EditorsNov 22, 2024
Out & About: Inside the CD Peacock MansionStep inside the nearly 21,000-square-foot suburban Chicago jewelry store with Editor-in-Chief Michelle Graff.
OtherApr 22, 2015
6 display changes that will increase sales
Stocking bridal merchandise by style instead of vendor and looking like the store you want to become are two ways retailers can increase revenues, an author and consultant said in an education session held Wednesday at AGS Conclave 2015.
New Orleans--Stocking bridal merchandise by style rather than vendor and looking like the store you want to become are two ways jewelers can increase revenues, author and consultant Larry Johnson said in an education session held Wednesday at American Gem Society Conclave 2015.
“The purpose of displays is to sell jewelry,” Johnson said. “A good display takes planning and takes intention. A good display sells jewelry.”
Below are the six steps he recommends jewelers take to update their displays in order to increase sales.
1. Display with intention to match your store goals. “The main problem I run into over and over again is that people don’t display merchandise with a strategy toward what they most want to sell,” Johnson said. “You want that piece to be very evident and very obvious. Don’t just work to fit everything in a showcase--work to present it better and get it out of the showcase.”
Tracking the success of displays also is important.
“If you’re going to move things around in the case, or if you’re trying different types of window displays, take photos of what it looks like,” he added, giving the example of a holiday window display. “Go back in January and look at that photo, and look at the sales of what you were trying to promote. You have to have a metric by which you can measure the outcome of what you do in your store.”
2. Allocate your showcase space to match your store goals. “Look like the store you want to become,” Johnson said. “Have a specific goal and intention so you know where you’re going. Aim for where you want to be, not where you are now.”
Does that 4-foot display sell enough to justify its space? Make sure your goals and showcase space allocation match up, he said.
3. Implement the 20-40-40 Rule. “Think of it as a good-better-best approach,” Johnson said.
The top 20 percent of your merchandise in a specific vignette or case should be displayed on individual elements, and the middle 40 percent of merchandise is displayed on trays that hold three to five pieces. The bottom 40 percent of merchandise should be displayed on trays that hold five, seven or more pieces, to emphasize selection.
“It matches what you’re saying about the jewelry,” he added. “It follows the concept of being unique. We’re displaying the merchandise to
match how we’re going to talk about it--we’re displaying with intention.”
4. Win the comparison in your customer’s mind. If you can control the comparison, you can control the outcome of the sale. Use the Goldilocks principle: not too hot, not too cold, but just right.
4. Win the comparison in your customer’s mind. If you can control the comparison, you can control the outcome of the sale. Use the Goldilocks principle: not too hot, not too cold, but just right.
“Make certain you offer something that’s the (colloquial) ‘$400 bottle of wine’, so you sell more of the lower-priced wine,” Johnson said. “When you’re displaying different items, make what you want to sell the third choice.”
5. Reconsider your bridal layout. When you organize by designer, you’re forcing yourself to make two sales instead of one. Organize by ring style, not vendor.
6. Move out old, dead stock. “If you’ve had it that long, it isn’t going to sell,” Johnson said, “and it has a 90 percent chance of still being there in 10 years.”
Johnson is the CEO of Colleyville, Texas-based Larry Johnson Consulting and the author of The Complete Guide to Effective Jewelry Display. He also contributes to InStore and Canadian Jeweller and is affiliated with The Edge Retail Academy.
AGS Conclave, which is taking place in New Orleans this year, concludes Saturday.
More on Other
The Latest
CollectionsNov 22, 2024
Piece of the Week: Xander Jane’s ‘Spiked’ Pearl StudsThese punk-inspired earrings from the new Canadian brand’s debut collection reveal the alter ego of the classic pearl.
SourcingNov 22, 2024
Facets of Fire Expands to Include Pear, Marquise DiamondsThe company brings its nanotechnology to two new fancy cuts for diamonds that feature its signature color and brilliance.
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
Supplier BulletinNov 21, 2024
Tasha R Releases 2025 Labbelle Lab Diamond Jewelry CatalogSponsored by Tasha R
Weekly QuizNov 21, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsNov 21, 2024
Gold Watch Gifted to Titanic Rescue Ship Captain Sells for $2MThree Titanic survivors presented him with the personalized Tiffany & Co. timepiece about a year after the tragedy.
