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Jewellery Retail Market Research

Jewellery Retail Market Research 2018

Brand new data and analysis of the Jewellery Retail sector.

This exclusive 17-page report features in-depth research into high street jewellers such as Pandora, Swarovski, F.Hinds, Green + Benz, Lunns, and over 30 more multi-store jewellery retailers.

Download this free report and discover:

  • How your competitors are offering click and collect
  • Which jewellers are struggling with omnichannel returns
  • Who offers the best in-store workshop services
  • The four jewellery retailers worth more than their weight in gold

Download this report to figure out what you can do right now to get ahead of your high street competition.

Get your copy now



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Jewellers are taking over the high street

Jewellery retail is unique. It’s a mixture of fashion, science, and tradition. Often love, loss and expectation are drivers, and emotions run high. In what other type of shop can a surprise valuation bring a windfall, or can a one of a kind, bespoke design change a life?

Last year, PwC research found that whilst 15 shops closed on the high street each week, the number of jewellers operating on Britain’s high streets was actually on the rise. The jewellery sector is thriving, but many jewellers are still lagging behind general retail when it comes to connecting online and in-store services.

Jewellers digitising in-store services right now will be worth more than their weight in gold.

We analysed 34 high street jewellers on 10 points of service to produce this report. Our expert analysis will help you strategise for the future of your jewellery business.

Creating a more omnichannel high street for Jewellery

The effects of digital on high street Jewellers

Jewellery retail is unique. It’s a mixture of fashion, science, and tradition. Often love, loss and expectation are drivers, and emotions run high.

Last year, PwC research found that whilst 15 shops closed on the high street each week, the number of jewellers operating on Britain’s high streets was actually on the rise.

The jewellery sector is thriving, but many jewellers are still lagging behind general retail when it comes to connecting online and in-store services.

Cybertill’s Omnichannel Retail Consultant, Elaine Scott, shares her thoughts on the jewellery sector and some of the most interesting stats that came out of the market research report;

“The most interesting stat for me was that only 8% of jewellers are displaying their stock availability in store on their website, and for me that just came as quite a shock”

 

Despite the jewellery sector ‘thriving’ on the high street as PWC found, it seems that the jewellery sector is yet to create a fulfilled omni-channel experience for its customers, Elaine explains; “Jewellers are missing out massively on sales and getting more customers in store for that reason. I think with the millennial shopper everything is available now on the internet. People are shopping on their devices and they want to see what stores the stock is available in”.

Jewellers who do not create that seamless experience for their customers in moving between online and in-store, are missing out on a whole market of consumers such as the millennials, who do expect to be able to shop via their mobile devices and then head into store to collect or try on their items. A smart use of digital tools can augment the customer experience and bridge the gap between online and in-store.

Click and collect and click and reserve have been growing in popularity in general retail. Elaine explains that

“It’s very important to jewellery retailers because jewellery is very personal, and a lot of people want to actually see the product. F.Hinds offer click and reserve instead of click and collect which allows customers to see the products before they buy them – really adding to that personal customer experience, and ensuring customers aren’t out of pocket before they even choose the item they want. That’s pretty forward thinking”
Jewellers digitising in-store services right now will be worth more than their weight in gold.

However, its not all about the customer experience, by creating a true omni-channel experience, the business can be also benefit internally. As Elaine states, by having a single view of stock, “the retailer would see a huge benefit because the staff can be better informed as they can see real-time stock levels, they can have a look at other locations, helping the consumer there and then”.

Enhancing the customer journey and adopting an omni-channel approach is quite prevalent in the report, and the most simple way to help jewellers do this is via the cloud. The cloud has many benefits, as outlined by Elaine, businesses can “centralise stock, centralise customer data and also things like customer loyalty, capturing customer’s details, recognising and identifying shopping habits and getting to know the customer; which would reap benefits for the retailer”.

Download our latest market research on the state of the jewellery sector >

Social Media and Retail Were Made for Each Other

Social media is now not only a ‘nice to have’ for retailers, it’s an important sales channel that can be utilised to grow their business.

