Webinar – Key Takeaways From The 2020 Jewelers Going Digital Survey

May 10th, 2021

Throughout 2020, independent retail jewelers experienced a multitude of challenges that rocked the industry, from temporary store closures, supply chain issues, and everything in between. Yet, the majority prevailed, having met new challenges head on, and finding new opportunities every step of the way.

Watch The Jewelers Going Digital Webinar Replay:

Hosted by jewelry industry technology and media leaders Dustin Lemick, CEO & Founder at BriteCo; Alex Fetanat, President & CEO at GemFind Digital Solutions; Sean Lemire, Director of Sales & Operations at Polygon; and Trace Shelton, Editor-In-Chief at INSTORE Magazine, the webinar dives into deep discussion about how jewelers who adopted new technology during the pandemic were more likely to not only survive, but thrive.

Key Survey Takeaways

  1. Nearly half (49%) of jewelry stores were closed for two or more months
  2. 68% of retailers said they rely solely on in-store visits
  3. 30% reported that they cut store staff and hours
  4. 27% of jewelers stopped advertising during the pandemic
  5. After reopening, 50% of stores reported strong sales led by engagement ring purchases
  6. Only 17% of jewelers reported using video conferencing to conduct business remotely
  7. 52% of retail jewelers observed increased online traffic
  8. 40% of retail jewelers reported leveraging Facebook to conduct online sales
  9. 58% of retail jewelers increased use of social media after March 2020
  10. 51% of retail jewelers use eCommerce; Shopify being the most popular platform

Download the Jewelers Going Digital Report Here

Why It Matters

One of the most talked about subjects during the webinar was the adoption of new, digital technology as a whole. Alex Fetanat said it best: “The jewelry industry has always been more reactive than proactive. 2020 was really a wake-up call to the entire jewelry industry.” While jewelers have been trending toward adopting digital strategies to grow their business over the past decade, such as doing more digital marketing (SEO, SEM, Social Media Marketing), launching eCommerce (like Shopify, Woocommerce, and BigCommerce), and leveraging new retail or appraisal technologies (such as adopting a full-scale POS management system, or moving to cloud-based appraisal software from BriteCo), those initiatives were markedly accelerated during the last nine months of 2020.

Looking Ahead

As the world moves toward a post-pandemic new normal, many consumers’ habits formed during 2020 are here to stay. The convenience of online shopping, curbside pickup, or using video chat to conduct business remotely are all things that have huge staying power, and will only grow in popularity.

Now is the time to rethink your advertising. If you don’t have a website, build one. If you have a website but aren’t attracting as many customers as you’d hoped, consider investing in digital marketing. If you want to add a revenue stream to your brick and mortar retail store, consider adding an eCommerce solution. And if you want to save time and money on appraisals and erase insurance headaches for you and your customers, sign up for BriteCo’s FREE online appraisal tool for retail jewelers Here.

Also Check:

BriteCo introduces Resource Hub for retail jewelers

BriteCo Jewelry Insurance Coverage

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