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10 Quick But Unusual Tips For Better Holiday Sales | November 18, 2015 (0 comments)
Merrick, NY—It’s “big game” time! Here are some quick tips to help keep your sales up, your customers safe, and your stress levels down.
1. Jewelers Mutual says that while you’ve probably already enhanced store security for the season, consider safety for your customers as well. For example, make sure your checkout area is secure, says David Sexton, JM’s vice president of loss prevention. This means ensuring their PIN and credit transactions are shielded from potential identity theft, keeping some extra large bags ready to offer customers struggling with lots of packages, and also rethinking your own bags.
“While you may love your store’s custom bags, they could be advertising what’s inside to the wrong crowd. For extra security, consider placing your store bag inside a less noticeable bag, especially this time of year,” he suggests.
2. Jewelry safety for customers at home: JM suggests you advise your customers not to put a jewelry gift under the tree until just before they’re ready to give it. Those beautifully wrapped packages are a magnet for thieves who break into homes, looking for easy, brand-new merchandise. According to SafeWise.com, it takes an average burglar less than 60 seconds to break in and only 10 additional seconds to grab valuable belongings.
3. Customer jewelry safety while traveling: Suggest they have their jewelry appraised and make a list of pieces they’re taking with them. Remind them to always pack jewelry in a carry-on bag, never in checked baggage, and suggest they consider leaving their most expensive pieces in a safe deposit box and wear less expensive jewelry while traveling. It’s also a good time to remind them of the importance of having a comprehensive jewelry policy, such as the ones JM offers.
4. Millennials are likely to comprise the biggest slice of luxury jewelry shoppers during the holiday season, according to a new report from Shullman Research. More than half (57%) of all holiday luxury shoppers are likely to be Millennials, compared to Boomers (22% of all luxury holiday shoppers) and Gen-X’ers (19%). But Millennials, who are less affluent luxury shoppers than Boomers and Gen-X, are more likely to be seeking fewer and less expensive entry-luxury products as their first taste of luxury. Shullman’s research finds that Millennials will spend an average of $1,250 for holiday luxury gifts. Boomers will spend an average of $1,700, but the big spenders will be Generation X-ers (age 36-50) who will spend an average of $2,650.
5. Black Friday may not be a huge day for luxury jewelers, but it is for Millennials. According to research from Influenster and reported in Adweek magazine, 93% of Millennials plan to do at least some shopping on Black Friday or Cyber Monday. 35% say they’ll do more of their holiday shopping on Black Friday, compared to 26% who will do more on Cyber Monday. But 39% will split their time and money equally. When it comes to jewelry, however, the majority who plan to buy some will do it in store on Friday (45%) vs. online on Cyber Monday (24%). In terms of product categories they plan to buy, jewelry ranked sixth out of 10 categories. Key takeaway: have some entry-priced selections ready to go on Black Friday and blast it out in social media and via email marketing.
The majority of Millennials who plan to buy jewelry on either Black Friday or Cyber Monday will do it on Friday, says Adweek magazine. Chart: Adweek.
6. More findings from Shullman about luxury holiday shoppers: About half (53%) plan to spend about the same as last year; about one third plan to spend more, but only one in 10 plans to spend less. Men were more likely than women to cut the budget, but Shullman says their findings suggest that this year’s holiday sales should be up over last year, despite some predictions to the contrary. Holiday luxury shoppers should spend an average of $1,700 each on their holiday purchases this year, compared with about $900 for the average American adult. One in six (17%) of luxury holiday shoppers—about nine million of them—reported they plan to spend $2,500 or more on their 2015 holiday purchases, says his research.
7. A Bain & Co. report that says the global luxury market is likely to post the slowest growth since 2009, owing to the slowdown in Asia and Russia. The market is not facing a precipitous decline like it did in 2009 but according to an article in Bloomberg Business, Bain & Co. predicts only modest growth between 2% and 4%--and last week’s terror attacks in Paris bring new concerns for the global luxury industry.
8. But jewelry is the bright spot. Bain expects jewelry to be 2015’s best-performing [luxury] category, rising 6%. Items such as diamond necklaces are increasingly seen as a safe investment in an uncertain economic and financial environment, the consultantcy .
9. Make sure your store experience engages all your customers’ senses, says Fruchtman Marketing. In addition to visual decorations, this also includes sound (Fruchtman suggests enlisting a local choir to sing), scent (try cinnamon or vanilla potpourri), taste (fresh-baked cookies and mulled cider), and, of course, encourage customers to touch and try on what’s in your showcases.
10. Stressed-out employees are bad for business. The Michigan Retailers Association has a list of suggestions for balancing your store’s extra needs during the season with employees’ own needs for family and religious time. Writing a to-do list is especially helpful to manage holiday stress—but make sure you prioritize between must-do-today items and things that can be done another time.