Jeweller - April 2020

Editor’s Desk
Retail reality: recalibrating to a new normal
The search for solutions amid the pandemic panic starts with understanding consumers, writes ANGELA HAN.
The COVID-19 pandemic sent a shockwave
around the globe, leading to businesses
closing almost overnight. This has left
retailers wrestling with how they can keep
their doors open and staff employed, amid
empty tills and sleeplessness.
These problems are very real.
Meanwhile, economists and analysts tell
us that this pandemic is an opportunity for
governments and businesses to refine their
disaster planning processes. That’s good for
everyone in the long run, and headlines herald
that innovation flourishes in times of crisis. But
what does innovation look like for jewellers?
History has proven that societies are altered
by extreme adversity, and the lessons learned
are carried through generations.
Trade has developed a pattern over thousands
of years: firstly, identifying gaps or needs
in people’s lives, secondly, conceptualising
how we can fill that gap or need, and finally,
fulfilling that gap or need.
Following this template, we can find solutions
to problems of the present and adapt to the
inevitable changes that will occur in the future.
Agility is the new normal
Business owners are constantly told to remain
“agile”, but what does that actually mean for
jewellery retailers, and how can they quickly
respond to the inevitable post-coronavirus
shift in consumer behaviour?
The nature of evolution is not only survival,
but also how necessary the organism is based
on its usefulness to its surrounding network.
To evolve, you must understand your position
in the market and how best to serve your
customers.
We must acknowledge that the way we engage
with our surroundings has fundamentally
changed. With all the meticulous handwashing,
there’s bound to be an increase in
shoppers feeling uncomfortable trying on
items in stores. This may lead to increasing
consumer reliance on e-commerce.
Many of the behaviours that consumers have
adopted during the pandemic might remain
permanent, which will in turn decisively
affect our economy. For example, shopping
centres will have to rethink the way they rent
retail space with more businesses adopting
sophisticated omni-channel strategies.
SOTI, a technology company, recently
published A State of Mobility in Retail
which included the survey results of 4,000
people about their omni-channel shopping
experiences. The findings indicate that
consumers want a secure, personalised instore
experience via mobile.
It also revealed that 67 per cent of consumers
felt that mobile was the best way to deliver a
seamless shopping experience, and 76 per
cent wanted store staff to use mobile devices
to provide a better in-store experience.
If a safe, seamless and speedy delivery is
uppermost in the minds of customers, then the
next few months are a good time for retailers
to spend fine-tuning their digital presence,
focusing particularly on mobile development,
and connecting with customers. Is this a gap
in your business? If not, then fill it.
Strengthened local manufacturing
With the global supply chain heavily impacted
for the foreseeable future, consumers will be
driven by default to support local businesses
and we will only become more reliant on one
another until markets resume some form of
normality.
Manufacturing jewellers have seen a slow
return to custom design and personalised
manufacturing in the past few years, with
coloured gemstones enjoying a moment
in the spotlight.
This trend, in part, is driven by a generation
of Millennials who ascribe strongly to
philosophies of self-expression and
personalisation, and those aspects of the
business may experience further growth
once the market is ready for some form
of normal trade.
If you’re still in business today or when the
crisis has passed, it’s because customers
have trusted you over the years.
Strengthen your position now by keeping your
communication lines open, engaging them in
creative ways.
Remember: love doesn’t stop in a pandemic!
It’s a good time to let your customers know that
your ability to serve them in their moments of
celebration remains unwavering during this
time.
If you’re still in
business today,
it’s because
customers have
trusted you
over the years.
Strengthen your
position now by
keeping your
communication
lines open,
engaging them
in creative
ways.
Smarter shoppers
The internet has made consumers smarter
– and more selective – than ever before. They
are looking for attentive businesses that will
help fulfil their needs and wants. With the
emergence of CAD/CAM and 3D printing, a
gradually growing segment of customers are
producing their own designs saved on a USB
stick, for their local jeweller.
While some retailers have turned these
jobs away, smarter operators with the right
skillsets have helped customers refine
their design on-screen behind their bench,
leading to an opportunity for a sale while
extending education and earning the trust
of a committed new customer.
The joy of a better-informed customer is in
the engagement and depth of discussion. It
is a jeweller’s job to stay abreast of a wide
range of topics such as ethical sourcing, 3D
modelling and printing, the pros and cons
of natural and lab-created diamonds, or
alternative gemstones for engagement rings.
Don’t be intimidated – be prepared.
Be as helpful as you can in fulfilling your
customer’s specific needs and help them
deliver their beautiful jewellery by any
means. Smart shoppers love being educated,
and if they can learn new things from you,
they will keep coming back.
After all, luxury today is said to be driven by
authentic, personal interactions. Creating a
tailored experience for your customer works
because people gravitate towards businesses
that can give them what they need in an
unforgettable way.
At the heart of survival is being attentive
and able to meet others at their point of need.
Now is a forgiving time to take some risks,
as everyone across the world is navigating
uncharted waters. Try communicating with
customers differently, explore new methods
of selling inventory, and refine your business
goals while making the changes you’ve been
wanting to make. There won’t be a better
time to recalibrate your business.
Your customers are changing, they’re talking,
and if you listen, you’ll know exactly what
they want and how you can deliver.
Angela Han
Publisher
April 2020 | 7