Recorded WebinarsMar 31, 2023
Watch: How Is the Industry Doing When It Comes to Diversity?Annie Doresca and Michelle Graff welcome Reggie Johnson and Sheryl Jones for a frank conversation on the state of DEI in fine jewelry.
ColumnistsJul 27, 2020
Squirrel Spotting: The Need for an Early Christmas
With COVID-19 creating so much uncertainty, retailers need to get in the Christmas spirit sooner rather than later this year, Peter Smith writes.
Peter Smith is president of Memoire and Hearts On Fire. He is author of two books, “Hiring Squirrels,” and “Sell Something.” Connect with Smith on LinkedIn or at dublinsmith@yahoo.com.
In the 1947 classic “Miracle on 34th Street,” Edmund Glenn, playing Santa Claus, says to Maureen O’Hara’s character, “Oh, Christmas isn’t just a day, it’s a frame of mind.”
While I generally share that sentiment, I have long resented the presence of Christmas decorations and signs about holiday deals in retail stores long before our annual apple-picking pilgrimage in the fall.
For me, it represented desperation at best and, at worst, predatory marketing.
The early-Christmas craze was not usually a thing in jewelry stores, but very much so at the larger big-box stores.
This year, you can throw that whole it’s-too-early-for-Christmas sentiment out the window; as far as I’m concerned, we can’t get into the Christmas spirit soon enough.
Black Friday is not going to be Black Friday. The idea that huge numbers of people will be excited about crowding into stores during a global pandemic is not likely to happen.
Cyber Monday is probably not going to be as important this year, given the shift to more regular e-commerce activity in recent months creating less need for an “event” on the Monday after Thanksgiving to accelerate e-commerce activities.
There has been some talk of creating an event for retailers around Oct. 10 (10/10), and certainly anything that galvanizes communication and creates awareness for the retail community would be very welcomed.
So, if things have changed to the extent that we can no longer expect a significant uptick in store visits in November and December, what should jewelers do about that?
In short, get in the spirit of Christmas, and get there sooner rather than later.
There is a fine line between predatory and pragmatic marketing and retailers need to be sensitive and empathetic, but we have no idea what the coming weeks and months will hold.
Expecting more than 20 percent of our business to arrive in December may not be a good strategy.
We obviously don’t have the luxury of knowing that retail will be fully open and operational given the surge in COVID-19 cases across the country, including California, Florida, Arizona and Texas.
We have seen Apple and Saks Fifth Avenue, among others, start to close stores again, having just recently emerged from the first shutdown.
And, as of last Monday, indoor malls in California were closed and nonessential retail could offer curbside pickup only.
Independent retailers have shown remarkable resilience and grit thus far.
While I generally share that sentiment, I have long resented the presence of Christmas decorations and signs about holiday deals in retail stores long before our annual apple-picking pilgrimage in the fall.
For me, it represented desperation at best and, at worst, predatory marketing.
The early-Christmas craze was not usually a thing in jewelry stores, but very much so at the larger big-box stores.
This year, you can throw that whole it’s-too-early-for-Christmas sentiment out the window; as far as I’m concerned, we can’t get into the Christmas spirit soon enough.
Black Friday is not going to be Black Friday. The idea that huge numbers of people will be excited about crowding into stores during a global pandemic is not likely to happen.
Cyber Monday is probably not going to be as important this year, given the shift to more regular e-commerce activity in recent months creating less need for an “event” on the Monday after Thanksgiving to accelerate e-commerce activities.
There has been some talk of creating an event for retailers around Oct. 10 (10/10), and certainly anything that galvanizes communication and creates awareness for the retail community would be very welcomed.
So, if things have changed to the extent that we can no longer expect a significant uptick in store visits in November and December, what should jewelers do about that?
In short, get in the spirit of Christmas, and get there sooner rather than later.
There is a fine line between predatory and pragmatic marketing and retailers need to be sensitive and empathetic, but we have no idea what the coming weeks and months will hold.
Expecting more than 20 percent of our business to arrive in December may not be a good strategy.