A recent study by DigitasLBi’s showed that social media is influencing an increasing number of purchases both on and offline. Nowadays, retailers are expected to be on at least one of the various platforms. It is often a first port of call for consumers looking to keep up with the latest products, competitions and offers from their favourite retailer, as well leave feedback/reviews and even find basic information such as phone number and address.

Many of our customers have really embraced social media for their business. Neal’s Yard Remedies, a large organic health and beauty retailer, uses beautiful photography on Instagram and engaging posts about the company’s ethos on Facebook amongst other social media channels. Another customer, Travelling Man, has four comic book stores across the North West, and engages with its avid fans on Twitter and Instagram through teasing upcoming events and product releases. It has built up a community and gained a huge amount of followers in the process.

An added benefit for those who run both a bricks and mortar store and an ecommerce website is being able to link directly to product pages to drive sales on their social media.
What’s more, it’s a relatively low cost channel to commit to for independent retailers – generally the only costs involved are graphic design for images (if it can’t be done in-house) and any advertising campaigns you run. For these, the retailer decides the budget and target for the campaign for example, website clicks, new followers etc, and they can be changed as you go.

Many retailers have even launched the ability to buy straight from social media, going one step further to reduce the amount of clicks in the buying process. The same DigitasLBi study found social shopping is rapidly gaining traction, with 28% of social network users around the world claiming to have purchased an item directly via a social media platform.

So what are the issues with social media for independent retailers? It largely comes down to time and know-how. Social media is all about regular content. Great content sells, whether it’s offers and promotions, eye catching images, ‘behind the scenes’ posts or competitions. Many busy independent retailers may feel they don’t have the time or expertise to succeed on social media.

Our top tips are:
• Share the work load – ask your staff to get involved with the content, it helps shoppers get to know the people behind the business and you may find they come up with some great ideas
• Just be yourself – use your personality in your social media posts to connect with customers
• Social media guides – for a few helpful tips to utilising Twitter, Facebook, Pinterest, Google+ and Instagram, you can download our free social media guides here
• It may sound simple, but make sure your website links to your social media channels and even give customers the option of easily sharing products or blogs from your website through social media integration

We’d be interested to hear how your business has benefitted from social media any hints and tips you may have for other retailers. Leave a comment below or, post on our Facebook page or tweet us @cybertillretail!

 

Respond to Google’s Changing Web Demands

Google is the dominant search engine. Globally almost 66% of desktop searches are done on Google. The second most used is Baidu (a Chinese Search Engine). On mobile the statistics are even more startling; 92% of searches are via Google. In the UK across all searches (desktop and mobile) Google commands 88% market share. When Google changes how its search engine shows results it affects all UK businesses, that is the power it wields, rightly or wrongly fairly or unfairly.

So its recent announcement that it will penalise non mobile-friendly websites should have business owners taking notice all round the land. If your ecommerce site is not mobile-friendly, expect to see its ranking, traffic and subsequent sales fall. This is not being alarmist but realistic. Google announced that as of 21st April 2015 it will penalise websites that don’t have a mobile-friendly version.

So what can businesses do about this? Well if they don’t already they need to have a mobile-friendly website and that means one of two options, have a standalone mobile website or a responsive website. A responsive website adapts and responds to whatever screen it is being viewed on, whereas a mobile site is a static mobile site built specifically for smartphones.

Cybertill designs and builds responsive sites, rather than mobile sites, and Google also recommends responsive sites. Later in May our blog will be going into the technical detail of why responsive is a better choice than mobile.

To find out more about responsive websites and what they entail we have created a responsive infographic, which can be downloaded here.

Whatever decision you make, you will need to decide quickly before you notice traffic to your site falling.

The evolving high street – what will the store of the future look like?

The store of the future is a hotly debated topic by many within retail. At the extreme end of the spectrum there are those that believe stores will simply become show rooms for products as technology, specifically the internet, continues to erode the high stree and stores will wither and die. Those that believe in the present format will continue to evolve but not drastically change. Although most believe that high street retail will continue to shrink, in terms of the number of outlets, as ecommerce continues to take market share. This phenomenon is also true in the USA as well.

