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The Best Practices for Selling Diamond Jewelry
Diamonds are billions of years old. In some cases, they date back over 3 billion years. Despite the incredible history, what is it about these single element stones that make them so coveted and sought after by the human population?
The first known use of a diamond engagement ring took place in 1477 when Archduke Maximillian of Austria gave Mary of Burgundy a gold ring featuring an M spelled out in diamonds. Since then, diamonds have played a dominant role in important life events such as engagements, anniversaries and large milestones.
Most people who have shopped for diamonds have become familiar with the four C’s – Cut, Clarity, Color, and Carat weight. Often times they will walk into a jewelry store or enter a website with these specifications in mind. But, for those who are making their first diamond jewelry purchase, it can come as a scary, overwhelming undertaking. As a seller, it is very important to follow best practices to ensure that sales are maximized while giving your customer a sense of security and happiness.While you're here, we invite you to check out our All-in-One Plan to Holiday Success. Click here to access the guide!
Brick and Mortar vs. Online Selling
Many people feel that buying diamond jewelry must be done in person, with the ability to see, hold and try on the piece to ensure that it is the right purchase. On the contrary, online diamond retailers are growing in popularity and for some people, this proves to be the more fitting option. Some of the reasons shoppers lean towards online purchasing include a bigger selection, better prices, and less pressure.
Whether you are a brick and mortar store that has employees interacting with customers or an online store, communication and building an emotional connection is essential to make a sale. If you are an online store it is recommended that you integrate a chat feature with 24/7 support so you have to ability to talk with customers. In both cases, you should learn what the shopper is looking for, answer any questions and most importantly address any doubts they might be experiencing.
Diamond Jewelry as a Gift
As a diamond seller, it’s necessary to share the technical features of a diamond, but not forget the emotional side of the purchase. Besides the beauty of the stone and how it sparkles, diamonds often represent romance and love. When you communicate with your customers, try to connect with them on this level. It is best to start by asking the customer what they are shopping for. In the store, this should be done when approaching the shopper and for online stores, an automated question can be sent via the chat.
For example, let’s take a diamond engagement ring. This is often the first step in a long journey towards marriage. Ask him (or her) how they intend to propose. Find out what their soon-to-be spouse enjoys and the sorts of gifts that have been exchanged in the past. The more questions you ask, and the more you listen during your needs analysis, the better equipped you’ll be to help the customer find the perfect ring.
Also by connecting on an emotional level, you’ll stir up feelings that will help reassure the customer that he (or she) is making the right choice in such an important life decision.
Diamond Jewelry as Self Indulgence
Some customers aren’t making a purchase as a gift, and are interested in self-indulgence. When you’ve learned that a customer is buying the jewelry for themselves, you’ll want to cater to this need without overdoing it.
If you are in a store, remember that shopping can be a very tactile experience, so give the customer items to try on, and assist them as necessary. Let her put on a diamond necklace and observe her expression while she looks at herself in a mirror. Let him put on a diamond-encrusted timepiece and watch his body language and microexpressions when he looks at it for the first time.
For online shopping, you should act as a friend on the other end of the chat. Ask the shopper what jewelry they currently wear and their daily style. You can even pose the question of what their dream piece looks like, or where they picture themselves wearing the piece. Talk with ease and patience and make the shopper feel as if you are emotionally vested in their purchase as well.
These indicators will help you understand what customers really want, and you can begin curating items for them based on what you have learned.
Closing the Deal – Make it Fit Their Budget
At this point, your customer should already be emotionally connected to the item for sale, and ready to make the purchase. The only possible barrier to purchase would be the price.
Helping customers fit the purchase into their budget is essential. An interest-free installment plan with Splitit is a great way to finance a purchase of this nature. With Splitit, customers can make a fine jewelry purchase using their existing Visa or Mastercard, and split the payment into multiple installments. Additionally, they can do so without paying any interest charges. Being able to spread the cost of the jewelry out over several months without worrying about paying interest is a major stress reliever.
This is especially helpful with an engagement ring, as they are just one of the many expenses associated with planning a wedding. They will even earn points and other rewards as they typically get from their card.
Interest-free installment payments are the future of fine jewelry sales. Splitit allows customers to use their existing payment options and there are no credit checks or applications that need to be filled out, making the checkout process smooth and swift.
Helping customers to find the perfect gift for their significant other or themselves is just one part of the journey. Ensuring that they can fit it into their budget is the other. With Splitit, your customers are able to purchase the perfect piece without worrying about a major financial impact, and you make sales. It’s a win-win for both sides and the diamond will sparkle forever with its new owner.While you're here, we invite you to check out our All-in-One Plan to Holiday Success. Click here to access the guide!