Jewelry has always been a part of our customs and traditions in India.
In the recent past, it has also entered the fashion segment, leading to the emergence of many D2C brands selling low-ticket fashion jewelry. Because of this, the jewelry market is poised to reach a whopping $124.70 billion by 2030.
Given that there are many big players in the jewelry business, like Tanishq, Malabar Gold and Diamonds, Kalyan Jewellers, and many more, you’ll face one big challenge – How to increase jewelry sales?
There’s no single answer to this never-ending question but it is not at all an impossible task to achieve.
To help you tackle this challenge, we’ll go through actionable strategies you can implement to increase jewelry sales.
Role of Brand and Customer Trust in Increasing Jewelry Sales
Jewelry is more than just a product – it’s a symbol for many to express their style and elegance. People want the authenticity of the product and would not mind paying a bit of premium price for brand image.
So, for a business industry like this, building brand image and customer trust should be the first priority to increase jewelry sales over time.
These are 5 key ways you can adopt to build customer trust for your jewelry business:
1. Market the Fact that You’re BIS Hallmark-Certified
Clearly showcase your BIS hallmark certification in all marketing materials, product listings, and store signage. In India, this certification is incremental to build trust amongst your customers. Also, mention the same across all the communications – social media, email campaigns, and your website.
2. Start Building a Brand Image
Establish a strong, consistent brand image that reflects your values, product quality, and unique selling points. Invest in high-quality product photography, create a memorable logo, and maintain uniform branding across all platforms. Make a logo that could make people immediately think it is a jewelry brand.
3. Be Transparent
Be transparent in all your communications, including pricing, catalog images, jewelry specifications, and other relevant information. This transparency not only builds trust but also reduces friction during the customer journey. This will ultimately results in increased jewelry sales for both online and retail businesses.
4. Create Strong Relationships with Customers
Focus on building strong, personalized relationships with your customers through excellent customer service, personalized follow-ups, and after-sales support. You can also offer exclusive deals for your customers which we will go through in a minute.
5. Build a Sense of Reliability
Consistent quality among all categories of products, timely delivery, and honoring promises and customer feedback will build a sense of reliability for your brand. Offer warranties to your products and make sure any customer issues are handled quickly and professionally. These will encourage word-of-mouth marketing, and positive reviews and increase jewelry sales.
Now, these aren’t the only ways to build customer trust. We can take Lalitha Jewelry – a prominent jewelry company, as an example.
Kiran Kumar, the MD himself showed up in multiple advertisements, explaining how Lalitha Jewelers prioritizes BIS certifications to build trust and create a sense of reliability among the customer base.
You don’t have to do the same thing for your brand. This is just an example to show how diverse the brand strategy can be.
If you are new to the jewelry industry, take some time to strategize on how you can build trust and brand image with the points we have mentioned or some other unique way like Lalitha jewelry.
It takes time to get this right and would not yield immediate results but it is a necessity in the jewelry business.
This should be a long-term goal for your jewelry business before jumping into strategies and these can result in increased jewelry sales over time.
How to Increase Sales in Jewelry Businesses: 12 Actionable Marketing Strategies
1. Understand Your Target Market
Segmentation plays a huge role in every business. Instead of targeting and selling your products to everyone, you should segment your audience and then plan your sales and marketing strategies.
Age, Gender, and Income Level
These characteristics play a huge in the purchase decision. Research shows that persons aged between 55 and 64 tend to spend more on jewelry. Since this age group seeks quality, you can target them with premium products.
Similarly, high-income individuals may prefer luxury items, while those with moderate income might opt for affordable yet stylish options.
Understanding these patterns will help you increase jewelry sales by picking the best store location and optimizing marketing campaigns with these demographic data.
2. Build a Strong Digital Presence
Whether you’re trying to increase jewelry sales in retail or online, having a strong digital presence is crucial in both cases.
Google My Business (GMB)
Though your jewelry store is a physical space, people tend to look for reviews, photos, store opening times, and much more online. This is especially true in high-traffic areas where newcomers tend to go through Google Maps, ie, GMB profile to decide their next move.
So, create a GMB profile and keep it updated to ensure you reach every audience, leaving no stone unturned.
Social Media
Social media is the hub of mobile users. With more than 74.70% of internet users enrolled in Instagram, it only makes sense for businesses to engage more on these platforms.
Showcase high-quality and visually appealing images of your jewelry offerings on your Instagram and other social media handles.
Engage with your audience on a daily basis through stories, posts, comments, and so on. If you keep your social media handles active, you can raise brand awareness and credibility amongst your followers.
3. Invest in Advertising
Once you have started working on creating a brand for yourself you can then confidently run digital and offline advertising campaigns on multiple platforms such as,
- Google,
- Meta,
- Email, etc.
You can also consider traditional marketing methods such as,
- Billboards,
- Out-of-home advertising,
- Transit ads,
- Street furniture ads, etc.
To maximize the ROI of these marketing campaigns you should understand where your target people are and their spending habits.
Our location AI platform provides all the key information to pinpoint where you should run these marketing campaigns.
We helped a major Jewelry brand increase its Geo-fencing campaign conversion by 30% and CTR by 45%! Sign up to identify locations where you should be running your ads!
4. Blockchain Technology for Transparency
In recent years, blockchain technology has gained significant traction for its ability to improve transparency and traceability across industries, including the jewelry sector. Blockchain could especially be useful if you’re wondering how to increase jewelry sales online.
By implementing blockchain technology, jewelry businesses can show their customers that their products are genuine and showcase where the materials were sourced, the conditions under which they were processed, and the journey of the final product.
Major eCommerce platforms have already started implementing blockchain in their eStores. One notable example is Myntra.
