Columnists

Squirrel Spotting: 11 Sales Thoughts for the Season

ColumnistsNov 14, 2023

Squirrel Spotting: 11 Sales Thoughts for the Season

From showing three items to asking the big question, Peter Smith gives tips for promoting a positive sales atmosphere this holiday season.

National Jeweler columnist Peter Smith
Peter Smith is an industry consultant, speaker, sales trainer, and author. He can be reached via email at TheRetailSmiths@gmail.com.
I just read a recap of the previous week’s retail news from Neil Saunders, managing director of GlobalData Retail. He’s a pretty sharp analyst and I follow his updates and posts on LinkedIn.

In the recap, Saunders wrote, “Americans are deeply pessimistic, with over 40 percent more people expecting the economy to be worse in the next five years than better. That’s even gloomier than in the aftermath of the global financial crisis and Great Recession in 2010.”

He also reported, “America’s economy grew at a 4.9 percent annualized rate in the third quarter, the fastest since 2021. With consumer spending accounting for two-thirds of the economy, much of the jump is down to a surprise shopping spree.”

I was struck by the contradiction in those two pieces of information and, truth be told, it resonated with me as I feel like retail jewelers exhibit those contradictions exactly.

On the one hand, we have retailers making decisions as if we were deep in the throes of the Great Recession and yet the underlying data paints an entirely different, and more positive, picture.

Independent retailers’ sales are tracking at about 2.5 percent down versus the same period last year through October. Put another way, that means we are tracking at 97.5 percent of the biggest year in the history of our business.

For context, the year before COVID (2019), we did about $62 billion in sales.

After giving back some of those gains due to the disruption of the early days of the pandemic, we finished 2020 strong, recovering almost all of the early year losses.

The year 2021 was a behemoth, with $86 billion, and, that extraordinary year was followed by an even more remarkable 2022, with $91 billion in total sales.

To be tracking only slightly behind 2022 through October is beyond my wildest expectations for 2023.

As with the seeming contradiction in Saunders’ weekly recap, wherein the facts of retail performance seem not to have made any difference in consumer behavior, I see and hear similar contradictions in the jewelry business.

There are those who seem primed to dig deep holes and jump in, while others wonder if the good times will ever end.

As we approach the most crucial few weeks of our year, we would do well to expect nothing less than the very best from ourselves and our teams through the end of the year.

Share the good news, or share no news at all, but refrain from the self-defeating predictions of doom and gloom that won’t inspire your team or your customers and may even be self-fulfilling.

Keep it simple and keep it positive.

Here are a few tips that might help.

Convert Better
Converting your foot traffic into customers is one of the best things you can do for your business.

If you convert three out of 10 walk-ins today and you up that to four out of 10 you will have increased your business by 33 percent.

If you currently convert four of 10 and you can improve that to five out of 10, you will have increased your business by 25 percent.

If you are not already doing so, chart your conversion by salesperson, and talk about it every single day.

Higher Average Ticket
With the decades-long trend of declining foot traffic, it is imperative your average ticket increases. There are brands and categories that can put pressure on your average ticket (Kendra Scott, Pandora, lab-grown diamonds, etc.).

Those and other categories can be strategically good for your business, but they also can conspire to unintentionally reduce your average ticket if you don’t manage them appropriately. Monitor your average ticket and track and discuss your performance with your sales team.

Reach Out and Touch Someone, Now
According to some sources, you are 70 percent more likely to close returning customers, and at a 30 percent higher average ticket. 

Your team should be working the phones, texts, and emails now to ensure your best customers are invited in to take care of their holiday needs. 

 Related stories will be right here … 

Adopt a Selling Mindset With Every Customer
Every customer is a selling opportunity and believing customers are being well-served by allowing them to walk out of your store empty-handed is a delusion.

They’re looking to fulfill a need, even when they struggle to articulate exactly what that need is, and it’s our job to positively influence them to make a purchase.

