Real estate meets retail
It’s essential to carry items at lower price points as well, to attract those buyers dropping in for a quick gift.
“A beautiful selection of giftware can be assembled and displayed for minimal expense,” says Simmons, who adds his customers lean toward purchasing product from Canadian suppliers. “These products may be sold at reasonable prices, while still maintaining profit margins.” The question now is how to display this inventory to optimize sales.
Marwick says it’s all about understanding the real estate within the showcase. It can be hard to justify displaying one large gift item over several smaller jewellery items that will bring in a higher profit.
One way around this is to invest in demo units. Watch winders are a perfect example, Marwick says. “It doesn’t matter if they get handled or scratched or even stolen for that matter; they can be left out on the counter,” she explains. “They show what a watch winder is and what it does. Yet, they don’t take up that coveted space within the showcase or on a display shelf.”
Set your store apart
For retailers looking to differentiate themselves, offering unique giftware is certainly one way to do so. “If you go into 10 stores, the vast majority of them all sell the same inventory, or at least the same brands,” Marwick points out.
How will customers choose which store to buy from? It’s pretty straightforward, Simmons says. “One key element is to become the destination your customers repeatedly return to—regardless of the event or occasion—knowing you will have that appropriate gift item.”
Jennifer Hopf is a copywriting specialist and freelance writer based in Toronto. A journalism graduate from Durham College, she is now focused on feature writing for magazines, with a passion for the jewellery and luxury industry. She is also savvy in social media and digital content marketing, and has a background in retail sales.
