Jewellery merchandising caters to a wide customer segment, each segment has its own unique preference, needs, and behavior. Effective jewelry merchandising requires understanding and catering to these differences.
Strategies to Target Different Customer Segments
1) Identifying Customer Segments
The first step in targeting different customer segments is to identify them, this step is very crucial in merchandising. Customer segments can be based on different factors such as demographics like age, gender, income, and location or psychographics like values, interests & lifestyle. For example, teenagers like jewelry more fashionable and trendy whereas elderly people may prefer antique or timeless pieces.
Once you identify your target segment, it is important to understand the needs and preferences of the segment. The data can be collected through surveys, market research, etc.
2) Creating Targeted Marketing Campaigns
Targeted marketing campaigns are an effective way of reaching people who belong to specific customer segments. The campaigns may include both offline and online, Young customers engage more on social media platforms, like Instagram, Facebook, etc. whereas older people prefer email or SMS campaigns.
The messaging in these campaigns should be tailored to each segment. Here, for example, the message you convey for the younger generation should not be the same for the elder. The young prefer more fashionable and the old people focus more on quality and brand.
3) Offering a Variety of Products
As a Jeweller you must keep a variety of products in your store that cater to different customer segments. Because of the collection people get it at one place, they will be interested to visit your store again and again. This allows customers to find all types of jewelry pieces that increase sales of the business.
The demand for the type of jewelry may not be the same throughout the year so having a variety of pieces helps you to move inventory fast and the rotation of the business takes place.
4) Providing Personalized Experiences
Personalized experiences can be provided to customers based on their preferences and needs. This can include personalized recommendations, styling advice, and custom designs. Personalization can be offered both online and in-store.
Personalized experience makes customers stay with you for the long term, the custom designs and styles are high revenue-generating business where you can charge more compared to ready-made designs. If customers are not happy with your collection then you can offer this kind of custom design services.
5) Leveraging Technology
In today’s world technology plays a crucial role in increasing sales, and conveying your brand message to the masses at the right time. Artificial intelligence and machine learning are used to analyze customer data and accordingly, you can offer your products and services.
By using the latest Augmented reality technology, customers can experience the look and feel of Jewellery on their hands or neck by sitting at home. Technology makes it easy to access your products, experience them and make the final decision whether to purchase or not.
Conclusion
Overall, we can say that selling the products in the store is an art, providing better services to customers improves overall sales, and you will have a long-term relationship. As a jeweler, it is important to understand customer segments in order to manage inventory and offer it for sale.
Want to learn Jewellery Merchandising? Check here
