Increase Your Diamond Inventory, Not Your Overhead

In this tough economic climate, retailers have found that offering customers a “virtual" inventory of diamonds and finished goods is becoming a key component in keeping their doors open. It’s especially important as suppliers set stricter and stricter terms -- dictated to them by the banks – which force retailers to come up with new ways of doing business. This often means having fewer diamonds and diamond-heavy memo products on hand  -- which can mean less sales.

The good news is that technology can offer inventory alternatives to retailers.  For example, retailers now have the ability to include the endless diamond inventory available on the Internet on their own websites. Consumers can view these diamonds at their leisure -- or in your store with the assistance of sales staff. This new technology offers you a complete diamond business without the overhead of carrying a sizable diamond inventory.

Larry Chasin, President & CEO of Ideal Diamond Solutions, offers the following tips on selling diamonds the “virtual” way, without sacrificing personal relationships:

Hold the Line on Pricing: Resist the temptation to make your web prices the same as online-only diamond merchants. Your online prices should reflect your in-store prices The price you charge is, like everything else, more than the simple cost of the raw materials. It includes the value you bring to the sale and the value of the relationship you have with your customers.

Lure Them to the Store: When you add diamond shopping capability to your website, make sure you include features that encourage the buyer to see it in the store first. That way, he or she can view it before taking ownership and even compare it with diamond inventory you have on hand. It also allows you to cultivate a personal relationship.

Feature Online Custom Design: New technology allows anyone to design rings, pendants and necklaces right on a web page. This elevates the level of delight felt by customers who can see for themselves what they designed even before they pay for it. It also helps bring the customers into the store. 

Take The Tip:

Ideal Diamond Solutions (IDS) offers virtual diamond inventories and other website enhancements as add-ons to your existing website and included in their website packages. Jewelers of America provides members with great discounts on website packages from IDS. Click here for details.