5 Omnichannel Retailing Principles For Jewelry Retailers

jewelry retailing

As a result of shutdowns and lock-downs, the need for ecommerce today remains undeniable for merchants. This year online sales have risen to 66,3 billion dollars in July, up 55 percent year-on-year.  Although total US retail traffic decreased at a stunning 83% year-by-year drop in mid-April, it somewhat improved to a moderate 34% loss by mid-June. In the sector, we have agreed that e-commerce remains a dominating force for the retail market in the foreseeable future. Still, online shopping won’t entirely replace brick-and-mortar businesses. The retail environment will shift dramatically in 2021 and beyond as companies rethink their business strategies with full omnichannel retailing in mind.

E-commerce investments will grow as merchants strive to differentiate themselves by providing a strong, integrated, and distinctive e-commerce experience. To improve the consumer experience, retailers must guarantee that all goods are available online and those thorough product descriptions and rich multimedia material are provided. Attentive live agents and real-time concierge service can also duplicate the in-store experience’s desirable features.

Even jewelry retailing will be impacted by omnichannel retailing by 2021. That means you can’t rest on your brick-and-mortar laurels as a jeweler. You must appeal to your consumers across numerous sales channels, but in order to do so effectively, you must first understand them. As a result, ChainDrive advises jewelry retailers to follow these five omnichannel best practices.

Here are our top five suggestions for ensuring the long-term success of your omnichannel retail business:

1.Track merchandise using a tray count technique – A lot of jewelry doesn’t have a unique identifier. From the moment of order until the point of sale, you need a better way to monitor the product. Tray counts allow you to group similar products together and see how many you have on hand at any given time.

2.Provide accurate appraisal – You’ll get a lot of requests from consumers to assess their jewelry. Collect the appropriate paperwork on the item and establish provenance rather than merely looking at a pricing sheet and providing a number. This will provide you with the information you require to conduct an accurate and honest appraisal.

3.Know your consumers better – You’ll have a far better picture of how your customers shop, what they purchase, and how much they spend on each visit if you collect the proper information on each of them across all channels where they engage with you. That way, you may create more effective omnichannel marketing strategies.

4.Don’t forget about custom orders – With online shopping, you won’t have to take client orders over the phone or in person. You may supply pre-defined criteria to your consumers online or through your mobile app, allowing you to create a better customer service experience with bespoke orders than ever before.

5.Serialize your merchandise to improve count accuracy – While jewelry does not usually come with SKUs, it does come with serial numbers in a lot of cases. With the proper operations management solution, everything that doesn’t come serialized may be readily serialized. Keep track of all of your products, regardless of where it sells.

Industry analysts predict that retailers will invest in a better omnichannel shopping experience across all channels in the medium to long term to increase store and website traffic. Even in a pandemic, ensuring that retail channels complement one other would help merchants offer convenience, simplicity, and speed, as well as increase sales and loyalty. So, even if you weren’t expecting this omnichannel retail rebel to show up on your doorstep so early, you must welcome this fresh beginning.

Jewelers don’t have to struggle with omnichannel sales. It will be profitable and efficient if you handle it properly. ChainDrive Jewelry store management software can help you do this.

Request a courtesy demo to learn more about the power of our Fully-Integrated ERP and Omni-channel Software Solutions for your jewelry business. We will be happy to show you how our software suite can help you take your retail chain to the next level.

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