Strategies to boost your jewellery sales

We’re well into 2024 now, with Valentine’s Day just around the corner. Jewellers across the country are looking forward to one of the busiest sales periods of the year, while also putting plans in place to keep momentum going throughout the quieter spring months.

We’re here to help you identify the latest consumer buying trends across your sector, so you can drive traffic and boost sales throughout the year.

1. Take on the latest trends

Don’t miss the boat when it comes to the latest buying trends. Be mindful not to take on every craze, but there may be plenty of hidden opportunities for your brand to meet rising demand. Keep an eye on emerging trends and decide whether your current collections could be refined or expanded to tap into it.

Self-gifting

According to research by The National Association of Jewellers, over 30% of people buy jewellery for themselves and this trend shows no signs of slowing down.

It’s tempting, particularly around Valentine’s Day and wedding season, to turn your attention to couples. But why not promote your latest collections to those looking to treat themselves too?

Personalised jewellery

There’s a rising demand for unique jewellery, whether it’s a completely customised piece or subtle engraving. You may be able to attract new customers by offering limited-time only deals, such as complimentary engraving on specific products.

Sustainability

Stand-out jewellery crafted from recycled materials and lab grown diamonds are rising in popularity thanks to consumers becoming ever-more eco-conscious. If your brand is already using responsibly sourced materials, now’s the time to shout about it and be transparent about your supply chains. Customers are much more likely to choose a brand that aligns with their values.

Capsule jewellery collections

Sticking with the sustainability theme, jewellers are likely to see customers looking for products that will last a lifetime. Timeless, classic jewellery is likely to be particularly popular, but customers will also be turning to the professionals to help keep their jewellery in pristine condition. If cleaning or repairing is something you’re able to offer, now’s the time to start promoting it.

2. Boost your marketing efforts

Most jewellers know that an omnichannel marketing strategy is an effective way to reach new customers and keep existing ones engaged. But you know the saying – if you always do what you’ve always done, you’ll always get what you’ve always got. There are a few new marketing and sales tools to consider adding to your strategy this year.

TikTok

Ever heard of the phrase ‘TikTok made me buy it’? Consumers are increasingly turning to TikTok to discover new brands. Why not capture the attention of a brand-new audience by creating an engaging, fun TikTok account to showcase your latest collections?

Augmented reality

If you want to be at the cutting edge of the latest trends, turn to AR. Allowing customers to virtually try on their jewellery is becoming more prevalent, with some of the biggest online jewellery retailers investing in a virtual try on facility. It not only keeps the customer engaged – encouraging them to browse your products – but also boosts confidence in the purchase. This makes it much more likely the customer will checkout, and keep, the item.

Visual appeal

You are operating in one of the most visually aesthetic industries out there. Take advantage of the beauty of jewellery by investing in high-quality photography. A stand-out brand style will help customers to instantly recognise your jewellery in one glance, whether they’re browsing online or scrolling through their social media feeds.

3. Improve your payment options

It’s no secret that customers are looking for the most manageable ways to pay. Not all customers can afford to pay for a luxury item upfront, potentially excluding them from shopping with you. Offering the option to spread the cost can attract new customers and boost your sales.

Jewellery is one of our specialist sectors here at Novuna Consumer Finance. Jewellery retailers who choose to partner with us benefit from:

• Dedicated Relationship Managers
• State-of-the-art fraud prevention tools
• Flexible finance options to suit your customer and your business
• Unique features from tailoring options to soft search

4. Create eye-catching offers

Whether you sell jewellery online or in-store, it’s imperative to promote your very best offers. The ongoing cost of living challenges are driving customers to look for great value for money.

Of course, there is a balance to be struck and offering discount pricing may not suit every brand. Offering specially curated product bundles or adding a free product to a large purchase are great ways to provide added value without teetering into ‘sale’ territory.

Don’t underestimate the value of limited time offers either. Create a sense of urgency, and consumers are more likely to snap up a deal. Our blog on the psychology of shopping offers up even more top tips to help you influence customers and drive sales.

5. Tell your story

Every business is unique. And that uniqueness will likely be a selling point. Step back and think about what really makes your brand different. You can then develop a brand narrative that will resonate with your customers.

Whether you include your brand’s history on your website, showcase real customer testimonials or use social media to connect with loyal followers, it’s never been more important to invest in brand building.

You should be mindful to partner with companies that understand and share your brand values too. After all, any third party dealing with your customers must act as an extension of your own business and you should trust them to provide the same level of service you do. It’s something we take seriously here at Novuna Consumer Finance, and our team will always go above and beyond to support your customers.

6. Show existing customers the love

It’s well-known that businesses have 60 to 70% chance of selling to an existing customer – far greater than trying to attract and convert a brand new one.

Focus on developing an effective customer retention strategy that keeps loyal customers coming back to your store time and again.

If you’re not sure where to start, why not ask your customers directly what they want to see from you? Listen to feedback and spot golden opportunities to grow your business.

What are your goals for the rest of this year?

We’d love to help you reach them. Get in touch with our team to find out how retail finance could help you attract customers and drive sales.