Jewelry stores are facing growing competition on a variety of fronts. Online sales, home party sales, and even a “gray market” are challenging not only independent retailers, but also middle market and high-end stores. You may have overlooked a weapon you have in the battle against this new competition: jewelry store point of sale (POS). Here are three ways you can stay competitive with the support of the right jewelry store POS.
- Customer Experience
You may not be able to compete on price with online diamond sellers, but you can compete by creating experiences. Purchasing an engagement ring is a memorable event for couples. The visit to a jewelry store, complete with some pampering, is something prospective grooms and brides-to-be may not be willing to forgo – even if the ring costs a little more. Customers may also want the status associated with a diamond from your store, so they can answer the question with pride when family and friends ask, “Where did you get the ring?”For those who are surprising a sweetheart with a diamond, a visit to a physical store may provide comfort. A one-to-one consultation with an expert and actually seeing the quality of the ring may help them make their purchase decision with confidence.Your jewelry store point of sale system supports your connection with customers by providing purchase history and other information that enables you to personalize shopping experiences. Did the decision take more than one trip to the store? The rings the customer looked at the first time are listed in your POS system, with information on design preferences and ring size.
And remember: an engagement ring purchase may be the beginning of a long customer relationship. You want to gather details that will help you provide personalized service with each future visit to your store – and maybe even text or email reminders of an upcoming anniversary.
Fit applies to more than just ring sizes. The scale of jewelry is also important. This is where fashion jewelry home parties fall short. Beyond the few pieces of jewelry on display at the party, it’s hard to tell just how big the earrings, pendants, and bracelets actually are.Your store is equipped, however, to let people see pieces first hand, to feel how heavy they are, and to try them on. With the inventory management capabilities of your point of sale system, you can create a selection that’s representative of all of available items and to give customers the means to order comparable items with confidence.
You stand behind the products you sell. You may even have employees who are skilled in the arts of jewelry making and repair, giving you a definite advantage when it comes to service.Some online purchases, on the other hand, don’t even include service. Watch purchases on the gray market (a legal channel that sells dumped inventory or watches obtained by other irregular means) don’t include manufacturer warranties or repair service.Shoppers who purchase from online retailers or through catalog companies that do offer service may only be able to access it by shipping items back to the company for repair. These customers cannot walk into a shop, speak to a person face-to-face, and hand the item — perhaps a precious item — to a trusted craftsman.Your jewelry store point of sale system supports the service you provide in a variety of ways. For example, your POS system allows you to accurately tag and enter items for repair into your inventory. When the customer calls to check on the item, your jewelry store point of sale system tracks the item and can provide an anticipated pickup date and estimated costs. It can even send a text message or email to the customer to let them know the item is ready for pickup.As you face new competition, it’s important to leverage your strengths to stay competitive. Your jewelry store point of sale system will support you as you showcase the service, experiences, and selection you offer that sets you apart from other types of businesses and that helps you foster relationships with loyal customers.