We speak with jewelers around the country every day and one of their biggest concerns is the decrease in store traffic. Part of the problem is that we’re all accustomed to shopping more and more via the internet, even if people aren’t necessarily buying jewelry online.
Another part of the problem is that many jewelers have discarded the use of inexpensive silver lines that generated a lot of traffic years ago, but not a lot of gross profit. More than that, these lines required a lot of labor to service them, so shedding the lines has become a relief in many respects.
Lower customer traffic is a reality, especially when measured with an electronic door counter. So in the spirit of kick-starting increased store traffic, one of the best ways to do it is by conducting a major sale event. This increased traffic, which is similar to what you experience during the last week before Christmas, creates tremendous buzz in your community and rings the cash register.
Another benefit, which is often a surprise to our clients but not to us, is the number of new customers who buy items during the sale. On average, 30% of the sales go to new customers. Additionally, the average retail sale for consumers who have never crossed your threshold is often much higher than for your regular customers. These same people are systematically added to your database and mailing list, along with what brought them into the store, yet another benefit of doing the sale.
Store traffic is an issue for every retail jeweler. The problem goes away when you do something dynamic to change it. If you need help or advice to increase store traffic by having a major sale event, please contact us today and we’ll help you get started.
Sincerely,
Jeff Gordon, CEO
