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Study Reveals Success of Jewelry Plus 'Gift' Store Positioning

Oct 18, 2013 12:52 PM   By Jeff Miller
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RAPAPORT... Independent jewelers who  identify and position themselves as a retailer of ''jewelry and gifts'' could enhance their retailing position, according to the latest Unity Marketing resort titled "A Declaration of Independents."

Unity Marketing's president, Pam Danziger, said that retailers should strive to describe their store not around the things they sell, but around the experiences they deliver to the customer.

Danziger found that among the 350 independent specialty retailers surveyed, most defined themselves either primarily or secondarily as a "gift store." However, the manner in which  they identified the store had a dramatic impact on revenue. "In our survey, we found that stores that identify themselves primarily as gift stores bring in less than half the revenue as those who see themselves only secondarily as gift stores," explained Danziger. "While those who identified first as gift stores had average revenue of around $600,000, those who identified second as gift store brought in $1.3 million."

The survey noted that stores that described themselves as jewelry plus gifts,  home furnishing and gifts, and/or fashion and gifts performed much better than retailers that described themselves primarily as  gift stores. Danziger said focus on  helping customers create a more fashionable and comfortable home environment, or helping them discover their personal fashion style or to select more expressive jewelry statements suited to their lifestyles and budgets.

"Independent retailers need to move beyond a discussion of what they sell into a clear message of what they can do for the customer. Go beyond 'things' and talk about the customer's experience, then back it up with personal values. It matters little whether the items you sell will be gifted or used by the original purchaser, as long as that customer has a memorable experience that brings them back for more," she said. 

Follow Danziger on Twitter: www.twitter.com/PamDanziger

Tags: gift store, independent retailers, Jeff Miller, jewelry stores, Unity Marketing
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