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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 >

Streamlining the Process of Returns in Omni-Channel Retail

The process of returns in retail can be a bit of a sore subject for some – largely to due to associated costs and the difficulty in deciding the most efficient and suitable way of handling them across sales channels. This is especially true as the retail world develops, customers want an easy and convenient shopping experience and retailers are striving to provide that with omni-channel strategies.
In fact, a recent study by PWC found that the high cost of fulfilling orders hits profitability for 84% of retailers, with some 71% pointing to the cost of handling returns from online and store orders.

So what are these hidden costs and how can retailers address them? Firstly it’s the cost of shipping items back and forth, especially if a retailer offers free returns and only allows items to be returned to the sales channel they were purchased from. Then there’s the potential cost relating to how long it takes for that returned item to be put back on sale – the longer it is out of stock online or not back out on the sales floor, the more chance there is that the item will need to be discounted to help move in new stock.

The first step to minimising costs is allowing items to be returned via any channel whether it’s online or in store. To do this, it is paramount that a retailers’ systems for their stores, ecommerce and supply chain talk to each other – with one single, real-time database of orders and sales, shop assistants can easily find a online sale on the system in-store and vice versa. It provides customers with a consistent and convenient service, and encourages them to return the item as soon as possible.

This in turn helps the retailer to get the products back on sale quicker. Giving online customers the option to return in store means returned items can be checked in and put back on sale straight away, rather than waiting for the customer to return them via post, checking them back into the warehouse and then adding them back to the stock poll. However, when they are returned online, there needs to be a clear and efficient process of getting them back online, which again is where having an integrated retail system and supply chain comes into play.

Getting fulfilment right is a large part of becoming omni-channel and many retailers struggle with it, for instance Marks and Spencers’ distribution troubles around Black Friday last year. Those that really struggle are the ones running disparate systems, as this hinders real time data and transparency throughout an organisation and can mean that returns are back logged during peak times. Having a full view of the business enables retailers to see where the hidden costs are and helps them make quicker, better decisions to tackle issues such as returns.

What other issues do you find with returns? Let us know on our Facebook page or tweet us @cybertillretail.

Are you getting the most out of your store’s social media channels?

Social media has rapidly become an essential sales and communication channel for retailers, big and small.

There are numerous benefits to having a consistent social media presence for your retail store. Not only is it a way to promote your product offering and directly generate sales, it can be used to communicate with customers, new and old. It acts as a platform for product reviews, it can boost your website’s performance and much more.

The big players in terms of social media channels are Facebook, Twitter, Google+ and more image-driven platforms Instagram and Pinterest. Retailers should consider which platforms to be on to reach their target audience, for instance Pinterest is great for ecommerce retailers. After Facebook, it generates the most online sales conversions for retailers according to Shareaholic.

With social media networks acting as a channel to directly communicate with customers, retailers are able to give their store a personality online and offer ‘fans’ an insight into the people that run it. This helps people warm to your brand – they no longer want a boring, formal purchase journey, they want a shopping experience both online and in store, and social media has become part of that.

Social media can also help to boost your credibility. People often leave reviews on networks and share they thoughts with friends and followers about recent purchases. It’s a fact that customers trust other customers – if they see a positive review of a product that’s caught their eye, it’s likely to boost their urge to buy.

What’s more, social listening has been predicted by Econsultancy as one of the ways technology could shape UK retail in 2015. This is where a retailer monitors social media for mentions of their name (or brands they sell) by users who haven’t contacted them directly e.g. someone who has mentioned their name in a Twitter but haven’t included their Twitter ‘handle’ to send the message directly to the retailer. This is something used to monitor positive and negative mentions from users and engage with them. This is a great way to show appreciation, solve issues and join up your sales channels to offer customers a seamless experience.

Some independent retailers may not be confident using social media for their business because they feel they don’t have the time or expertise to make it a success. At this year’s Spring Fair, we’re offering retailers a helping hand with five FREE and easy to use social media guides.

To pick up your social media guides, visit Cybertill in Hall 5 Stand 5K3 at Spring Fair from 1 – 5 February 2015.

We’d love to hear your thoughts about social media – do you currently use it for your store? Let us know over on Twitter @cybertillretailGoogle+ or Facebook.

 

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.

Mind the Gap – Omni-channel Retail

It’s safe to say that ‘omni-channel’ is now more than just a buzzword in the retail industry, as digital technology drives changes, it’s becoming a necessity. In fact, research recently found major retailers have reported sales growth of between 10% and 20% over the last year after switching to an omni-channel model.

What is omni-channel retailing?

Omni-channel is a step further than multi-channel retailing. It too is selling across multiple sales channels but the difference is that with omni-channel retailing it is selling across those channels seamlessly, as they combine and operate as a unified sales channel, rather than autonomously.

