How much more likely are you to buy something that’s on sale?
If you’re like the rest of shoppers in the U.S., the answer is much more. A recent survey found that two-thirds of consumers made a purchase they wouldn’t have otherwise made because of a discount or coupon.
Sales, discounts, and promotions excite shoppers and motivate them to buy more items and spend more money at your jewelry store — especially when they know prices will soon go back up.
But constantly putting products on sale, especially luxury items like jewelry, can actually discourage customers from making a purchase if it detracts from their perceived value of a product.
Because of this, it’s important to be creative and strategic with sales and discounts at your jewelry store. In this blog, we offer 11 jewelry store sale ideas to help you get started.
Jewelry Store Sale Ideas
These promotion ideas will help you keep your inventory turning over, including stubborn inventory that seems to stay on the shelves. Offering sales and discounts help you gain customer attention and accelerate sales.
1. Seasonal Sales
Those experienced in the jewelry business know there are seasonal fluctuations in sales and that certain occasions prompt high sales. Offering special deals during these peak seasons helps you capitalize on these high-demand times of year.
Some of the most popular times for jewelry sales are:
- Valentine’s Day
- Mother’s Day
- Black Friday
- Cyber Monday
- Holiday season
It can also be helpful to offer discounts during times of year that yield slower sales. In the jewelry industry, the summer months tend to be slower. Offering sales during the summer can encourage more purchases.
2. Birthday Discounts
Birthdays are another special occasion where a discount encourages sales. Birthday discounts are often part of loyalty programs, where repeat purchases allow customers to accumulate points to be exchanged for discounts and deals. As their name indicates, these programs build customer loyalty and prompt repeat visits.
Offering customers a birthday discount gives them a recurring reminder about your business and may prompt additional purchases.
3. Engagement and Wedding Promotions
Offering special bundles and discounts for engagement rings and wedding bands incentivizes couples to choose your jewelry store for their special day. Add even more value by offering free engraving or resizing.
Related Read: How To Advertise Diamonds: 9 Ways To Drive Sales
4. Buy One, Get One Deals
Customers are always looking for greater value, and this deal offers greater value for the same price. Some buy one, get one (BOGO) deals are “buy one, get one free,” while others are “buy one, get one 50% off” or offer another discount.
These sales are typically offered for products that have been on the shelves for a while and need to turnover quickly. For example, this might include items from a seasonal jewelry collection that is past its season. For new products that are selling well, this option likely isn’t necessary.
5. Flash Sales
When a sale is offered for a limited time, customers feel greater urgency to buy before prices go back to normal. Flash sales typically run for a very short time, like 24 hours. If you implement these sales, make sure to advertise them sufficiently. Use social media, email, and text messages to quickly alert customers to the deal and let them know how long the deal will run.
6. Customer Appreciation Events
Host in-store events and offer exclusive deals. Many retail stores host what they call “customer appreciation days,” where they offer significant discounts and extra perks. You could create a special discounted bundle for an event, like a Valentine’s Day bundle with various types of jewelry.
To generate more interest in these events, mark down your products, offer free gift wrapping, and serve refreshments. Events like these fill your jewelry store with customers, increase sales, and remind customers that their business is appreciated.
Related Read: Attract More Customers With These 6 Jewelry Store Event Ideas
7. Referral Discounts
Encourage your customers to spread the word about your jewelry store by offering a referral discount. Each time a customer refers someone to your store and they make a purchase, offer the referrer a voucher for a discount on their next purchase.
8. Coupons
Coupons can be printed on paper or distributed digitally, but digital coupons are increasingly replacing paper coupons. Remember that paper coupons are limited to the amount printed, while digital coupons posted online can be accessed by anyone — be prepared for a potentially higher volume of coupons to be used when an offer is posted digitally.
A customer with a coupon has an additional reason to choose your business over a competitor, and an additional motivation to enter your jewelry store. Although coupons lower your profit of an individual item, like any discount, they draw customers to your store, increasing purchases (and your bottom line).
9. Clearance Sales
Clearance sales tend to mean huge discounts. Have you ever passed by a store that was offering 60–70% off? This is an example of a clearance sale — business owners mark down slow-moving or outdated inventory they want to get rid of fast. These sales help you make room for new inventory.
Offer these deals sparingly. If customers see too many discounts offered, it may reduce the perceived value of your store’s jewelry.
10. Social Media Contests and Giveaways
When giveaways are advertised effectively and customers participate, they generate excitement about your products. Although the majority of customers won’t win contests and giveaways, they’ll learn more about the products you’re giving away.
Social media is a great place to host giveaways. Advertise these giveaways in posts and stories on platforms like Instagram and Facebook. Require your customers to post to their stories about your business to participate in a giveaway. This spreads the word to even more people and generates more awareness for your products and your store.
Related Read: 10 Steps to an Effective Jewelry Store Marketing Plan
11. Bundle Discounts
Bundles are a great way to motivate customers to buy more. Create a bundle of different jewelry types — for example, a necklace, a bracelet, and earrings — and discount the price from what a customer would pay for each separately. The customer will recognize a greater value and likely spend more than they would have otherwise.
Jewelry Store Sale Ideas To Help You Gain Customers
As you determine what kinds of sales, discounts, and promotions to offer at your jewelry store, be strategic. You don’t need to have a sale or promotion going all the time — and if you have too many, customers will feel less of an urgency to take advantage of them.
The jewelry store sale ideas we’ve shared can help you brainstorm what to implement at your store. Ultimately, pay attention to how much increased business you generate with these sales and discounts.
Depending on your store and your customers, some of these jewelry store sale ideas will work better than others. Determine which strategies work the best for your store and use them regularly. If a strategy yields minimal results, move on and try something new. Eventually, you’ll find a sale and discount strategy that works for your business and continually draws in new customers.
Gaining new customers and increasing revenue are great signs for a business — but they can also complicate your operations. To keep your jewelry store running efficiently, you need a comprehensive point of sale (POS) system.
Jewel360 is an all-in-one, cloud-based POS solution specifically designed for jewelry stores. With jewelry-specific features like custom work processes, appraisal resources, and access to the best jewelry suppliers, this platform will help you take your store to the next level. Schedule a demo today!
