A very profitable lesson from the chain stores

Go to the mall and grab a flyer off any jewelry counter you see and you will have done more for the profitability of your business than most jewelers do all year long.

Think about it.  The chain jewelry stores have poured oodles into figuring out just exactly what consumers will by buying by the THOUSANDS this Christmas.  Every item the right style and the right price point.  They’ve got it down to a science.  Because let’s face it, if their buyers get the wrong item at the wrong price point and it happens to sit around?  That’s millions of dollars shot and hell to pay.

So you can learn a lot from them by finding pieces from your vendors that you can promote at the same price points.  The selling price is crucial.  If you have a heart pendant that Kay’s is selling for $59 and decide to sell it for $89, you’ll have plenty sitting around in March.  Price, style and marketing are key.  Your only job is to make sure the quality is at a tolerable level for your store to sell.  But also keep in mind that we’re talking about selling multiple quantities and making a lovely profit.

One final important detail about this practice is that you are training customers to come into YOUR store for jewelry.  If we get them in buying these price pointed items, they’ll fall in love with you and be back for the engagement ring, the anniversary ring, the promise ring, the diamond studs, the birthday watch and on and on and on.

Posted on by Jimmy DeGroot Posted in Blog

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