Jeweller - February 2022

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The Great Retail Reset | 2022 PARADIGM SHIFT TRACK YOUR PRODUCTIVITY THE ULTIMATE RETAIL RESET CHECKLIST Sales Remove your holiday social media campaigns – it's a good time to switch from Christmas to Valentine's Day promotions. Review your customer database to identify upcoming celebrations such as birthdays and anniversaries and contact customers who will be planning to buy gifts. Pick up post-holiday sales by offering free shipping or promote a delivery service for repairs and custom design. Send out 'Let's resize that!' promotions for customers that may need to resize a gift that doesn't fit. Increase repair business through text messaging – ask customers to text you pictures of jobs that need to be done or prongs that need to be retipped. Offer new year jewellery cleaning to encourage foot traffic. Send out reminders to have valuations updated. Call customers to collect completed repairs and makes Inventory Clean and polish stock that has been tried on through the busy holiday trading period. Revamp your visual merchandising. Remove holiday promotions instore and online. Review gold and diamond prices and adjust your pricing accordingly Perform a full stocktake, identifying bestsellers and bread-and-butter products. Create a list of required stock that needs to be reordered and set a budget. Research brands that you would like to carry – this will refocus you towards your business’ future. Look up the hottest new trends so that you can review and reimagine your existing stock Remove any discontinued or out-of-stock products on your website. Double-check inventory and make sure stock information and number is up-to-date on the website. Operations & Housekeeping Tighten your cybersecurity! Seek professional advice on how to secure your network and ecommerce platforms to avoid your system being compromised. Private information and credit card details must always remain on a secure server. Review the store's procedural manuals and policies. See where you need to cut processes or add more security in the New Year to ensure you and your staff can run the business most efficiently. OPERATIONS & HOUSEKEEPING CONTINUED... Thoroughly sanitise store in accordance with COVID-19 prevention procedures and review hygiene and sanitation policies with staff. Review store security – if closing, enact procedures to deter thieves such as setting lights to turn on intermittently. Prepare and conduct a post-holiday sales staff performance review and reward those who kicked goals. Review last year's budgets and set monthly targets ahead of time. Take time to review where you need to reduce overheads and prepare a wishlist of where you want to increase your spend this year (i.e. new talent, website or marketing) Create a list of business goals you want to achieve and draw up a timeline to help set measurable milestones Marketing & Web Presence Update all relevant information on your website, expire old marketing campaigns and check for dead links. Refresh the Homepage with new images – New Year, new trends! Ensure you are equipped for online customer service with the right plugins and automated messages. Review your online privacy terms and policies and consider any new regulations. Also update copyright dates across all pages. Standardise product images and take new photos to ensure your online showroom or catalogue looks enticing. Update your social media accounts with a number of fresh products to keep up post-holiday momentum Create a monthly Best Sellers list and curate special jewellery for any upcoming promotions Plan to gather customer feedback post-holidays. Set up surveys online, review web traffic monitoring and pick up the phone! Collect insights for next year's ads and begin making notes on how you will execute your next bigholiday campaign Make a monthly marketing calendar and ensure that you have at least one special promotion a month and plan for milestone dates. Even if it’s modest, ensure you are still reaching your regular shoppers and new potential customers. Review your pop-ups and update offers accordingly to grow your mailing list. Plan ahead and make a list of create time-sensitive offers and take advantage of using QR codes to push promotions. Create a content plan: research topics you want to communicate with your customers and potential new shoppers, and build a content strategy focused on your strongest areas. Update product descriptions and enter as much detail as you can for each item to optimise it for SEO – you want to be found on those Google searches! 42 | February 2022
THE GREAT RETAIL RESET Buying Groups Report Valuable lessons from the pandemic Much has been written about the impact of the global pandemic as well as the damage caused on businesses which, of course, then flowed through to people’s personal lives. And while the focus on the negative is important, what has often been lost is positive and beneficial examples of humam endeavour. While Australia’s jewellery buying groups are businesses in their own right, they are in a unique position because they each have many members that, while technically clients, are seen as part of a large family. The groups, therefore, were not only on the business coalface of COVID-19, but they have seen first-hand the impact on people’s personal lives. It also meant the groups witnessed the wonders of the human spirit and discovered that in periods of turmoil we can surprise each other. “One of the most pleasantly surprising things we’ve learned is that the concept of ‘local