We obviously don’t have the luxury of knowing that retail will be fully open and operational given the surge in COVID-19 cases across the country, including California, Florida, Arizona and Texas.
We have seen Apple and Saks Fifth Avenue, among others, start to close stores again, having just recently emerged from the first shutdown.
And, as of last Monday, indoor malls in California were closed and nonessential retail could offer curbside pickup only.
Independent retailers have shown remarkable resilience and grit thus far.
Through e-commerce, live-streaming, home delivery, curbside pickup, etc., most have managed to make lemonade from the worst kind of lemons.
That kind of tenacity and drive will be essential in appropriately and sensitively reaching out to customers to let them know that you have a plan to ensure their needs now and for Christmas will be taken care of, no matter what the retail situation is come holiday time.
The communication could be as simple as: “Given the uncertainty surrounding COVID-19, we want you to know that we are here to ensure that your needs, from now through the holiday season, will be a priority for us.”
Retailers could then communicate some options for customers including:
- Select and hold merchandise;
- Delivery at a future date;
- Options to place a deposit and pay later;
- Gift with early purchase;
- Private in-store appointments;
- Curbside pickup at a future date;
- Concierge service;
- Touchless payment; and
- Private events featuring special pieces from preferred vendors.
In many respects, the communication itself is the message. The content does not have to be ground-breaking or even that original.
Proactively reaching out to customers to let them know you are thinking about their needs, their convenience and the fact that this coming Christmas will likely be more challenging than any before can be enough to help secure early holiday business.
The last point I will make is to stay aware of any developments that are driven by Amazon, the majors, or, as previously mentioned, if there is a push outside of jewelry to make 10/10 a thing.
Attaching your own message to one that seems appropriate—especially if it has a spend against it—can make short dollars go a lot farther than they otherwise would.
Unlike holiday movies in modern times, “Miracle on 34th Street” was not released at Christmas. It was, in fact, released in June of 1947.
That early release date might serve as an interesting metaphor for jewelry retailing for Christmas 2020—start early and communicate often.
Proactively reaching out to customers to let them know you are thinking about their needs, their convenience and the fact that this coming Christmas will likely be more challenging than any before can be enough to help secure early holiday business.
The last point I will make is to stay aware of any developments that are driven by Amazon, the majors, or, as previously mentioned, if there is a push outside of jewelry to make 10/10 a thing.
Attaching your own message to one that seems appropriate—especially if it has a spend against it—can make short dollars go a lot farther than they otherwise would.
Unlike holiday movies in modern times, “Miracle on 34th Street” was not released at Christmas. It was, in fact, released in June of 1947.
That early release date might serve as an interesting metaphor for jewelry retailing for Christmas 2020—start early and communicate often.
More on Columnists
The Latest
MajorsMar 31, 2023
Macy’s Longtime CEO to Retire Next YearJeff Gennette will step down in February 2024, passing the torch to the CEO of another notable retailer.
AuctionsMar 31, 2023
Piece of the Week: The Extraterrestrial Lunar NecklaceArtisan Martin Roberts fashioned lunar meteorites into 48 beads to create this out-of-this-world necklace.
Brought to you by
Full Disclosure at Your FingertipsDistinguishing natural diamonds from laboratory-grown stones – now more available than ever – has been difficult for jewelers. Until now.
MajorsMar 31, 2023
JBT Re-Elects Richard Katz as Board ChairmanAs for new members, the organization welcomed Jewelers of America’s Annie Doresca and Parag Jain of Parag Diamonds.
Weekly QuizMar 31, 2023
This Week’s QuizTest your jewelry news knowledge with this short test.
WatchesMar 30, 2023
At Watches & Wonders, a $20M Watch Makes Its DebutJacob & Co.’s new “Billionaire” timepiece features more than 200 carats of yellow diamonds.
AuctionsMar 30, 2023
See the Jewelry Collection Expected to Top Elizabeth Taylor’s at AuctionHeidi Horten, wife of department store magnate Helmut Horten, collected jewelry from Bulgari, Cartier, Harry Winston and Van Cleef & Arpels.
