Should Jewelers Buy More Stock Before the Holidays?
The holidays are considered one of the best times of the year to buy jewelry. With the joy of the holidays comes the promise of special sales, especially for befuddled lovers across the country in a hurry to find the perfect gift for their sweetheart. In order to take advantage of this situation, it’s important to have a sales associate trained, ready, and equipped with a great stock of jewelry that will make anyone excited to buy.
Participating in holiday sales is easy, makes sense, and with the holiday-themed jewelry commercials already gracing the television, now is the perfect time to jump on the bandwagon. With that said, one of the most important questions jewelers will ask is “Do I need to buy more stock for the holiday season, even if it requires a small business loan?” The answer to this question depends on a few factors. Here are some important things to consider when making this decision.
Are you planning on running huge specials or sales?
Lots of news outlets discourage consumers from buying jewelry around the holiday season, citing that most stores refuse to run sales, and instead, use advertising to convince shoppers that jewelry is the right choice and that paying full price for it will be worth it.
You are more likely to make sales if you offer a holiday discount, especially because lots of jewelry stores probably won’t be making that same offer. You need to make sure that your promotion is highly publicized, so as those husbands and boyfriends start thinking about buying a special pair of earrings for their wife, girlfriend, sister, or mother, they have a much higher chance of remembering your sale and taking advantage of it.
Keep in mind that if you offer your jewelry at a better price around the holidays, chances are you will need more stock. If you don’t have enough on hand, you may need to take measures in order to make sure that you do.
Did you run low on stock last year?
If someone came into your store the day after Black Friday and saw your cases empty, or if they visited your webpage and saw that everything was sold out, it would likely be a good idea to buy up some extra stock before the holidays. Not only will you have enough for the biggest buying days of the year, you will also have some stock left over for the stragglers that don’t like the shopping crowds on those big shopping days.
Even if you did not run low of stock last year, if you are offering a big sale and have invested in adequate promotion you are likely to get a wave of new customers. The last thing you want to do is have to turn someone away because you ran out of earrings, necklaces, and rings. If you are expecting a crowd on Black Friday or any shopping day after, consider stocking up, and even applying for a small business loan for jewelers to get the stock if necessary. The sales are sure to pay off in the long run.
- Business Loans for CoronaVirus Affected Small Businesses - March 21, 2020
- Top Business Resources for Women Veteran Owned Businesses - March 5, 2020
- Small Business Borrowing Success Stories - February 5, 2020