supports local’ is very much alive and well in Australian and New Zealand communities,” Jorge Joaquim, CFO Showcase Jewellers says. “Like most people when the pandemic first unfolded, our head office team was initially apprehensive about what the future would hold for our business and personal lives, but we’ve found that in the uncertain climate surrounding global transactions, consumers have fallen back into a more traditional approach to spending, trusting and supporting their local jewellers as opposed to looking overseas to make a purchase,” he adds. Josh Zarb CEO Independent Jewellers Collective (IJC) also notes the hardiness and how people worked together. “I think the resilience of stores shone through for me and I am so proud to see how far many of our stores have grown their business despite all the uncertainty. The extended lockdowns were not fun for anyone, we don’t have a large number of stores in CBD locations so overall as a group, we still had a very strong year [2021] of trade,” Zarb says. Claire Packett, head of category – jewellery at Leading Edge echoes Zarb’s observation: “People’s resilience and adaptability, in general, have been amazing. The past two years have been a rollercoaster of good and bad times, and our members have been able to ride the waves through this period of time.” “Everyone is exhausted at the sheer effort that the past PL A NNING FOR WA RD Head Priorities Colin Pocklington Nationwide Jewellers “From late 2020, the demand for custom design/manufacture was particularly strong. Both diamond jewellery and gold and non-stone set jewellery were up 100 per cent on 2019 figures.” Josh Zarb IJC “I think the resilience of stores shone through for me and I am so proud to see how far many of our stores have grown their business despite all the uncertainty. The extended lockdowns were not fun for anyone.” Jorge Joaquim Showcase Jewellers “One of the most pleasantly surprising things we’ve learned is that the concept of ‘local supports local’ is very much alive and well in Australian and New Zealand communities.” year has required to keep up with almost daily changes in rules and regulations, and now just keeping the doors open with staff shortages is the next challenge. Yet everyone has maintained their sense of humour and is now planning for a brighter future.” Apart from the spirit and resilience of members, many other things caught people by surprise. According to Colin Pocklington managing director Nationwide Jewellers, the substantial growth in jewellery sales from late 2020 through to June 2021 “was very surprising”. “A lot of the money that consumers would normally spend on overseas trips was clearly being diverted to discretionary products such as jewellery. From late 2020, the demand for custom design/manufacture was particularly strong. Both diamond jewellery and gold and non-stone set jewellery were up 100 per cent on 2019 figures,” Pocklington says. Some of this can be explained by a strong trend throughout government restrictions and lockdowns. Nicola Adams, COO Showcase Jewellers agrees that “local jewellers seemed to be rediscovered for their skill and quality products, especially with regard to custom pieces, and customers were happy to pay a higher price point for a better, local product.” According to Adams, Showcase staff were pleasantly surprised with the nationalist approach to spending, and the support of each other, adopted by many Australian and New Zealand communities last year. “In a time with ongoing restrictions on travel and recreational activities, it seems consumers’ discretionary income allowances refocused on retail spending rather than investing in experiences,” Adams says. However, while the ‘Aussie spirit’ shone through during the tough times it should not be forgotten that not everyone coped well. Erin Keller, membership manager Nationwide explains, “Having survived the 2020 lockdowns, most retailers weren’t expecting the additional and longer lockdowns in 2021. The impacts of these lockdowns on businesses and stress levels were profound. Recognising this, February 2022 | 43
Page 1 and 2: VOICE OF THE AUSTRALIAN JEWELLERY I
Page 3 and 4: Helping you shine yesterday, today
Page 5 and 6: We’re celebrating all things cust
Page 8 and 9: Step outside of your business and..
Page 10 and 11: #FUNFURLA FURLA.COM EXCLUSIVELY DIS
Page 12 and 13: Upfront #Instagram hashtags to foll
Page 14 and 15: OUR TEAM IS HERE TO SUPPORT YOU: To
Page 16 and 17: News Costco's diamond and jewellery
Page 18 and 19: News Harry Winston stops sourcing M
Page 20 and 21: News Tiffany & Co. problems continu
Page 22 and 23: News High profile jeweller sues 'co
Page 24 and 25: News EST. 1981 EST. 1981 EST. EST.
Page 26 and 27: WORLD RANKINGS OF JEWELLERY INDUSTR
Page 28 and 29: A Tribute Laughter and legacy: trib
Page 30 and 31: On The Market 1 2 3 4 5 FEBRUARY Pr
Page 32: 10 Years Ago Time Machine: February
Page 35 and 36: REVIEW Gems Part II: Synthetic Diam
Page 37 and 38: BILL HICKS DESIGNS 'Twisted Rose' R
Page 39 and 40: 2022 PARADIGM SHIFT | The Great Ret
Page 41: 2022 PARADIGM SHIFT | The Great Ret
Page 45 and 46: SUPPORT SERVICES FOR INDEPENDENT JE
Page 47 and 48: WHY JOIN SHOWCASE JEWELLERS? AUSTRA
Page 49 and 50: THE COMPLETE PACKAGE Supporting Aus
Page 51 and 52: Business Strategy For example: Offe
Page 53 and 54: BUSINESS Management The global pand
Page 55 and 56: BUSINESS Logged On How user experie
Page 58 and 59: OPINION Soapbox Resetting the jewel
Page 60: Being nature’s most precious wond

Jeweller - February 2022

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