The recently released 2014 Jewelers of America Cost of Doing Business Report is an invaluable benchmarking tool for retail jewelers – the only one of its kind. Each year, we scour the report to discover the sales, product distribution and operating trends of retail jewelers across the United States. The 2014 report compiles 2013 financial and operating data from a cross section of jewelers, and revealed that while the majority of jewelry sales aren't made online, jewelers are moving toward the wild wild web. Click on the infographic below to view.
Fine jewelry is still a product that consumers want to see, feel and try on prior to purchasing so it's no surprise that 90.2% of sales were made in-store in 2013 compared to 4.2% online. What did surprise us, pleasantly, was the growth of jewelers who not only have a website, but use it for e-commerce as well. Jewelers who have a company website grew 16% from 2012 to 2013. Jewelers who use websites for sales in addition to promotion saw an even bigger jump: 37.7%. It's a positive indicator that the jewelry industry -- notoriously wary of the web -- are taking heed of the undeniable reach of online and mobile opportunities to showcase their products to consumers. For more insight into the cost of doing business as a jeweler, get your copy of the Report at www.jewelers.org/codbr/.