It’s only a matter of time before big players in the jewelry sector starts implementing this to show their products are genuine.
Since businesses will be open about the product’s origin, this would build customer trust over time and increase jewelry sales.
5. Dynamic Pricing Strategies
Pricing strategies can significantly impact your sales. While competitive pricing can attract price-sensitive customers, premium pricing can position your brand as a luxury option.
So, consider dynamic pricing strategies to adjust prices based on demand, season, or customer behavior to increase jewelry sales.
The jewelry price, however, fluctuates daily. If you pair this up with the changing market demand in the location you are in, it’s impossible to track these trends
Leverage AI tools for pricing strategies to adopt dynamic pricing, so your product will be appealing to a wider audience based on the current jewelry market trends.
6. Offer Click & Collect/BOPIS Method
As we mentioned, people tend to go through websites or Google your brand before they end up in your store.
Buy Online And Pick Up in Store (BOPIS) or Click and Collect is a way to provide a seamless omnichannel experience for these types of customers. It simply means that you will have an option for customers to browse and select their favorite products online and pick them up from a nearby store.
The only challenge here is that you would need to have a great website with minimal to no downtime and seamless inventory management to make the whole process smoother.
Brands like Shoppers Stop, IKEA and Lifestyle have already implemented the same. Specifically in the Jewelry sector, Swarovski has utilized this to facilitate a seamless omnichannel shopping experience to increase jewelry sales.
7. Offer Loyalty Programs and Discounts
Offering loyalty programs is an effective way to increase your jewelry sales. It’s very similar to word of mouth but you’re rewarding your customers for it.
For instance, you can offer a discount coupon if a customer recommends your product to another person or a coupon if a customer purchases above a certain threshold.
To increase the likelihood of making a purchase, you can run discounts from time to time. This will also help increase your customer base.
8. Focus on Customer Retention
While you’re chasing new customers, it’s natural to make the mistake of not focusing on customer retention. Once a customer makes a purchase from your store, there’s a 27% chance of them buying again from you.
Not only does customer retention help in increasing jewelry sales but also in building a loyal customer base. To increase the likelihood, you should constantly collect customer feedback to improve the shopping experience, pricing strategy, or whatever it may be.
E-Mail marketing, Newsletters
Email marketing works well, especially to increase the customer retention rate. For instance, you could run targeted email campaigns based on their previous purchase or offer discounts for their birthdays, and anniversaries, just to make it more personalized.
Similarly, you can use newsletters to keep your customers updated on your new collections, offers, discounts, and so on.
9. Influencer Partnerships and Events
If you’re wondering how to increase sales in the jewelry business further, you can partner with industry influencers and celebrities to reach newer audiences.
If you’re looking for such collaborations, you should consider their moral values and how well they align with your brand and target audience. Analyze how these could affect your brand image.
It is very important to consider this since the person you partner with can become the face of your business and their brand image can affect your brand and sales positively or negatively.
10. Make Use of User Generated Content
No matter how creative and connecting factors your ads will have, people always tend to learn from the product users themselves.
It could be a small review, extensive customer testimonials, etc. Always show them on your website and social media. This would boost your brand credibility and potentially increase jewelry sales.
To go one step further, you can ask your customers to post a picture with your jewelry to grab the attention of their followers and more eyes. You can encourage more customers to do this by offering them discounts.
11. Embrace Sustainability
People nowadays are more and more concerned about the environment and how their personal choices could affect the environment.
Incorporating sustainable practices, such as using ethically sourced materials or eco-friendly packaging, can attract a broader audience.
You can also highlight these in your marketing campaigns to differentiate yourself from the competitors.
12. Engage in PR activities
PR activities such as press releases, magazine features, and participation in jewelry shows can boost your brand’s visibility and credibility.
Consistent PR efforts help build a positive image and reach new audiences. Actively participate in jewelry events and press conferences/releases and collaborate with fashion magazines and bloggers to increase jewelry sales.
How to Increase Jewelry Sales at a Retail Store Level
What we have discussed before was general marketing strategies you can utilize for both online and retail businesses.
The below-mentioned are the strategies you can adopt at the store level to increase jewelry sales.
1. Enhance the Visual Appeal of Your Store
Jewelry is not a thing people would purchase on a whim. They already would have gone through a number of stages to land in your store.
To not lose them in their purchasing journey, you should facilitate an exquisite shopping experience.
Product Assortment and Eye Catching Displays
A well-organized store layout with attractive displays can draw customers in and keep them engaged. Make sure product assortments are easy to navigate, and consider using both indoor and outdoor displays to grab attention and encourage foot traffic.
2. Offer Personalized Shopping Experience
Customer experience is key to converting walk-ins into buyers. Train your sales representatives to communicate effectively with customers and offer personalized service.
Personalized experiences can involve various factors such as customer’s jewelry design expectations, budget, etc.
Try to grasp what the customer has in mind to offer an exceptional shopping experience to them. This will increase jewelry sales since you understand their pain points and address them effectively.
3. Integrate Technology in your store
Innovative technologies like Augmented Reality (AR) and Virtual Reality (VR) can significantly boost customer experience.
AR allows customers to virtually try on jewelry, providing a fun and interactive way to explore products.
This technology can increase engagement, help them make decisions quicker, and drive jewelry sales by helping customers visualize purchases.
If you’d like to learn how to increase sales in jewelry stores further, read our detailed retail strategies you can utilize.
Conclusion
We have gone through comprehensive strategies that can increase jewelry sales both online and in-store.
Whether these will work or not totally depends on the type of audience you are targeting and your store location.
It is best to trial and error these strategies to see what works and what doesn’t.
A great understanding of your location in general, would help you decide what strategies could work best for you based on demographics.
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