The current recession has many retailers, especially big chains and brands, shifting their strategy to match changes in the consumer mindset. “The impact will mean both sweeping changes in the merchandise on their shelves and subtler alterations, like how many pantyhose to keep in stock,” writes Stephanie Rosenbloom in the New York Times.
With economists and analysts predicting that it will take up to a decade to return to 2007 levels of consumer spending, Rosenbloom notes that now is a good time for retailers to re-imagine the future.
To remain competitive, jewelry companies should note what larger retail firms are doing to thrive:
- Greater personalization and regionalization of merchandise: While this has always been the cornerstone of the independent jeweler, who can cater to the community, the big guys are catching on.
- More flexibility when it comes to price points: Brands will still be important, but they’ll need to be offered in a wider range of prices.
- Seasonal transitions for categories like apparel may have shorter lead times, as consumers buy what they need when they need it: This trend could definitely impact jewelry, especially fashion and female self-purchase items that are more in line with what women are wearing.
- Everyone is striving for great customer service: While that’s always been a characteristic of high-end brands, even the middle-market players realize they need to invest in customer service training in order to compete and survive.
Take The Tip:
Click here to get more insight about changing retail attitudes by reading the interesting New York Times report.
Comments