Live from Tucson: Turning trends into profit

likely won’t make a decision based solely on this, carrying such items could give jewelers a competitive edge.

4. Personal enhancement. Consumer interests in self-enhancement products will continue to grow this year. While they’re still focusing on physical health, they’re also looking more at total lifestyle assistance, including products that help improve mental, emotional and spiritual well-being, which is where colored stones could play a big part. With all the information out there about what colored gemstones could offer in health terms, jewelers should research this and be able to talk about it with their clients.

5. Celebrating heritage. Emerging markets are now proudly celebrating their national and cultural heritage, where symbols, lifestyles and traditions that were previously downplayed are being brought up-to-date. Consumers have a much bigger global view these days, and will respond to products that explore culture and backgrounds or tell a story, Peterson said.

6. Made in America. Demand for products made in the United States has seen a resurgence, which has been made possible by the spread of local manufacturing technologies.

7. Being human. Today’s consumers respond better to brands show their flaws and admit when a mistake has been made. For jewelers, this could mean reinventing themselves and the way they’re doing business, Peterson said.

8. Real-time reviews. With technology at their fingertips and as many review websites as they could wish for, consumers today are giving instant feedback. It will happen no matter what, Peterson said, so jewelers should pay attention and keep track of what’s being said about their business online. Additionally, retailers “can’t be afraid to ask for this kind of referral business,” Peterson said. Positive reviews are picked up quickly by consumers online.

In providing these eight trends, Peterson noted that not all of them will be relevant. Jewelers should decide on which trends to focus and apply them to their business.

Translating trends to sales
So, what do these trends mean for jewelers?

In order to stand out in today’s competitive market, retailers must be agile and innovative, anticipating customers’ needs and wants, Peterson said. She suggested focusing on teaching selling skills rather than just the sales process, as well as justifying the customer’s expectation of value of a product rather than simply closing the deal.

It’s also important to understand the personal value of the piece to the customer and to look for the value trigger, selling what the jewelry “does” and not what it “is,” a technique that can be learned through sales training classes. A focus on how the piece connects with the client--instead of just a list of product information and a price--is key in today’s retail environment, she said.