How Can The Jewellery Industry Survive During This Covid-19 Crisis
The world seems to have been turned upside down, with every business grappling to stay afloat. The jewellery and gemstone market is perhaps the worst hit in this scenario as it falls way off the “essential services” list. While this sounds bad on the surface, there is much we can do to prepare ourselves for the return of normalcy. This is the perfect time to implement social media, work and business strategies that will help revive sales on opening. Today we list a number of options for jewelers, wholesalers and investors to consider surviving the global Covid-19 crisis.
EVERY JEWELER’S GUIDE TO SURVIVE THE Covid-19 PANDEMIC:
– Push Positive ROIs:
The most important thing right now is to recognize and segregate all your positive, negative, and neutral sources of income. Push Positive return on investments aggressively via verbal, digital, and print media. This is a sure-shot way to drastically bridge the investment-revenue gap that is expected in the next few months.
– Reduce inventory:
As ardent gemstone aficionados, we understand the allure of a beautiful, unique gemstone. While our heart screams Purchase with all its might, a tight hold on the purse string is necessary at this time. Keep in touch with your suppliers and distributors to be constantly updated on the availability of gemstones but purchase only on order. Reducing your inventory ensures no wastage and dead product that is just a wasted investment.
– Ready gems:
Invest in supplier stocks and ready-made gems. This decreases the manpower required in processing roughs. Also, an accurate market study can reveal which gemstone cut/ style or color is selling the most, and instead of investing in a lengthier, more time-consuming process with variable results, selling readymade gems provides for a more efficient strategy. For example: Check out Our B2B app, which helps you find out the ready-made gems, with photos and videos. Click here (https://apps.apple.com/th/app/ngm/id1479843435) to check it out but permission for username and password must be asked!
– Go online!:
If you have been itching to get on social media, but just couldn’t manage the time before, the pandemic leaves that arena wide open. Customers today do not limit their purchases to their own city or even country. This provides access to a wider, global customer base. Increasing your visibility on social media platforms like Facebook, Twitter, and Instagram lets you keep connected with your customer base. Create trending content, loaded with Search engine optimization to reach your target audiences quickly and efficiently. Paid marketing promotions give a huge boost to your page and products.
– Online training for self and staff:
This is the perfect time to grow into the next level of professional expertise. With the absence of any distraction and the need to be on the top of your game once the markets open, the only way to stay ahead of the curve is by updating and upgrading your knowledge as well as your staff’s knowledge. The lockdown is the perfect time to take advantage of webinars and e-learning courses. Make sure that you log onto time-honored and reputed courses by established institutions like the ones provided by the International Gem Society or The Gemological Institute of America.
– Automate business processes:
One way to ensure that your business runs seamlessly is to transition from hardcopy into the digital world. There are a number of software available for the same ranging from jewelry store management software, jewelry retail software, jewelry billing software, and more. These can help manage business operations in real-time from point of sale to inventory management, keeping track of data analytics, sales processing, and employee management.
Promising future prospects: The wedding season
With the wedding season being just around the corner, all hopes of sales aren’t lost. While weddings may take an interesting turn with minimalism being the key theme, jewelers and gemstone sellers will definitely be witnessing a change in fortunes.
Masked wedding in the Philippines
While people may not be indulging like pre-covid times, some jewelry items will always be a staple. Topping that list is engagement rings. Be it a custom-made engagement ring, a statement engagement ring, or a pre-designed engagement ring, this wedding staple is absolutely essential for Him AND hER. Therefore we advise jewelers and investors to stock up on wedding-ready items to ensure sales. This can also include bridal jewelry sets and accessories for not just her bridal but her entourage too.
Since most brides and grooms will not be investing much during this wedding season, it is likely that they would like to invest in one statement piece, like an engagement ring. Therefore, a pro-tip, invest in distinctly beautiful stones that have an unusual characteristic like teal-blue green sapphires, Padparashcha sapphire, tanzanite, etc.
The gemstone and jewelry industry has stood through the test of time since its inception. They have been a harbinger of happiness, a source of pride, and a storehouse of wealth for man and will continue to do so.