Use Good Merchandising
Fine jewelry store Tanishq, Paramus, NJ, shows how
Tanishq is a wonderland situated in an unlikely setting: a mall. The Paramus, NJ-based fine jewelry store feels more like the kind of freestanding retailer you’d find in a wealthy neighborhood. But regardless of location, “they” get it.
The founders and owners, originally from India, are masters of merchandising. Because they are not native Americans, they had no preconceived notion of what a jewelry store should look like in the United States. Therefore, they’ve stepped outside the box and created an experience that is unlike most U.S. jewelry stores . . . in a good way.
Tanishq is another example of the use of effective merchandising to maximize sales. Product design, selection, packaging, pricing and display can inspire consumers to spend more.
Helena Krodel of Jewelry Information Center (JIC) breaks down how Tanishq creates a new merchandising model for success:
Product design: Tanishq has a focused inventory: All products at Tanishq mean something emotional and personal -- the essence of jewelry. In fact, the collections evoke emotions without even seeing the product, with names like the “Yoga” collection, the “Zen” collection and “Spring.” Each of the products within these lines is perfectly designed to resemble the qualities of the name.
- Selection: The selection of product is edited yet thorough. The jewelry is presented in a palatable, unpretentious way amidst a maze of beautiful free-standing displays and wall cases that resemble art.
Packaging: Tanishq cares about the environment. All displays, bags, and boxes are eco-friendly and, from a branding perspective, are cohesive. The store's packaging -- simple brown paper recycled bags -- are presented to each customer with the addition of a pretty white snowflake ornament. This POS perk creates a value-added benefit for customers, who feel that they get something extra for nothing. A sure fire way to make the customer smile.
- Pricing: The price points of Tanishq products are well thought out -- to cater to the self purchaser as well as the gift giver of sentimental tokens. These are two sweet spots in the world of fine jewelry which have yet to be completely tapped into and capitalized upon.
Take The Tip:
- To find innovative merchandising and design ideas, browse the Tips to Thrive archive by clicking the topics below:
- For more marketing and merchandising ideas from Jewelry Information Center, visit www.jic.org.
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