What else should independent jewelers measure?
Know how your target market is responding to a downturn in the economy. For example, a store’s customers will continue to purchase jewelry for gift-giving occasions—just not at the same dollar amount. So, trade down. Offer more affordable jewelry in some categories while still offering “like” merchandise. For example, some 1.00 ct. diamond buyers might be more interested in diamonds that are ever-so-slightly under a full carat. That way, the store is still selling the same quality, but offering more value for the dollars invested. Seek out merchandise with greater eye appeal and items that look more expensive than their retail prices. Offer gemstone jewelry that accents a hot fashion color, like orange. Let’s talk about employees. What should independents do now? Find new ways to motivate employees and pay for improved performance. For example, consider increasing the commissions on slow-moving merchandise. You’ll find those reasons why an item won’t sell suddenly go away with the righ
