If you’re the owner of a jewelry or formalwear business, you may have been hit really hard by the restrictions imposed because of the COVID-19 pandemic. Many of you have been forced to close or are struggling with the question of adapting your jewelry and formalwear business to COVID-19.
We asked owners of jewelry and formalwear businesses all around the world what they are doing to adapt their business in a world suffering from the Coronavirus. This is what they had to say:
Stephen Silver Fine Jewelry, a luxury jeweler based out of Silicon Valley has pivoted in the face of the pandemic, now that their retail storefront has shuttered for the time being. During this temporary closure, the retailer has unveiled a remote buying program that actually pays customers for their watches and jewelry, instead of the other way around. Stephen Silver Fine Jewelry will BUY jewelry, watches, and other precious treasures direct from the public with their new ‘Unlock the Value of your Treasures’ remote buying campaign.
They are well poised to succeed with this program, having founded their vertically integrated business in the estate jewelry world decades ago. In recent years they ramped up the wholesale division to accommodate buys by private appointment, servicing the Northern California area. Now the program will go fully digital – allowing them to service clients near and far – helping them quickly free up liquidity in a time of need using items from their own jewelry boxes.
Anyone can schedule a free video evaluations with Stephen Silver Fine Jewelry’s gemologists and estate jewelry experts, who will help each client understand the value of their pieces or entire collections. The Silvers are looking to buy all kinds of treasures, even beyond the luxurious items they typically stock and sell. They are looking for jewelry, watches, gemstones, and precious metal goods (like rare coins, flatware, hollowware, etc.)
The Silvers are using this strategy to keep their essential staff on board, even while the retail storefront at Rosewood Sand Hill Resort in Menlo Park is shuttered for the time being. They will also carry on with e-commerce sales at shsilver.com. With this remote buying program, the Silvers hope to help people in crisis who need to quickly free up liquidity or for those who’d just like to clean house while they’re home on quarantine and find some money in the treasures they already have.
Jared Silver, Stephen Silver Fine Jewelry
One area of our business where we have made a lot of changes has been through paid search. Previously, most of our budget was pushed to the local community getting traffic into our brick and mortar store. With that closed, we have switched to pushing those same consumers to our online website.
We have updated our website to include free next day shipping and options such as gift wrapping, which is perfect for sending gifts to others. While this has helped support us during this crisis, we are still down about 75% in sales, but every bit helps.
Jeff Moriarty, Moriarty’s Gem Art
Our company has over 75 retail stores and since closing the doors because of this pandemic, we have updated all of our ads online to really push our normal brick and mortar customers to shop online with us. This includes updating our ad content, our site links and call outs to support messaging around COVID-19. We have a new FAQ page talking about the changes our company has made during this time, which helps answer customer’s questions.
Changes to our website include offering financing and soon installments, as well switching from free shipping over $50 to offering free shipping on all orders. These changes have helped us increase sales and conversion rates, but we won’t see a big turnaround until we can get our stores back up and open.
Celeste Huffman, Rogers and Hollands
As the head of marketing for Art of The Gentleman, I have made some drastic changes to our marketing efforts in response to COVID-19. With the country under stay at home orders, my company has seen a significant decrease in orders as a majority of our customers purchase our products for special events, work, weddings, conventions and more. With these events being cancelled and people working from home there has been a large decrease in the need for our products currently.
Typically we run direct selling campaigns showcasing our products for the season with the main goal of generating conversions. In response to COVID-19 we have cut our ad spend budgets and shifted the mix towards the top of funnel, running awareness campaigns to build our followers and email subscribers.
Our messaging has switched to a self-improvement message. Now is a great time for our customers to hunker down and work on bettering themselves whether that be living room workouts, healthy home cooked meals, reading books, learning new skills online, or of course making the decision to dress well and show off their gentleman style once life returns to normal.
Our goal is to build our following as much as possible at this time and then convert them into customers once the pandemic subsides.
Trevor Blessinger, Art of The Gentleman
If you’ve got a jewelry or formalwear business, we’d love to hear about what you’re doing to adapt to Coronavirus. Leave a comment below!