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Winning Engagement Rings Sales as an Independent Retailer
Nivoda breaks down the best methods for independent jewelers to stay competitive in the modern market.
Brought To You By Nivoda
Written by Rob Rangel, North American Sales Manager at Nivoda
There is one question I hear from brick and mortar jewelers more than any other. “How can I stay competitive?”
These jewelers, often running successful and multi-generational businesses, who are pillars of their local communities, are troubled by this exact question. And the answer? Technology.
We can break this down into two parts.
To compete with large retailers as an independent retailer on a diamond engagement ring sale, you need to offer customers the best diamond for them in the world, not just the best diamond in your area, or even your country. It has become sparsely possible to deliver the best and most competitive price to a retail customer without a global supply chain.
At Nivoda, we list over 1.6 million natural and lab-grown diamonds on our platform, immediately available to retailers, to allow them to easily source the globe and find the right diamond for their customer. However, without a powerful sales tool to present and sell these diamonds to retail customers, they are just videos on a screen.
The landscape has changed for brick and mortar jewelers in important ways. Gone are the days where a retail customer had just a few places to find a diamond, their local jewelry stores. With customers having access to hundreds of jewelers, particularly with the growing online sector, traditional jewelry stores will need to leverage technology to modernize their approach.
A large piece of this puzzle centers around reducing the inventory risk that the online players are simply not burdened with. So the question is, how do I offer customers diamonds at the best prices globally, without carrying inventory? This is something Nivoda has solved. We offer a virtual sales tool called Nivoda Showroom to deal with exactly that dilemma. Retailers can now offer their customers the perfect stone, regardless of location, with their unique branding, logo and retail prices displayed on an iPad or laptop during appointments or walk-ins. The result? Hundreds of jewelers telling us they managed to increase their margins and are converting more sales than ever before. When retailers always have the right diamond available, the customer never needs to leave the store before finding their diamond.
Throughout my years in the jewelry industry, I’ve had the pleasure of seeing exactly how technology can benefit a business and watched many clients embrace the new way of buying diamonds and selling them to their customers.
For any jewelry retailers reading this and asking themselves “how can I stay competitive?” or who are simply looking to invest in the future of their business by leveraging technology, I invite you to join our free platform. I look forward to continuing the learning and solution building process with some of the most interesting and insightful business owners, independent jewelers.
For more information, visit us at nivoda.net.
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