategies have you found effective for nurturing your best customers? #luxury #sales #digitalmarketing

In her latest article for Retail Jeweller, our Founder, Sarah Jordan speaks to Luxe Watches in Epping, about what it means to take on the pre-owned timepieces market in these challenging times. Click below to read the full article. #RetailJeweller #watchindustry #trademedia #tradejournalist #jewelleryjournalist #jewelryjournalist #jewellerypr 

The bottom line is that fine jewelry retailers are selling luxury goods at luxury prices. This doesn’t mean you can charge whatever you want, but it also doesn’t mean you should sell yourself short or try to compete on price. You need some other strategy to justify your prices and attract customers. Pricing Strategies for Retailers: An Overview of Pricing Concepts and How to Choose the Right One ▸ Link in comment