In last month’s issue, I began this study of the differences in display strategies that the successful jeweller should consider when outfitting a retail store. If you missed last month’s column, the following is a quick overview to get you up to speed. If you saw my last column, please indulge a quick recap.
I addressed Bridal and Colored Stones last month, so this month we’ll address Diamond Fashion.
Background-
The task of improving the display presentation in a retail jewellery store is actually a multifaceted effort that changes as you walk around the store. There is a different solution for every category of merchandise you offer. What works in your Bridal case will not work in Colored stones and vice versa.
Follow this hopefully logical thought progression for a moment:
- Displays are there to make the merchandise appear more appealing to the potential buyer.
- A piece of jewellery appeals to a buyer when it matches their personal buying motivations.
- Personal buying motivations differ for different categories of the merchandise in a store.
Successful jewellery display strategies are created one showcase at a time so let’s go through another major merchandise category and provide some ideas you might consider.
The Diamond Fashion Case-
Buying motivation: Obviously diamonds continue to have a timeless appeal and women still desire diamond fashion rings, stud earrings, bracelets and pendants. Once she has a wedding ring, diamond fashion is a logical choice for buyers seeking an anniversary or birthday gift. For the self-purchaser, diamonds are an obvious choice to complete a jewellery wardrobe.
Display Strategy: Place your diamond fashion in cases near your Bridal area to capture some of that mystique. Organize your inventory by the way your clients shop. Try not to fall into the trap of always thinking like a merchant! Think like your customer instead. You may find that your shoppers come in looking for diamond earrings but ultimately buy a pendant or bracelet. If that is so, then mix these different types of goods together in your cases to make that transition easier… and make multiple purchases easier.
Once you have the goods arranged in the case, use my “good-better-best” display strategy. (Put the best pieces (20% of the total) on individual elements and place them at the back of the showcase in the center. These are the pieces you want most to sell. Place the mid-priced goods (next 40%)in trays of 3-5 and put them in the middle of the case (front to back). Now put the least expensive (bottom 40%) in trays of 5-12 and put them in the front of the case nearest the customer.)
Train your sales team to start a sale by asking if the client has a item or style in mind. Once the preferred direction is determined, go to that area of the showcase for the next step. They then move into the case and begin by showing the best merchandise on individual elements and move deeper into the case if price resistance is met.
For items like Diamond stud earrings and Diamond solitaire pendants, use the program trays that show a selection in different sizes, qualities and prices. I don’t agree that you need to have 10 sizes of studs under 1ct. The customer does not need that many choices and the odds of you having empty slots goes way up. It is wiser to invest those funds into a larger pair that elevates the average purchase.
Let’s say your average sale of studs is 1Cttw. You would like to move that average sale up to 1.5 Cttw. The best way to do that is to proudly show 2.0Cttw. merchandise near the 1 ct pair in your case. The average customer does not come in and buy the biggest pair you have, they tend to buy the size just below the largest. (Medium drinks outsell Large drinks at fast-food restaurants, most people prefer their steak medium as opposed to well-done. Restaurants offer $200 bottles of wine to make the $125 bottles appear less extravagant. Trust me on this!)
When using the multi-pair display trays, always put the larger sizes at the top and step down in size as you go down the ramp.
If this works in your store, do the same thing with diamond pendants. (A side note: Always track what works in your display techniques and what doesn’t. Do more of what works and change techniques that don’t into something else.)
One last point for those self-purchasers of Diamond Fashion……..Offer a monthly payment of a rather specific amount to the client to make the higher priced merchandise more attainable. The self-purchaser will be much more motivated to buy up if you offer those bigger studs for only $35/month more.
We will continue our review of merchandise strategies next month with a few more categories for your consideration. If you have any questions or comments, please feel free to give me a call or send me your ideas for discussion.
If you will apply the strategies we are proposing, you might find that your cases will silently begin to work harder. In my considerable display experience I have found these ideas increase your sales and in doing so, create happier customers, more successful salespeople and much more satisfied store-owners. Good luck.