Jeweller - June, Edition II 2020

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Looking for new product ideas? Maybe you have an unusual request for a diamond or gemstone or perhaps you need a new supplier for your bread and butter items? Or you are looking for a new watch brand? The 2020 Suppliers Directory – the “Bible” of the Australian and New Zealand jewellery industries – has all the answers. STILL THE #1 DIRECTORY 280+ Product Categories 4 Distinct Category Sections Individual Industry 580 Suppliers Jewellery & 520+ Watch Brands Suppliers - Are you and your products listed? Retailers – Have you got your copy? Email info@jewellermagazine.com Not only is the Supplier Directory the largest and most comprehensive industry database, you can access it online through any device 24/7. www.jewellermagazine.com
Post-Pandemic Retail | FORECAST FEATURE Most Popular Products Purchased Online Chart 2: Survey of Australian Consumers, Global Online Consumer Report, KPMG International, 2017 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Books / Music Electronics / Computers Apparel (Women) Household goods & Appliances Accessories Apparel (Men) Food / Groceries Toys / Games / Video games Cosmetics / Skincare Furniture / Home décor Sporting Goods / Equipment Shoes (Women) Telecommunications / Phones Shoes (Men) Apparel (Children) Bags / Leather goods Perfume / Cologne Pharmacy / Gealthcare Wine Shoes (Children) Fine Jewellery / Watches Baby Products Eyewear Pet Food & Supplies Liquor Beer Artwork marketing calendar template, as planning ahead is important. The first step in marketing is to understand your customer profile, and to identify the strengths of your business. It is essential that you market to your strengths, which may be an extensive range, convenient location, the brands you carry, your expertise, or the services that you provide. Due to the shift toward custom design and consumer personalisation, we advise stores to promote custom design as well as repair services. Jewellers need to use as many marketing channels as possible, keeping in mind that most mainstream media has a reduced reach and is expensive. While digital marketing is now the most popular and cost-effective means of marketing, it is essential to not simply assume an online campaign will be effective. Rather, business owners must measure results and continue to test different marketing channels and methods. Marketing starts with the store. Visual merchandising and signage are essential, alongside a factor that can add as much as 20 per cent to a jewellery store’s sales: price tickets on all merchandise. Next, every business needs a quality website that is mobile-friendly. It goes without saying that websites are the modern Yellow Pages listing, with 87 per cent of consumers researching online before shopping in a bricks-andmortar store. While overall online purchases are increasing – and will continue to do so – it is important to recognise that the vast majority of jewellery purchases take place in bricks-and-mortar stores. Jewellery was the 21st most popular online shopping category in a 2017 survey conducted by KPMG, and that trend holds true today. The lower proportion of total jewellery sales conducted online is evidenced when we look at Michael Hill International; in the six months to December 2019, online sales accounted for $10 million, or 3 per cent of the company’s total sales. Therefore, the main purpose of jewellery store websites, social media and digital advertising is to attract customers into stores. Consumers want and appreciate a seamless shopping experience both offline and online. Retailer’s priority checklist Given the economic conditions that we face, the important areas of focus for retail jewellers now should be: • Ensure that you have a quality mobile-friendly website, featuring a representation of your merchandise range and the services you provide • A well-presented store that ACTION NOW Marketing Tips Create an annual marketing calendar Use a template to plan your marketing activities ahead of time Understand your target customer needs, and media habits of existing and potential customers Focus on the strengths of your business Promote your store based on pointsof-difference, such as extensive range, custom design, or convenience Use a variety of marketing channels Reinforce your message by using online marketing channels to drive customers into your store reflects the image you are seeking to portray, with visual merchandising that attracts and appeals to your target audience • Several channels of digital media marketing • Training in effective selling skills and product knowledge, ensuring that both you and your staff are experts in all product areas • Effective stock management strategies that maximise sales, thereby improving your stock turn rate and return on investment • A financial structure – gross profit percentage less labour, rent and other expense percentages – that results in a profit before tax of at least 10 per cent of sales These ‘retail science’ business strategies that we are introducing to Nationwide members through our Business Management Course and webinars are critical retail tools needed to survive and prosper in the years ahead. Sadly, some businesses won’t get through the next 12 to 18 months; however, those that implement the strategies above will survive, and come out a lot stronger and more prepared for the future on the other side. COLIN POCKLINGTON has more than 40 years of experience in strategic and business planning in the retail jewellery industry. He is co-founder of Australia and New Zealand’s largest buying group, Nationwide Jewellers. June 2020 | 35
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