For a jewelry business, it’s never too early to be preparing for the holiday season. The fourth quarter often accounts for more than half of annual sales for jewelry retailers so early preparation can pay off in a big way!
You should already be sourcing jewelry supplies, designing your holiday line and beginning production. However, in the hustle bustle of product fabrication it is easy to procrastinate other important items on your to-do list. Here are some reminders for your checklist to ensure the most successful holiday season possible. Start now and best wishes for a profitable season!
Plan your gift packaging –
Don’t underestimate the importance of your gift packaging options at the holidays. Gift wrap is part of your branding and it is a valued service for jewelry buyers. Make it unique and don’t skimp on quality. Special touches such as quality ribbon, faux flowers, feathers or embellishments add to the mystique of a jewelry box. Have fun with it and plan your designs for the holiday season well in advance so you have sourcing established and wrapping time down to just a few moments. Also think about having a free, basic option as well as a paid upgrade option for special gifts.
Prepare upselling items –
Everyone knows to design your primary line for the season but don’t forget to include some easy upsell items. For example, “with any $100 holiday purchase you can receive our holiday sparkler chandelier earrings for just an extra $15, would you like to add those today?” Upselling gives the customer the chance to splurge on themselves or pick up another gift at a discount. It helps to feature your upsell item prominently in your displays with the full-price clearly visible so the customer knows they are getting a bargain when they go for the add-on.
Establish checkpoints –
Take a moment to mark checkpoint days on your work calendar. These days should be used to step back from production and evaluate what is selling and what isn’t . See where you are overstocked and offer sales on those items before the holiday season ends so you don’t end up stuck with dead inventory in January. Liquidating dead inventory from your jewelry business at a loss later can eat up profits from a good holiday sales season. Don’t let it happen to you.
Plan to capture your customers –
Don’t miss an opportunity to turn holiday buyers into repeat customers. Put a postcard in their gift bags with a $5 discount on another purchase before Christmas. You’ll be on the top of the list when they are frantically trying to find that those last-minute gifts. Also try to collect emails for your marketing list by entering people who sign up in a drawing for a free item. You know these buyers like your work so do your best to entice them back.
Don’t forget stocking stuffers –
Remember to hit some lower price points in your holiday selection. Have some simple earrings or charm necklaces available in the $15 – $25 range. Customers who hesitate on the higher priced items may be more willing to grab a smaller gift while they consider the larger item for someone special.
Check out these great holiday gift ideas for yourself or other jewelers you know.