Jewellery · 2018-02-14 · Pandora, and Thomas Sabo. In-store Services retailstore.co.uk 7....
Transcript of Jewellery · 2018-02-14 · Pandora, and Thomas Sabo. In-store Services retailstore.co.uk 7....
Comparing the top Independent, Fashion, High Street, and Luxury
jewellery retailers by omnichannel services such as a single view of stock,
real-time data, click and collect, gift cards, and in-store returns.
Jewellery Retail Market Research 2018
Ecommerce driven by centralised data can help create a more digital high street, more informed shop staff, and a more satisfied customer.
Ian Tomlinson, CEO, Cybertill
JEWELLERY RETAIL MARKET RESEARCH 2018 retailstore.co.uk
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.
Intro: Jewellery
2
JEWELLERY RETAIL MARKET RESEARCH 2018
State of Jewellery Retail 2018
58%
85%
61%
8%display stock availability by store on the website
offer truly omnichannel returns
sell omnichannel gift cards online
offer in-store repairs
retailstore.co.uk 3
JEWELLERY RETAIL MARKET RESEARCH 2018
In jewellery retail, the customer experience of trying on items, asking questions, and seeing the product in detail (in person!) are all essential steps in the buying journey.
Smart use of your supply chain can augment customer experience and bridge the gap
between online and in-store. ‘Click and collect,’ where a customer pays online and collects
in-store; and ‘click and reserve,’ when a customer reserves item(s) online and pays in-
store, have been growing in popularity in general retail. In jewellery retail, using either or
both of these methods can help drive footfall to store and give your staff on the shop floor
opportunities to offer that personal touch.
70% of jewellers offer click and collect from their websites, including Links of London,
Chisholm Hunter, and H.Samuel. A much smaller amount, 23%, of jewellery retailers offer
a ‘reserve and collect’ service including, F.Hinds, Green + Benz, and Lunn’s. Four retailers
offer both options including Green + Benz, Lunn’s, Swarovski, and Windsor Bishop. Only
three retailers offer same day collection from store including, F.Hinds, Robert Gatward, and
Tiffany & Co.
Only three retailers show stock availability by location on the website including, Lunn’s,
Links and London, and Thomas Sabo.
Driving Footfall to Store
retailstore.co.uk 4
Offer OnlyReserve & Collect
Offer Neither
Offer OnlyClick & Collect
Offer Both
8%
55%
14%20%
JEWELLERY RETAIL MARKET RESEARCH 2018
Collection Offering, By Type
Percentage of jewellers offering click and collect, reserve and collect, or both or neither
retailstore.co.uk 5
JEWELLERY RETAIL MARKET RESEARCH 2018
Retail Research Highlight
WATCH THE VIDEO
F.Hinds’ clever reserve and collect system shows when a customer will be able to view
an item in any store. If an item is in stock at a specific store, collection can be arranged
for as soon as two hours from reservation. Offering pay in-store instead of pay online
ensures customers aren’t out of pocket if considering more than one style of item.
https://www.fhinds.co.uk/basket
As a jeweller, we tend to only have one of any particular line in-stock, so there is a real risk if the stock control system isn’t up-to-date, you could end up trying to sell the same item twice.
Paul Hinds, IT Director, F.Hinds
Cybertill customer since 2013
retailstore.co.uk 6
JEWELLERY RETAIL MARKET RESEARCH 2018
Loyalty is earned, and in jewellery, after sales creates a perfect opportunity to show customers your commitment to service. Not only can in-store services keep existing customers happy, it can be a channel to acquire new ones.
According to our market research, 79% of jewellery retailers offer ring sizing in-store. Those
that don’t advertise this service online include Warren James, Argento, Mococo, and more.
85% of jewellery retailers offer repairs in-store. Nearly half (44%) of jewellery retailers don’t
advertise offering bespoke jewellery orders. Only three of the retailers we researched
advertise offering a cash for gold in-store from their websites.
Only 58% of jewellery retailers offer no quibble returns (refunds and exchange) of web
purchases in-store including F.Hinds, Goldsmiths, Pandora, and ROX.
As far as loyalty programmes, only four jewellery retailers obviously advertise a loyalty
programme on their websites including Fabulous, Green+Benz, Monica Vinader,
Pandora, and Thomas Sabo.
In-store Services
retailstore.co.uk 7
JEWELLERY RETAIL MARKET RESEARCH 2018
Retail Research Highlight
Green + Benz really know how to make a bride or groom feel special. Unique to
this innovative retailer, ‘something borrowed’ is a loan out programme open to all
engagement and wedding ring customers, offering the couple to borrow a jewellery
item for the big day.
http://www.greenandbenz.com/something-borrowed
Jewellers are synonymous with service, and Green + Benz offer a great example of this. Ensuring in-store services unique to your brand are displayed on your website will only help your shop staff sell more effectively.
Ian Tomlinson, CEO, Cybertill
retailstore.co.uk 8
JEWELLERY RETAIL MARKET RESEARCH 2018
Retail Research Highlight
Hugh Rice’s creative display of navigation on product listing pages defines sector-
specific terms in a lovely way. Facets help customers refine a set of products to more
easily find what they came for.
https://www.hughrice.co.uk/collections/wedding-rings
Hugh Rice displays educational information in the form of a filter. This not only helps customers refine a set of products, it educates novice users about the options available.
Facet information can be driven by your EPoS and helps customers refine a set of products to more easily find what they came for.
