By Ellen Fruchtman, CEO
Just about every jewelry retail business is focused on selling new. New bridal. New fashion pieces. New watch styles. You reorder fast sellers (as you should). You look for new designers and something just a little different to add to your showcases. What you also try to do is follow some trends. Some are a little late to adapt, reluctant to change, and get on the train. Some trends are not enduring or necessarily worth the time and effort. They will come and they will go. An example of that is the laser linking trend. Others aren’t merely trends; they are driven by consumer interest.
Once upon a time, we thought Lab-Grown Diamonds might be a trend, but alas it isn’t. At the end of the day, what you’re looking for are products and services that will drive more traffic and interest to your store along with making you more profitable. Here’s an idea that will possibly earn you both: Resale. As we all know, the retail industry isn’t an easy one. Consumers are fickle. It takes an enormous amount of effort to keep a customer. A significant amount of continuous money to find new. We are constantly looking to peak the interest of younger, more affluent customers. Drive those self-purchasing, dollar-earning demos of 35-54 through that door. Get the younger generation interested in fine jewelry. What has been growing in popularity in leaps and bounds for this demographic is the resale market. What is also known as “upcycling”.
Here are some Luxury Resale sites. If you haven’t been to one or more, you should check them out: Fashionphile Bob’s Watches The Real Real Rebag Vestiare Collective Take the Real Real….who by the way, is advertising like hell on broadcast television. They are considered on the world’s largest online marketplaces for luxury resale - all authenticated. They currently have over 25 million members!
Fashionphile launched in 1999 and became one of the most trusted second-hand stores for luxury handbags. Now they are parlaying that trust and venturing into second-hand watches and jewelry. And, by the way, recently acquired by Neiman Marcus and is now within their brick-and-mortar stores.
Bob’s Watches? They have been helping people buy and sell Rolexes for years. All authenticated and verified. The point is this: Why not give serious thought about this category? Granted, it’s not as easy as walking up to a new designer booth and ordering some product. It’s also not a fly-by-night trend. It’s definitely not going away. And, it is the ultimate sustainability/green message for that ever important Gen Z and Millennial consumer.
As a jeweler, you can certainly authenticate. You are hopefully the trusted name in your community. It is a train that continues to go down the track. Perhaps it’s time to take a look and consider hopping on? It will drive a great new customer base to your store. It will encourage frequent visits from existing customers. It will not detract from any new product you carry. There will always be customers who want something brand new.
If you are worried about branding the resale concept with your store, consider a totally different name. If it has a stand alone website, never forget to mention on your “About Us" page who owns and manages it. More importantly, it beats lasering a 14K link chain on someone's wrist.
Interested in continuing the conversation? Contact suits@fruchtman.com.