As with any major changes in a business, there are challenges in moving to an omni-channel model. Retailers must research any potential gaps in their retail experience from a customers’ point of view and create a strategy that best suits them. A few of these gaps are highlighted below:

Returns – a big gap in many retailers approach is returns. For instance, if a customer has purchased an item online and it doesn’t fit, some will only allow the customers to return their order through the same method. But what if it is more convenient for them to pop into their local store to return it? By allowing this, retailers can cater to busy consumers’ needs. Research by Collect Plus has also found three-quarters of customers would be more likely to use a retailer if they offered free returns by post. Some retailers have gone one step further and joined forces with Collect Plus, which allows customers to return parcels to a local convenience store rather than going to the post office.

Click and Collect – as we’ve previously mentioned Click and Collect is a convenient service to add to delivery options on your website. This enables your customers to pick up their order from a local store rather than being confined to arranging their life around a delivery slot. It cuts down on missed deliveries and also means the retailer has the opportunity to upsell when the item is picked up in store.

Digital terminals in store – these allow customers to purchase items in-store from your website. Customers could use these if an item is not in stock in store but is available to buy online, there could be a wider selection of items online or they may want to see an item in store before making a purchase online for it to be delivered to their home. John Lewis reported that its online revenue has been boosted by a 40% rise in sales made via its in-store digital terminals so this is certainly a useful service to avoid losing custom and bridge the gap between in store and online.

This is merely a snapshot of potential gaps, there are many more. Can you suggest any more gaps in the retail process? Tweet us @Cybertillretail.

Are your employees prepared for the digital age?

It may sound obvious, but it’s surprising how often this gets overlooked, if you are rolling out new retail technology in-store do your staff know how to use it? Argos recently announced that their Kensington store was being redesigned and embracing a new digital format.

Part of the press release commented how they had delivered training to store staff to ensure they were able to provide the necessary help to customers. This approach will undoubtedly go some way to ensure this new approach by Argos is a success.

Many retailers seemingly overlook this is essential component of training staff on new technology. Perhaps this is partially driven by the assumption that people au fait with all technology in this digital age and with companies embracing schemes such as Bring Your Own Device (BYOD) to work. But whilst some people are, some people aren’t. And even if people are don’t they still need to know best practice and so forth, then surely retail technology training is essential.

A fellow blogger here at Cybertill Towers recounted how their mum works in a high street bank and speaks to customers all day. The bank is forever marketing ‘mobile banking’ to its customers, and she is often asked ‘how it works and what are the benefits?’ Well, my colleagues mum has never had any training on mobile banking, she does not have a smartphone, so is unable to adequately answer customers’ queries. Now if you want your customers to use the technology to speed up their banking, as well help reduce the strain on the bank, might it be an idea to train your staff on how to use and advise mobile banking? Surely the staff should be the biggest advocates?

When Virgin Media deployed Cybertill’s mobile point of sale in their flagship stores, switching from fixed till’s running Cybertill, they invested in training for their staff, as the processes had changed. This ensured there was no disruption in-store and the transition was seamless.

Any retail business, irrespective of sector, needs to ensure that what technology they market to its customers, as well as in-store technology, their staff can both use and advocate. If not this can have huge implications on sales and the customer experience. What are your thoughts on introducing new retail technology and training staff? Let us know by leaving a comment or tweet us @Cybertillretail.

Why it’s important for retailers to offer Click and Collect

For multi-channel retailers, operating both a bricks and mortar store and an ecommerce website, it’s all about integration.

The aim is to provide customers in store and online with a seamless shopping, checkout and delivery process. Part of that process is catering to customers’ specific delivery needs to provide them with a convenient shopping experience and today we’re focusing on a growing option – Click and Collect.

Research by Planet Retail found that 35% of online shoppers in the UK now use Click & Collect, a figure that’s set to rise to 76% by 2017.

For ecommerce websites, offering just one delivery choice nowadays just doesn’t cut it. Some customers can’t guarantee they will be home during the week to take a delivery, which is where Click and Collect comes in. This allows customers to order and pay for their items online, then collect them from a nominated store.

With Click and Collect, customers can pick up their order at a convenient time for them, perhaps on their lunch hour or at the weekend, at a convenient location. It also means that customers can shop from the comfort of their own home, but still get the benefit of actually picking their items up in store.

Click and Collect also offers many benefits for multi-channel retailers. It ensures customer satisfaction with your service is high by offering delivery options tailored to their needs and prevents your courier from having to make repeated delivery attempts.

Cybertill provides its Click & Collect functionality for multi-channel retailers looking to integrate their ecommerce site and EPoS system to allow online customers to pick up in store.

Some retailers, such as John Lewis and French Connection, have taken this one step further by opening pop-up convenience stores in tube stations for busy commuters to collect their orders. Could this be the next step for Click and Collect? Are there any retailers you think are doing Click & Collect particularly well? Let us know over on our Twitter @cybertillretailFacebook page or Google+.

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