Show Three Items
When you’ve arrived at the point in your interaction where you are presenting products, deliver three options (paradox of choice) and three different price points (anchoring).

The low price point should be the customer’s budget, then an option twice the budget, and lastly an option that splits the difference between the two.

You will be amazed how often the customer selects the middle option (50 percent higher than their stated budget) and is delighted to do so.

Understand Customers’ Mindset on Price 
Customers believe higher prices equal better quality. Keep that top of mind if you find yourself having a discount conversation and/or underselling the customer.

And remember, value has nothing at all to do with price, but everything to do with how that customer feels when they walk out that door after making a purchase.

Do you want them to feel like a hero, or to leave your store wondering if they might have negotiated a deeper discount?

Prioritize Selling Time
Psychologists have a term called “the law of triviality.” It means filling the hours and days with all kinds of things that have little to do with the job at hand; in a jewelry store, that is selling. 

Fish while the fish are swimming and make sure that your top priority is selling time. 

Get the Customer To Make Decisions
As you build rapport with your customer, get them to make decisions along the way. Every little decision a customer makes (this shape diamond, not that, this color gold, not that, etc.) makes the close much easier.

It will be much easier to close if the customer has participated in the decision-making process along the way.
 
Ask the Big Question and Use That as Your Baseline
One of the best questions you can ask a customer is, “What is most important to you about this purchase?”

Their answer should serve as your north star and baseline.

Ask that question and listen really, really closely to what they tell you.

Ask for the Sale

It has been reported that 70 percent of customers say yes when they are asked for the sale, but only 50 percent of customers are asked for the sale.

Bridging that gap is a heck of a way to grow your business.

Don’t Stop Selling After They Say Yes
When your customer says yes to the purchase, immediately begin the process again by asking, “Who else do we need to take care of today?” 

If you have built a good rapport with the customer and they are ready to give you their payment information, do not assume they have only one person to buy for. Make it easy for them to handle multiple people in the same visit. 

Here’s to a terrific holiday season for all!

Peter Smithis an industry consultant, speaker, and sales trainer, and author of 3 books on sales. Reach him at TheRetailSmiths@gmail.com.

The Latest

Gemist
TechnologyJun 27, 2025
Gemist Raises $6M in Funding to Scale Jewelry Tech Platform

The company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.

Jeff Preolo, David Stout, Levi Higgs, David Benavides
IndependentsJun 27, 2025
David Webb Announces New Hires, Promotions

Following its recent acquisition, the storied brand has updated its leadership team and regional managers.

Blake Graham and Jessica Kohoutek
Events & AwardsJun 27, 2025
AGS, GIA Announce Beatrice Shipley Scholarship Winner

AGS also named the recipient of its “Women in Leadership” scholarship.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Buddha Mama Monstera Ring
CollectionsJun 27, 2025
Piece of the Week: Buddha Mama’s ‘Monstera’ Wrap Ring

The 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.

Weekly QuizJun 26, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Cashier handing Rocksbox bag to customer
MajorsJun 26, 2025
Why Rocksbox Is Opening Stores As Signet Jewelers Downsizes

Rocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.

Penny Ruston
IndependentsJun 26, 2025
Penny Ruston Dies at 80

The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.

Jewelers of America logo with meetup, State of the Majors, giveaway and massages
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

Stock image of woman shopping
SurveysJun 26, 2025
After Recovering in May, Consumer Confidence Dips in June

The decline was consistent across age groups and almost all income groups, with tariffs and inflation still top of mind.

Sorellina Playlist: Electric Dreams Campaign
CollectionsJun 26, 2025
Jam Out With Sorellina’s Jimi Hendrix-Inspired Jewels

The “Playlist: Electric Dreams” collection brings lyrics from the musician’s song, “Little Wing,” to life through fine jewelry.

The Jewelry Symposium event
Events & AwardsJun 26, 2025
The Jewelry Symposium Is Looking for Speakers for 2026 Event

The event is set for May 16-19 in Detroit, Michigan.

