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opportunity knocks

Opportunity Knocks

It’s November 14. I bet you thought this article would be about “holiday opportunities”. It’s not. Why? Because it’s November 14. If you haven’t figured out your game plan by now, you’ve blown this holiday season.

This article is about the opportunities that lie ahead in 2018. Although it’s hard to see the forest for the trees, and no doubt you want to get through the next five weeks, it’s pretty darn important. I’d like to refer back to the most recent Knot Survey (2017) which you can find in its completion here: https://www.jckonline.com/magazine-article/magazine-article-51302/?utm_source=JCK+News+Daily&utm_campaign=d9fd7550b3-EMAIL_CAMPAIGN_2017_10_02&utm_medium=email&utm_term=0_a126c3c313-d9fd7550b3-334291757

Or here (if you want to read the abridged version): https://www.jckonline.com/magazine-article/facts-of-love-the-results-of-the-knots-2017-jewelry-engagement-study/

Either way, you should know some things are looking up when it comes to bridal. The average sale is up (considerably from the last Knot Survey and almost double to your big box counterparts) and for an independent retailer, the average size of the total carat weight is now 1.8 carats. How you capitalize on these statistics is up to you. Here are some things you should be thinking about when reading the study:

 

58% of all brides wore “fine jewelry” at their wedding. That fine jewelry represented an average of $333. The groom, unbelievably, spent more with an average of $408 to complete his look. How many of you:

  1. Have a mini display set-up for Day of the Wedding Jewelry ideas?
  2. Have those ideas on the Bridal section of your website?
  3. Send a Wedding Day Jewelry offer 6 months after the ring is purchased?
  4. Consider a jewelry on loan program for a modest fee?

 

The bride spends an average of $106 for her bridesmaids; 59% of those sales are earrings. The groomsman received a jewelry gift averaging $160, 45% being cufflinks. Do you:

  1. Have a mini display of great gifts for Bridesmaids (and Groomsmen)?
  2. Have those ideas on the Bridal section of your website?
  3. Send a Great Gifts for Bridesmaids and Groomsman offer 6 months after the ring is purchased?

 

40% of all brides have given their spouse/partner a watch at some point. The bride spent $560 on the gift for him with 64% being spent on watches. If you carry watches that are well within reason are you:

  1. Tagging those watches on your site and in-case with “Great gifts for the groom”?
  2. Considering some Facebook advertising to recently engaged prospects?
  3. Sending a direct mail piece to her with the options available (6 months prior to the wedding)?

 

The majority of grooms spend 1 – 7 months planning the proposal. Have you:

  1. Marketed consistently all year long to this demo, since someone is always in the funnel?
  2. Considered some sort of Proposal Planning Kit?

 

14% of the rings were purchased online. That’s up from 10% in 2011. Of that number, 40% purchase from Blue Nile and that holds true for what the KNOT calls “luxury grooms”. Which are grooms spending over $14,879. Is that cause for alarm? Although you may think that number is still low, it’s a growth of 27.27%. If that number grows 27.27% every four years, then you’ve got something to consider. In the meantime, are you:

  1. Building a website with the ability to sell online?
  2. Spending online dollars to drive traffic to this area?
  3. Being transparent and showing prices?

 

25% of grooms considered purchasing lab-grown diamonds for the center stone of an engagement ring. Up from 16% in 2015. A staggering increase of 56.25%. Have you:

  1. Decided how you are going to deal with this issue?
  2. Addressed it on your website?
  3. Whether you are for or against lab-grown diamonds, realized you may have to consider it as an option?
  4. If you sell lab-grown, are you promoting it; talking about it in-store and in all your digital assets?

Opportunity is knocking. How quickly are you opening the door?

Want to capitalize on the opportunity for your store? Contact suits@fruchtman.com.

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