Jeweller - May 2024

More documents

Info

BACK TO THE FUTURE! The 2024 International Jewellery Fair (IJF) will once again see the Australian jewellery industry united and amalgamated – all coming together under one roof; working for the betterment of retailers and wholesalers alike. Not only will the Sydney Fair feature the largest cross section of brands, suppliers, products and services all in ONE location, Australia’s retail buying groups – Independent Jewellers Collective, Nationwide and Showcase – will be present on the fair floor using the three-day event to connect, educate, buy and celebrate. UNITY! IJF remains the longest running annual celebration of the Australian jewellery industry and is an example of how everyone can collaborate, combine to improve and advance the industry… it’s BACK TO THE FUTURE! It is often said that where there is unity there is strength, and in this ever-changing digital world, there has never been more reasons to work together for success. IJF again unites those who put the success of the jewellery industry first and provides the best opportunity for collective success. It is where sellers and buyers gather under one roof at Australia’s premium purpose-built exhibition venue – the International Convention Centre (ICC) at Darling Harbour. Want to be part of this year’s celebration and festivity? Register today. International Jewellery Fair 17 – 19 AUGUST, 2024 ICC SYDNEY, DARLING HARBOUR JEWELLERYFAIR.COM.AU Where Brilliance Connects Proudly supported by FREE REGISTRATION Organised by 10 | May 2024
Editor’s Desk Social media: Is the juice worth the squeeze? Are jewellery retailers placing too many eggs in one basket when it comes to social media? SAMUEL ORD considers the pitfalls of digital dependency. It goes without saying that the internet has evolved into a bountiful resource for independent jewellery retailers. Social media platforms offer a gateway to an endless pool of new consumers, and e-commerce websites can serve as a valuable addition to a traditional storefront, generating additional sales. The latest research from Jeweller has uncovered some startling insights about the relationship between Australia’s independent retailers and digital marketing. The 2024 State of the Industry Report documented 2,010 independent jewellery retailers in Australia. A deeper analysis has revealed that around 600 of these businesses (30 per cent) do not have a website. Many retailers operate social media accounts instead of websites. Surprisingly, 265 businesses – 13 per cent of the total market – did not have a digital presence at all. These are remarkable findings given the increasingly co-dependent relationship between business and the Internet. Most business owners are comfortable acknowledging the benefits of digital marketing; however, there can be challenges preventing some from migrating online. These include budget concerns, a lack of time, technical difficulties, and general uncertainty about where to start. Fast-forward to the end of this decade, and it would seem unlikely that a large percentage of the industry will be absent from the internet in the not-so-distant future. This is in part due to demographics. Many jewellery business owners are closer to the end of their careers than the beginning. During Jeweller’s survey of more than 200 retailers, participants were asked their age. More than 58 per cent answered 55 or older, and a further 22 per cent were aged 45-54. Retailers were also asked if they intend to retire or sell their business in the next five years, with 38 per cent of responses indicating either ‘strongly agree’ or ‘agree’. These insights suggest a ‘changing of the guard’ is on the horizon for the jewellery industry. Emerging businesses led by younger proprietors are more likely to be ‘tech literate’ and embrace the internet than previous generations. That said, it seems likely that by 2030, far fewer jewellery businesses will operate without a website or social media account. Only time will tell. Risk & Reward Jeweller’s research found that rather than having a website, 14 per cent of Australia’s independent retailers are using Facebook as a primary digital point of contact, and a further 3 per cent are using Instagram. The emergence of these platforms has offered many advantages to retailers and even increased the viability of business models operating without a storefront. It’s important to acknowledge that it’s not all ‘fun and games’. This is particularly true when businesses depend on these platforms for sales leads and income generation. That is to say, instances in which social