Exterior of Marissa Collections’ new store in Nantucket, Massachusetts
IndependentsJun 25, 2025
Marissa Collections Opens in Nantucket as Legal Fight Continues

The Vault’s Katherine Jetter is accusing the retailer of using info she shared for a potential partnership to move into Nantucket.

Counterfeit Cartier “Juste Un Clou” bracelet
CrimeJun 25, 2025
Customs Nabs Another Big Shipment of Fake Cartier, Van Cleef Jewelry

Agents seized 2,193 pieces, a mix of counterfeit Cartier “Love” and “Juste Un Clou” bracelets, and Van Cleef & Arpels’ “Alhambra” design.

Karine Choudhrie Big Splash Circus Starfish and Lantern Fish
CollectionsJun 25, 2025
Splash into Karina Choudhrie’s Collection of Underwater Circus Performers

The designer brought her children’s book, “The Big Splash Circus,” to life through a collection of playful fine jewelry characters.

Jewelers of America
Events & AwardsJun 25, 2025
JA Announces Impact Initiative Fund Recipients

The trade association has chosen the recipients of the funding initiative it formed to foster the growth and sustainability of the industry.

John Dyer Montana Sun Sapphire
SourcingJun 25, 2025
2025 AGTA Spectrum Awards Open for Entries

The organization has also announced this year’s slate of judges.

Khepri Jewels Luna collection fancy color fringe multi-shape drop diamond earrings
EditorsJun 24, 2025
The Best New Jewelry from Couture 2025, Part 2

Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.

Lori Tucker
IndependentsJun 24, 2025
Colorado Bench Jeweler Celebrates 50 Years With Local Retailer

Lori Tucker started at Williams Jewelers when she was 18 years old.

“Marvel | Citizen Zenshin” watch for the new The Fantastic Four movie
WatchesJun 24, 2025
Citizen’s New ‘Fantastic Four’ Watch Is Literally Super

The “Marvel | Citizen Zenshin” watch is crafted in Super Titanium and has subtle nods to all four “Fantastic Four” superheroes on the dial.

XO Tacori diamond ring
MajorsJun 24, 2025
Tacori, QVC to Launch Exclusive Lab-Grown Diamond Jewelry Collection

The “XO Tacori” collection was designed to blend luxury and accessible pricing.

Pritesh Patel
GradingJun 23, 2025
GIA Names New President and CEO

Pritesh Patel, the lab’s chief operating officer, will take over as president and CEO of GIA.

Graphic for Las Vegas recap episode of “My Next Question”
Recorded WebinarsJun 23, 2025
Watch: Top Trends at Couture, JCK Las Vegas 2025

National Jeweler and Jewelers of America discuss the standout jewelry trends and biggest news to emerge from the shows this year.

Luanda Accord
SourcingJun 23, 2025
Diamond Producers, Organizations to Kick in Money to Promote Natural Diamonds

Signatories to the “Luanda Accord” committed to allocating 1 percent of annual diamond revenue to the Natural Diamond Council.

Penny Preville, Maggie Hess, Stella Song, and Benjamin King
Events & AwardsJun 23, 2025
Jose Hess Design Awards Celebrate 6 Jewelry Designers

The winning designs captured the “Radiance” theme.

24th Gem Awards Show Logo
Events & AwardsJun 23, 2025
Gem Awards Now Accepting Nominations for 2026

Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.

Single Stone Bryn Ring and Grace Lee Marquise Demi Demi Ring
TrendsJun 20, 2025
Dua Lipa Stays On-Trend With Chunky Engagement Ring

The singer’s ring ticks off many bridal trends, with a thick band, half-bezel setting, and solitaire diamond.

Yvonne Léon Python Gold Bracelet
TrendsJun 20, 2025
Piece of the Week: Yvonne Léon’s ‘Python Gold’ Bracelet

The bracelet references vintage high jewelry and snake symbolism as a playful piece where a python’s head becomes a working belt buckle.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy