By Barbara Crowhurst
Retailers have no control over several major conditions impacting their business. What do I mean by that? Well, consider the economy, weather, area redevelopment, and the competition. The wonderful news is they have full control over managing their own business.
There are two typical business goals retailers should keep their eye on. I’m referring to increasing foot traffic and growing sales. The 80/20 scenario applies nicely to today’s jewellery retail business, meaning 80 per cent of sales come from 20 per cent of the customer base. What this boils down to is independent retailers are clearly in the ‘relationship retail business,’ building their customer base one interaction at a time.
There are many considerations influencing the purchase of luxury goods. One of them is pricing and it happens to be a factor over which retailers have some control, save for those brands that dictate prices to maintain consistency across their various points of sale (e.g. e-commerce and concept stores).