media platforms act as primary sales tools. For these retailers, the future of their business is largely taken out of their hands, and they are subjected to the whims of big technology companies, such as Facebook, Instagram, TikTok and others. History says that’s a recipe for disaster. You may recall a story from 2010 concerning Sydney jeweller Victoria Buckley. Buckley’s business launched a marketing campaign featuring images of dolls posing with jewellery. Visual merchandising displays in a George Street store window were accompanied by Facebook posts. After the campaign launched, Buckley received warnings from Facebook that the pictures constituted "inappropriate content" and breached the site's terms of service. The only nudity to speak of were nipples on the high-end porcelain figures. The platform later removed the images, effectively erasing the digital marketing campaign. Buckley set up a separate page declaring that the platform was censoring her. Facebook struck that page down. Facebook would eventually apologise for the censorship; however, the damage was done, and a valuable lesson was learned. As Buckey later explained, the experience "It’s folly to ignore the advantages digital marketing can offer your business. It’s foolish to ignore the risks associated with depending on these platforms for sales." demonstrated that all it took to erase a marketing campaign – and an avenue for sales - was for a single faceless employee at a social media company to disapprove. All it takes is the click of a button to delete hours of work and a potentially significant financial investment, and business owners have little, if any, opportunity for recourse. This silent threat looms large over any business that depends on social media for sales. The future of the business rests in the hands of anonymous tech employees. Similar concerns have been raised over the social media platform TikTok. In April, US president Joe Biden signed into law an effective ban of the platform. This prohibition threatens the livelihood of many businesses that use the platform for marketing purposes – and the resolution is out of the hands of these entrepreneurs. Crime & Punishment An increasing reliance on these platforms also exposes these businesses to the other more common pitfalls of social media, they have warped consumer expectations. Businesses must be available 24/7 online to answer questions. Any failure to do so can be met with scorn and invites unfair comparisons between businesses. Would you rather sleep after a long day in your store or reply to inane questions about a pair of $99 earrings at midnight? People spread hurtful comments and content online that they would never utter face-toface with another person – and not everyone is who they say they are online! If your store can thrive and prosper without a website or any digital presence whatsoever, then great. It could be the hallmark of a strong and well-established business However, depending on Facebook and other tech platforms for your sole online presence may not be wise. It’s folly to ignore the advantages digital marketing can offer your business. It’s foolish to ignore the risks associated with depending on these platforms for sales. It’s up to you to determine whether or not the juice is worth the squeeze. SAMUEL ORD EDITOR May 2024 | 11
Page 1 and 2: VOICE OF THE AUSTRALIAN JEWELLERY I
Page 3: Twelve single Argyle Pink Diamonds
Page 7 and 8: Become a stockist today 02 9290 219
Page 9: WHY ARE SO MANY JEWELLERY RETAILERS
Page 14 and 15: News Michael Hill outlines plans fo
Page 16 and 17: News Jewellery Fair: Special visito
Page 18 and 19: News Unique opportunity to explore
Page 20 and 21: News The world’s largest diamond
Page 22 and 23: Australia’s #1 Jewellery Director
Page 24 and 25: 10 Years Ago Time Machine: May 2014
Page 26 and 27: Behind every gemstone, there is a f
Page 28 and 29: ADDENDUM TO THE 2024 STATE OF THE I
Page 30 and 31: 2024 STATE OF THE INDUSTRY REPORT J
Page 32 and 33: CELEBRATING Local Talent MATTHEW EL
Page 34 and 35: 34 | May 2024
Page 36 and 37: CLARTE GEMIINI BANGLE & EARRINGS CA
Page 38 and 39: MEJURI PATRA DIAMOND BRACELET & HOO
Page 40 and 41: TIFFANY & CO. HARDWARE BRACELET ATH
Page 42 and 43: BUSINESS Strategy How do you get yo
Page 44 and 45: BUSINESS Selling Customers need hel
Page 46 and 47: BUSINESS Marketing & PR Deepen your
Page 48 and 49: My Bench Shay Daly Artisans Bespoke
Page 50 and 51: OPINION Soapbox Change is hard at f
Page 52: SAMS GROUP AUSTRALIA Sapphire Dream

Jeweller - May 2024

Create successful ePaper yourself

Delete template?

Save as template?