Brought to you by
Bringing Over 130 Years of Diamond Expertise to Modern GradingDe Beers Institute of Diamonds provides the very best in diamond verification, education and diamond services.
MajorsMar 30, 2023
Jewelers Mutual Marks a Major MilestoneThe jewelry industry insurer and solutions provider is celebrating 110 years in business this month.
SurveysMar 30, 2023
NRF Says Brick-and-Mortar Stores Remain ‘Primary Point of Purchase’The statement came as the National Retail Federation released its retail sales forecast for 2023.
AuctionsMar 29, 2023
10.57-Carat Purplish Pink Diamond Expected to Sell for $35M+Sotheby’s will auction the diamond, which it says is “arguably the most significant pink diamond to ever appear at auction,” in June.
MajorsMar 29, 2023
Blue Nile to Close Fulfillment Center, Lay Off WorkersThe retailer, recently acquired by Signet Jewelers, will lay off 119 employees in July.
WatchesMar 29, 2023
See All the New Patek Philippe Watches for 2023The Swiss watchmaker introduced 17 new models at Watches & Wonders Geneva.
MajorsMar 29, 2023
Mark Henry Jewelry Offering Complimentary ‘Masterclass’ on Sales from Peter SmithAs part of the promotion, Smith will share his sales expertise during a 90-minute training session.
EditorsMar 28, 2023
I’m Enchanted With Parmigiani Fleurier’s Perfect Travel WatchAt Watches & Wonders, the Swiss brand unveiled a follow-up to last year’s Tonda PF GMT Rattrapante.
CollectionsMar 28, 2023
Helzberg’s New Lab-Grown Diamond Collection Earns SCS CertificationThe “rêve” collection’s engagement rings and wedding bands are geared toward “sustainability minded customers.”
EditorsMar 28, 2023
This New Rolex Day-Date Tells Time … and AffirmationsA new word appears on the dial each day of the week.
IndependentsMar 28, 2023
D.C. Jeweler That Honored 50-Year-Old Gift Certificate Closes Bensons Jewelers closed for good Feb. 24, impacted in part by the decline in foot traffic downtown since the onset of the pandemic.
MajorsMar 28, 2023
Swarovski Names New GM of North AmericaKolja Kiofsky has been with the crystal and jewelry company since 2010.
AuctionsMar 27, 2023
Jewels to Shine in Upcoming ‘Golden Age’ of Hollywood AuctionThe Kruse GWS Auctions sale will include the replica “Taj Mahal” necklace Elizabeth Taylor made with Avon as well as a costume piece Marilyn Monroe wore.
MajorsMar 27, 2023
Pandora Promotes GM to Chief of Retail OperationsMassimo Basei is moving up, while Chief Commercial Officer Martino Pessina is stepping down.
Events & AwardsMar 27, 2023
Registration Is Open for the HardRock SummitAGTA GemFair and the Denver Gem & Mineral Show also will have a presence on the show floor.
AuctionsMar 24, 2023
Piece of the Week: The $5.8M Patek Philippe ‘Sky Moon Tourbillon’Sold by Christie’s Hong Kong, this masterwork of complications now holds the record for most expensive watch ever auctioned online.
FinancialsMar 24, 2023
Movado Predicts Declining Sales Amid ‘Volatile’ Retail EnvironmentThe watch company expects first-quarter sales to fall as much as 15 percent due to inflation and tough comps.
Lab-GrownMar 24, 2023
Lightbox Promotes General Manager to COOAdam O’Grady, general manager of the Lightbox Lab, has taken on the new role and will report directly to Lightbox CEO Antoine Borde.
WatchesMar 23, 2023
Which Brands Do Watch Enthusiasts Love Most? Chrono24 Takes a LookThe watch marketplace gathered data from 1.3 million collectors, highlighting the most popular timepieces and exploring value appreciation.
SourcingMar 23, 2023
Burgundy Diamond Backing Out of Ellendale Mine Deal Burgundy has opted not to exercise its option to buy the mining claims Gibb River Diamonds currently owns.
