Indeed, several exhibitors flagged the smaller, more intimate feel of the Canadian summer shows as a hallmark and a strength. Understanding this element and making the most of it is crucial to success, says Hubley.
“The goal is not, ‘I need to write an order!’ You need to start a conversation,” she explains. “You have to walk around and make things happen. You can’t just wait.”
“This is a family relationship market,” adds Isayev. “It’s about really knowing your retailers, what their stores are like, what their salespeople are like, and what’s important to them and their customers.”
When it comes to fostering intimacy, however, Tense Watches’ North American sales manager, Kyle Thomson, says focus must come first. Finding a strong brand identity is the first step to forming a strong customer base.
“Know who you are, who your customers are, and don’t try to be everything to everyone,” he says. “Stick to what you do best and make slight tweaks here and there to keep the interest.”
This kind of consistency is also essential to maintaining a well-stocked store, adds Keith Jack Jewellery’s Todd Wasylyshyn.
“Those jewellers that are methodical about inventory management are the ones absolutely killing it,” he says. “They’re revolving their inventory, they’re making money, and they’re the ones that have the money to invest in the higher-end pieces and go the extra mile.”
Yet, what kind of choices are retailers tending toward when building that inventory? Coloured gemstones, for one, remain popular, says Alex Barcados, co-owner of Paragon Fine Jewellery.
“Blue sapphires are the perennial favourite, and emeralds and rubies continue to be very strong,” he says. “Recently, peach and teal sapphires have seen definite spikes in demand, and we continue to see a strong demand for rose gold, along with styles featuring marquise, pear-shaped, or oval centre stones of various kinds.”
Overall, however, simplicity seems to be the name of the game in both the watch and jewellery industries.
“Thinner bands with a focus on the centre diamond are replacing the recent trend of the halo ring,” says Knadjian.
“For watches, the classic look is still really popular, but you can see it now moving to really small cases, and we’ve even starting to see the big case come back as well,” adds Isayev. “Jewellery-wise, customization is probably one of the biggest things I’ve seen.”
The custom craze has certainly not gone unnoticed, with retailers increasingly turning their attention to technologies that facilitate it, such as computer-aided design (CAD). Patel says this is a necessary step to staying relevant.
“Whether it’s getting a better handle on their digital marketing and how they’re seen on the web or it’s a laser engraving machine, a 3D printer, or CAD, people are realizing they have to adopt whatever available technologies there are,” he says. “They cannot exist in a world where they have no digital footprint. The longevity of your business is now forever connected to how quickly you adopt the jewellery technologies.”
“You have to have a combination of retail and online,” adds Laughlin. “Online shopping is where it is for this generation. You can get your groceries delivered to your doorstep—why not your engagement ring?”
Whatever might be coming down the pipeline in the future, industry veterans are quick to remind us of what’s ultimately driving those big-picture changes: people. As Best Bargains’ Agrawal points out, connection still comes first.
“We’ve established good, close relationships with more than 3500 Canadian buyers, and that has largely come from face-to-face interaction,” she says. “We might be in the business of buying and selling, but without that human touch, the repeat long-term business is not going to happen.”
The question of how to engage the customer and boost your bottom line will likely be on the minds of many retailers as we head into the busy holiday shopping season. For a hint at which styles might be on your customers’ gift lists, keep an eye out for our holiday gift guide.
