Omaha, NE—Data from The Edge Retail Academy (ERA) shows good news for jewelers: sales were up with diamond revenue growing 12% in June.
ERA released its June retail sales number index, showing independent jewelers grew their revenue for the first month since February 2020. ERA’s aggregated data, collected from 1200+ jewelers through its Edge Pulse program, found the following indicators:
“June was a strong month for our independent retailers despite the challenges and restrictions associated with reopening,” said Sherry Smith, ERA director of business development. “It has been great to see how quickly and creatively our retailers adapted to the current environment. This adaptability clearly shows in the numbers.”
Retailers have been both active and creative in getting customers into their stores through the pandemic and reopening. For instance, Kate Marks, owner of Shelton, CT-based Marks of Design, initiated auctions on Facebook soon after the pandemic began. She sold hundreds of items online when her store was closed. “I nearly met my original May sales goal with these auctions,” she said. The store has continued the auctions in June to maintain engagement with customers as well as bring in traffic now that her store has reopened.
Alan Miller, owner of Alan Miller Jewelers in Oregon, OH, commented, “to bring in traffic and to raise cash to restock our fast sellers, we ran a promotion at the beginning of the month on our aged merchandise: ‘25% - 50% off of 50% of the store.’” Miller had a very strong June, beating 2019 numbers by 66%.
ERA distributes insights from the sales data at an industry level monthly in its ‘The Vibe’ newsletter. The email is free; interested retailers and vendors can be added by emailing their contact information to Inquiries@EdgeRetailAcademy.com.