Jeweller - December 2020

a free Business Health Check, covering staffing levels, stock holding,
merchandising, marketing and overall business performance and
profitability – delivered in a ‘real world’ solution package.”
Like all other industries, the original reason for joining a buying group
was to take advantage of the trade discounts from suppliers – but that
is only part of the picture.
Taking the next steps
In March, Webb was quick to address the ‘glass half-empty mentality’
that can permeate any industry during tough times.
“Aside from all the difficulties, the real danger I see is the danger
from ourselves, as the retailer, getting stuck in the negative talk and
becoming irrelevant to the consumer,” he explained.
Indeed, while retailers must continue to adapt to a more digitallyfocused
environment, 2020 also proved that the retail experience is a
resilient one.
A recent survey of 25,000 international consumers, conducted by
Adyen and Opinium Research, found Australians had a far stronger
desire to shop in-store than their UK or US counterparts –72 per cent
versus 50 per cent 62 per cent, respectively – and nearly two-thirds
of Australian respondents indicated they they were looking forward to
shopping ‘or pleasure again.
More broadly, the Westpac-Melbourne Institute Index of Consumer
Sentiment reached a seven-year peak of 107.7 in November, following
an 11.9 per cent increase in October. The Index is now 13 per cent
above the average over the six months prior to March 2020.
Indeed, while retailers must continue to adapt
to a more digitally-focused environment,
2020 also proved that the retail experience
is a resilient one
Yet even amid signs of recovery, Webb recommends “cautious and
measured steps”, predicting, “2021 will be a little more unknown as
the government incentives slowly disappear. With a vaccine promising
to be close, it’s still going to be fragile and uncertain times ahead.”
This is perhaps where the benefits of safety in numbers becomes vital;
membership to a buying group offers a range of support not readily
available to individual stores.
While retail buying groups do not offer the elusive panacea – and
may not be the right choice for every independent jeweller – as the
business world becomes increasingly competitive and complicated,
they do offer a safe harbour within which like-minded business
owners can seek protection and assistance in order to flourish.
Better still, jewellers now have a choice of four groups – all with
different advantages – to suit their specific needs.
DGA diamonds are all natural and
ethically mined. The range includes
9K and 18K gold bridal sets, wedding
bands, fashion earrings, bracelets,
rings and pendants.
New season designs now available.
Editor’s note: A previous version of this report appeared in the March 2020
edition of Jeweller. Consistent with Jeweller’s role as a journal of record for
the industry, updated membership and store count figures were deemed
necessary given the impact of COVID-19, as well as the entrance of a fourth
buying group into the category.
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