In truth the actuality of the store of the future will probably lie somewhere in between these two extremes. So here’s our go at staring into the crystal ball to see what stores will evolve into.

Stores will become the integrated hub where sales channels merge. For example areas that are dedicated to click and collect and returns will continue to appear and how customers use and interact with stores will also evolve.

So the store format will be geared around the customer and their retail experience. And it will become mobile. Staff will be ‘armed’ with mobile PoS* deployed on tablets, and mobile kiosks acting as information portals for customers will be commonplace, where they can browse stock, product information, videos and so forth. For the retailer it will be important each touch point has the ability to recognise a customer and their preferences and track their visit. That way they can begin to profile customers and offer a more personal experience in-store and across their brand.

Metrics for store performance will also evolve, for example new performance indicators that highlight how each sales channel can influence another will be critical in evaluating their performance. For example incidental purchases made in-store by web visitors (i.e. those who are simply collecting or returning items in-store) will become more important.

So yes we believe it is more evolution than revolution but the stores need to get smarter and be able to inform customers at every touch point. Which leads onto the larger point of will there be a high street left for retailers to have this store of the future?

Will the high street wither and die?

Local Data Company reported in September 2014 that Britain’s vacancy rate fell in August to 13.3% from 13.4% in July. This is its lowest level since June 2010. So are high streets reviving? Again the truth is probably not as prosaic as that. The high street’s health is inextricably linked to the economy. When the economy is growing, the high street will mirror that, and when the economy is in a downturn again the high street will follow that, but perhaps the peaks and troughs will be smaller than the before.

Champion independent retail this Small Business Saturday

During this busy Christmas period, with major retailers pushing discounts and launching high budget marketing campaigns, independent retailers may feel a little forgotten. However, as we’re sure many will agree, it’s often those shops where you find the most unique Christmas gifts!

With this in mind, it’s the perfect time of year to celebrate Small Business Saturday, which takes place this Saturday 6th December. The day aims to ‘support, inspire and promote small businesses’.

The ‘death of the high street’ has long been talked about in the press but this day offers independent retailers the chance to prove them wrong by doing what they do best; providing their local community with a unique shopping experience. In fact, The Guardian has suggested that Small Business Saturday could be independent retailers’ Black Friday and we certainly hope it will prove to be a success for the second year in a row.

Small businesses across the country are hosting events on the day, including independent retailers offering discounts and helping to promote their fellow local businesses. On the Small Business Saturday website, the organisers are profiling 100 independent business up until the 6th. You can see them all here.

Here at Cybertill we work with hundreds of independent retailers to help make their job easier with our cloud-based EPoS system and ecommerce solution. We know how time consuming it can be running a shop and in many cases, an online store too. Cybertill helps independent retailers to cut down on the stock they hold with real time stock levels, fully integrate their store with their website, reduce lengthy stock takes, create sales reports in seconds and more.

We’d love to hear what you’re up to for Small Business Saturday so we can promote it on our social media pages so do get in touch and let us know via Twitter or Facebook.

Will this year’s Black Friday be the UK’s biggest yet?

Black Friday, always the day after Thanksgiving, is a day that instils excitement in all American shoppers and leaves retailers pitting against each other to offer the best deals and draw the biggest crowds. It typically marks the start of Christmas shopping in the US and the vast majority of retailers get involved with substantial money off deals. Having been in New York City during Black Friday, we can confirm just how much of a frenzy it creates.

To many in the UK, however, it doesn’t quite hold the same draw. Yet. That could be about to change as a Visa Europe  forecast predicts that this year more than £1m will be spent every three minutes on its cards this Black Friday, which falls on 28th November. What’s more, a survey by eDigitalResearch and IORMA has shown 72% of consumers have now heard and expects it to be the most successful Black Friday in the UK yet.

