Sales Strategy

Boosting Jewelry Sales Through Text Payments, BNPL, and Omnichannel Strategies September 25, 2024 (0 comments)

New York, NY--As consumer expectations shift, jewelers are engaging with a new generation of buyers with increasing purchasing power, making adaptive sales and communication strategies crucial for sustained growth.

[Image via istockphoto.com]

An article published by Ikeono explores the impact of text payments, their omnichannel capabilities, and comparisons with digital wallets and Buy Now, Pay Later (BNPL) options.

Omnichannel Engagement: Connecting with Customers Everywhere

Website Integration

Per the article, implementing web chat to text messaging on your website lets you interact with visitors who have questions but aren't ready to purchase. By maintaining the conversation after they leave your site, you stay top-of-mind.

When they're ready to buy or place a deposit on a custom piece, you can text them a secure payment link.

Social Media Direct Messaging

Engaging customers through direct messages on social media allows for personalized interactions. You can answer questions, share product images, and close deals all within the same conversation.

In-Store Experience

Text payments enhance the in-store experience, especially for customers without wallets. This method keeps your store environment clean and focused on the jewelry without clutter from payment terminals.

Modernizing Financing with BNPL

Financing in the jewelry industry has been a balance between exclusivity and flexible payment options. Changing consumer habits have transformed this. Buy Now, Pay Later (BNPL) offers a more straightforward, more discreet financing experience without the need to apply for credit lines or deal with high interest rates.

The article noted that over 360 million consumers use BNPL, a number expected to nearly triple by 2027. Major banks like Chase, Citibank, and American Express are introducing BNPL programs. Younger generations, particularly Gen Z and Millennials—nearly 49% of jewelry customers—value convenience and are open to financing luxury goods without traditional stigmas.

Bridging the Gap: Text Payments vs. Digital Wallets

Digital wallets like Apple Pay and Google Wallet are popular but have limitations for high-value purchases. Contactless payment transactions are often capped (up to $300 in the U.S.), hindering expensive jewelry sales.

Per the article, text payments overcome this hurdle by enabling secure, high-value transactions directly via text messaging. As digital wallets become more prevalent, industries selling large-ticket items need solutions like text payments.

Learn more in this article by Ikeono.