Communications and PR consultant Jen Cullen Williams hosted a panel on retail trends during the AGS Conclave. The panel featured gemologist and influencer Benjamin Guttery and Emili Vesilind of The Zing Report. Five key takeaways from the panel.
The retail world continued to spin throughout the COVID-19 pandemic, dragging only the most adaptive retailers into its orbit.
In the future, adaptability will continue to be key.
To help jewelers stay informed, communications and public relations consultant Jen Cullen Williams hosted a panel on retail trends during the American Gem Society Conclave, in Oklahoma City.
Gemologist and jewelry influencer Benjamin Guttery of Third Coast Gems and Emili Vesilind of The Zing Report joined Williams to share their views on what's new in retail.
The trends they discussed:
1. Buy now, pay later.
For jewellers who work with customers to help them afford their dream piece, consider adding a buy now, pay later option, panelists said.
From Klarna and Affirm to Afterpay and Sezzle, these short-term funding platforms are present on all e-commerce sites. This allows shoppers to pay off an expensive purchase through several smaller payments.
In addition, layaway, a popular holiday finance offer, could become available all year round.
“Layaway is coming on strong. You can reach a whole new demographic by offering layaway,” Vesilind said. “You're reaching people who love jewelry but are not part of an affluent demographic.”.
For some, the $500 bracelet is more affordable when paid off in five $100 installments.
Buyers with the layaway cannot take the item until full payment. But an installment program might include a broader demographic of customers in terms of income.
Fixed monthly payments also provide jewellers with a steady revenue stream, Vesilind noted.
2. #SlowJewelry wins the race.
#SlowJewelry has gained traction on Instagram, said Guttery, who has amassed more than 130,000 followers on the platform.
“Jewelers, designers and stores all have a stake in the process of making a piece of jewelry,” Guttery said. “This shows all the time they need to get it done.”.
The #SlowJewelry content guides viewers through the process of creating a piece of jewelry. From stone selection, sketches and wax molds to the final product.
Sustainability is becoming increasingly important for consumers. Especially for younger shoppers, #slowjewelry highlights the quality and longevity of fine jewelry.
“When we talk about transparency and sustainability, consumers want to know that their jewellery is forever. They want to know that they are not going to buy something that will go out of fashion in two years,” Vesilind said.
Recommend having classic pieces in your windows. Note that jewelry “isn't really vulnerable to volatile trends like fashion is.”.
3. “Kidcore” and “Grandmacore” are all the rage.
The panelists also talked about what's new on the fashion front.
The purple color was popular at the Tucson gem shows, Guttery said. While the toi et moi rings also have another significance.
Oval and marquise diamonds, as well as skinny bands, dominate the ring scene.
American gems and jewelry made in America are also gaining popularity, Guttery said, in part because of supply chain problems.
“Ten Thousand Things has had success with its pearls from the Mississippi River. Parlé (Jewelry Designs) had great success with sapphires from Montana,” he said.
Vesilind delved into two popular styles that are taking over the jewelry world, “kidcore” and “grandmacore”.
“Kidcore is essentially the idea of play and fun in jewelry and style,” Vesilind said.
Beaded bracelets, neon enamel and smiley faces are the hallmarks of the kidcore look, she said. She noted that designers Alison Lou and W. Rosado are accurate to this trend.
Vesilind stated: “People want to invest in pieces that have some lightness to them,” noting the difficult last few years.
Buyers are also looking for pieces that remind them of older generations; think big, gem-filled pieces and lots of pearls.
“Jewellers have been inspired by the look of more is more is more,” said Vesilind.
Everything old is new again, Guttery observed. He noted the growing popularity of jewelry reminiscent of older generations.
Instead of ordering new stock, he recommended that jewelers look through their jewelry for pieces that are on trend.
“Every jeweller doesn't have to jump on every trend. You have to decide what's best for you and your market,” Guttery noted.
4. Buyers still want that luxury experience.
The pandemic has put events in stores on hold, but many customers are ready to celebrate again.
“Customers want to see you,” Guttery said. “A lot of times, that's why they shop from you. Because they like you, your vendor, your store.”.
While some customers are ready to dive in, others are only ready to dip their toes. So keep their comfort level in mind and offer both large and small gatherings, he advised.
Jewellery fairs are a classic way to attract customers. But retailers should also consider partnering with local retailers of other specialties to organize joint events and potentially reach new customers.
Guttery shared some ideas for fun events, such as a gemstone roundtable or a yoga night.
“Remember, our No. 1 competitor in the jewelry industry is travel, because it's an experience. So we need to create an experience for our customers.”.
5. Livestream shopping is the new QVC.
In a separate session at the AGS Conclave, Joy Joya's jewelry dealer Laryssa Wirstiuk held a session on livestream shopping.
Consumers are looking for digital innovation, he said. Livestream shopping combines the convenience of online shopping with the privilege of in-store expert guidance.
Add in the entertainment factor that a live host provides and it might just be what customers are looking for.
Authentic real-time interactions are what separates live-stream shopping from home shopping, he noted.
“When you start this, it's going to be awkward,” he said, but he encouraged jewelers to try it anyway.
Even the big jewelers are getting into the game. With Swarovski offering in-person consultations and Jared hosting virtual appointments.
Jewelers can host live-streamed shopping sessions on a variety of platforms, including Instagram, Facebook, TikTok, Amazon Live and YouTube.
Wirstiuk recommended live streaming on whichever platform is the most active in terms of customer interaction.