Ian Tomlinson, CEO, Cybertill
retailstore.co.uk 9
JEWELLERY RETAIL MARKET RESEARCH 2018
Jewellery retailers on the high street face challenges unique to the jewellery sector. The truth is, very few retailers are offering a truly transparent, omnichannel service.
Only three retailers displayed live, in-store stock levels online including, Lunn’s, Links of
London and Thomas Sabo. Swarovki offer real-time stock data only on items available
for Click & Reserve.
When stock data is centralised and available in real time,
something magical happens. Retail staff become empowered
with information. They can relay that information to
customers and provide certainty. That certainty translates to
trust, which fosters passion for your services, your company,
your products.
If stock data isn’t centralised across a retailer’s entire store
estate, the omnichannel services that a customer has come to expect become a drain
on resource, time, and profits.
Omnichannel Customer Experience
If stock data isn’t centralised across a retailer’s entire store estate, the omnichannel services that a customer has come to expect become a drain on resource, time, and profits.
retailstore.co.uk 10
JEWELLERY RETAIL MARKET RESEARCH 2018
Offering customers the ability to see whether or not an item is in stock at a particular store is a service common in general retail, but not yet implemented widely in jewellery sector.
Jewellers looking be one step ahead of the competition would be wise to start there.
Ian Tomlinson, CEO, Cybertill
Retail Research Highlight
Links of London are one of only three retailers researched that offered in-store stock
information online, not only for one shop, but for shops nearby. The service is easy to
use on the website and features quick contact details for the shops.
http://www.linksoflondon.com/gb-en/timeless-sterling-silver-large-drop-earrings/5040-2552.html
retailstore.co.uk 11
JEWELLERY RETAIL MARKET RESEARCH 2018
When your business operates online and in-store, the till is not just a point of sale, but
instead, a point of service. RetailStore can help you create a more personalised and
streamlined experience for your customers.
▶ Enable a single view of stock, sales
and customers across all sales
channels
▶ Workshop module allows booking in,
status, full records, and photography
▶ Cash for gold option that makes
paying out transactions easy, whilst
automating till balances and reporting
▶ Instant visibility and availability of
all ring sizes across all locations,
including online/warehouse
▶ Flexibility to accommodate special
bespoke orders, from design to
delivery
▶ Integrated loyalty module with cross-
channel promotion opportunities
▶ Easy gift card management and
processing across all channels
▶ Click and Collect/Reserve and
automated inter-branch transfers
▶ Biometric login/fingerprinting to
secure your till access and authorise
high value items
▶ Offer customers e-receipts from
in-store tills and capture valuable
omnichannel customer data
EPoS - More Than Just a Till
retailstore.co.uk 12
We turned about 3-hours of work across a number of our staff into about 30-seconds.
Paul Hinds, IT Director, F.HindsSpeaking about using Cybertill’s RetailStore platform at RBTE 2017
t: 0800 030 4459 e: [email protected] w: retailstore.co.uk @cybertill linkedin.com/company/cybertill
Schedule a FREE personalised demo
Cybertill provides complete retail management solutions for service-focused businesses. Its dedicated cloud
EPoS platforms, RetailStore and CharityStore, feature a real-time single view of stock, sales and customers across
all customer touch points including branded retail shops, pop-ups, franchises, concessions, online and mobile.
Trusted By Over 700 Retailers & Brands
See for yourself how we can help your business grow.
JEWELLERY RETAIL MARKET RESEARCH 2018
Retailer Selection
Using a mixture of sources including our own internal lists, Professional
Jeweller’s Hot 100, and Internet Retailing’s IRUK lists, we hand picked
35 Jewellery retailers. The retailers chosen for this research had to
meet the following criteria: 1) The retailer must have at least two stores
or showrooms in the UK, 2) The retailer must have a transactional
ecommerce website that shipped products to the UK.
Research and Criteria The research executed between 15-19 Jan 2018 using a Google Chrome
web browser on a Dell laptop running Windows 10. Criteria for the
research included the following: Does the retailer offer reserve and
collect (pay in-store on collection)? Does the retailer offer click and
collect (pay online at time of reservation)? Can a customer use the
website to view stock levels in a specific store from the product detail
page of a website? Does the retailer offer same day collection of goods
purchased or reserved online? Does the retailer offer a ring sizing service
in-store? Does the retailer offer a ‘Cash for Gold’- service wherein the
retailer will buy jewellery and give customers cash in-store? Does the
retailer have a workshop service available where they will provide
jewellery repairs to customers? Does the retailer offer a bespoke design
Research Methodology
retailstore.co.uk
service? Does the retailer offer servicing for watches? Does the retailer
offer gift cards? Can customers buy gift cards online? Can customers
use gift cards bought online or in-store? Does the retailer offer returns
in-store for purchases made online?
Terms and ConditionsThe data contained in this report is based on the researcher’s
judgement at the time of testing and in relation to documented
guidelines. The artwork contained within this report are copyright and
trademark of respective owners. Cybertill does claim ownership of the
artwork. The screen shots displayed within this report are displayed
to support constructive review and feedback within the topic of stock
management and omnichannel retailing.
Data contained within this report may only be published if crediting
‘Cybertill Jewellery Market Research Report 2018’ and a link back to retailstore.co.uk/jewellery-retail-market-research-2018/
For press enquiries, or to request access to the raw data, please contact
15
JEWELLERY RETAIL MARKET RESEARCH 2018 16
Other Resources