MajorsNov 21, 2024
Harris Jewelry Ordered to Reopen Claims Portal for Refund RequestsA federal court found that the jewelry store chain violated terms of the settlement reached after it was accused of defrauding customers.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
CollectionsNov 21, 2024
Channel Elphaba in Muse’s ‘Have a Heart x Cynthia Erivo’ CollectionCynthia Erivo chose Dreams of Hope, an organization dedicated to empowering LGBTQA+ youth, as the charity for this year’s collection.
MajorsNov 21, 2024
Rocksbox Opens Pop-Up Store in San FranciscoThe new space was designed to evoke a warm, inviting vibe.
IndependentsNov 21, 2024
Mary Moses Kinney Is Now Part of The Edge’s Team Kinney, who spent nearly 30 years at IJO, has been hired to head Abbott Jewelry Systems’ new virtual marketplace.
CrimeNov 20, 2024
Sotheby’s to Pay $6.25M Settlement to NY State for Alleged Tax FraudThe auction house was accused of helping clients avoid paying taxes on millions of dollars’ worth of art purchased from 2010 to 2020.
Events & AwardsNov 20, 2024
Kering Debuts New Jewelry Award With Sustainability FocusThe four finalists will present their pieces at the 2025 JCK Las Vegas show.
CollectionsNov 20, 2024
Pamela Love Channels Surrealist Artists in New CollectionThe “Camera Oscura” collection showcases earring designs celebrating female Surrealist artists Claude Cahun and Leonor Fini.
Policies & IssuesNov 20, 2024
Columbia Gem House Raises $10K for Reforestation EffortsThe money will fund the planting of 10,000 trees in critical areas across Oregon, Arizona, Montana, and other regions.
Events & AwardsNov 20, 2024
The Jewelry Symposium Opens Registration, Scholarship ApplicationsThe event centered on advancing jewelry manufacturing technology will return to Detroit in May 2025.
CrimeNov 19, 2024
Woman Killed in Armed Robbery of Sacramento Jewelry StoreLocal reports identified the woman as the wife of the jewelry store owner.
AuctionsNov 19, 2024
‘A Tsar’s Treasure’ Fetches $2.9M at Sotheby’s Jewelry SaleA collection of pieces owned by Ferdinand I, the first king of modern Bulgaria, and his family, blew away estimates in Geneva last week.
MajorsNov 19, 2024
Trove Opens First US Flagship in NYCThe Australian jewelry box brand’s new West Village store will showcase new jewelers each month through its Designer in Residence program.
CollectionsNov 19, 2024
Snoop Dogg’s New Jewelry Collection Is All About Love“Lovechild” was created in partnership with Carolyn Rafaelian’s Metal Alchemist brand.
EditorsNov 18, 2024
Q&A: Helzberg CEO Brad Hampton on the Jeweler’s RebrandHampton discussed how Helzberg is improving the customer experience and why it was inspired by the company formerly known as Dunkin’ Donuts.
Policies & IssuesNov 18, 2024
Reciprocity Jewels Returns to NYC Jewelry WeekThe group will host several curated events and an exhibition of designer jewelry made with Peruvian gold traceable to the miners’ names.
CollectionsNov 18, 2024
Dolly Parton Shines in Collaboration with Kendra ScottThe collection honors the 50th anniversary of Dolly Parton’s “Love is Like a Butterfly” song, which shares a birth year with Kendra Scott.
Events & AwardsNov 18, 2024
IGI Jewelry Design Competition ReturnsThis year’s theme asks designers to take inspiration from classic fairy tales.
EditorsNov 15, 2024
Why Fine Jewelry Belongs at New York Comic ConSenior Editor Lenore Fedow makes the case for why more jewelers should be appealing to nerds at the annual event.
CollectionsNov 15, 2024
Marie Lichtenberg Battles Counterfeits with New ‘Raiz’in Scapular’ DesignsThe latest “Raiz’in” drop showcases a newly designed “Scapular” necklace and donates a portion of the proceeds to Make-A-Wish France.
WatchesNov 15, 2024
Piece of the Week: Citizen’s Commemorative Pocket WatchNo. 1 out of 100, the timepiece was created to mark Citizen’s 100th anniversary and will be auctioned off at Sotheby’s next month.