Its success in the UK in the past few years has been relatively mediocre, mostly driven by Amazon, John Lewis and Asda (owned by US retail giant Walmart). However, this year additional retailers have stepped up to the post to offer discounts including Dixons, Very, Currys, Argos, The Original Factory Shop and Sainsbury’s have announced their involvement with surely more to follow.

Whether it will ever be as big in the UK as it is in the US still remains to be seen. For starters we don’t have Thanksgiving, which the day is linked to. Though Halloween, typically an American tradition, is now the UK’s second largest retail event after Christmas which shows we are open to getting on board with US traditions.

What Black Friday does offer for retailers is a chance to launch shoppers’ Christmas shopping with incentives and offers. In fact, consumer research by Asda has revealed people’s spending intentions are currently running three weeks behind last year due to the unseasonable warm weather throughout autumn, so there’s a good chance retailers are hoping Black Friday will be the kick up the proverbial that shoppers need to start their Christmas shopping. Will we see more in store offers this year, as opposed to online only deals, to help push people to bricks and mortar shops?

Will you be offering Black Friday deals? Let us know on Facebook  or Twitter. It’ll certainly be interesting to hear just how successful this year’s is.

Are you ready for the changing trends in sports retail?

With Christmas fast approaching multi-channel retailers are feeling confident about this festive season – 70% in fact, compared to 52% in 2013 according to a survey by Barclays. It also appears that consumers really embrace multi-channel retail, especially at peak trading times like Christmas, for example 95% of online shoppers are expected use ‘click and collect’ this Christmas. ‘Mobile’ shopping is on the increase too, when consumers use their tablets and smartphones to shop online, and this is also expected to be a key sales channel this Christmas season after its continuous growth throughout the year. According to research by Adobe EMEA, the UK will see 24% of sales coming from a mobile device this Christmas.

However, for multi-channel sports retailers, this service is important throughout the year, often driven by sports events such as Wimbledon, Rugby World Cup, the Ryder Cup and so forth, that can cause sales spikes and high demand. So how can independent sports retailers keep up with the trends and make adequate provision for peak trading times? With real time stock levels and integrated store and website, services like click and collect are simple to implement. By switching to a ‘responsive website’, where the content adjusts to the size of the users screen including tablets, retailers can reduce their risk of losing customers due to a problematic website shopping experience.

Are you feeling confident about this Christmas? What sports events are you expecting to drive sales over the coming year? Let us know over on the Cybertill Twitter @Cybertillretail or on our Facebook page.

To find out about Cybertill’s sports retail systems please visit the Cybertill stand in the Mallard room at the forthcoming STAG Buying Show at the Cotswold Water Park on the 23-24th November 2014.

Are you ready for the changing shopping trends in schoolwear?

A recent survey by Neilsen highlighted how schoolwear shoppers are beginning to shop earlier in the summer. Now this survey was carried out in the States, but with most things retail where they go the UK follows. 18% of respondents had started shopping at the beginning of August compared to just 7% in 2013.

This trend was partly driven by retailers advertising earlier. For independent schoolwear retailers, a really effective way of advertising is emailing your customer base. This can be simple to create, but perhaps more importantly measure. With emailing tools such as icontact retailers can see which customers have clicked on links, and by using Google Analytics on your website where clicks and sales have come from. Cybertill’s EPoS system can help retailers create that all important customer database at the till point. With a post code look up facility, retailers can add customers in a few seconds, and by collecting email addresses they can then email customers with offers and promotions. This way retailers can create ‘personalised emails’ by School and generate multiple email campaigns throughout the summer months. And if you start early with an incentive to visit the store or shop on-line you can generate a great start to the summer holidays.

The same survey found over one in four of respondents say they’re very likely to post about their back to school shopping on Facebook and 15% plan to Tweet about it on Twitter this year, both up from 9% and 3%, respectively, in 2013. This shows how important it is for retailers not only to have a social media presence but be active and talking to their customers.

Have you noticed people posting about their back to school shopping experience on social media? Let us know over on the Cybertill Twitter @Cybertillretail or on our Facebook page https://www.facebook.com/cybertill.

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