In the world of retail marketing, there are four different categories that products fall under for consumers: convenience, shopping, specialty, and unsought. Some examples of specialty products include unique occasion items, materials, and gifts. Wedding dresses, special occasion sterling silver gifts, and even holiday gifts for retail can fall into this category. The best plan for retail store owners is to have a healthy mix of these four different types of products. While specialty products are extremely attractive to consumers, in particular, because they are specifically sought out for a certain purpose or occasion, they aren’t something that will sell every single day. Providing a mix of products can help the store make regular sales that will support the business even when quality silver objects aren’t being purchased for holidays, celebrations, and other events. JT Inman Company offers a variety of specialty products, including collectible ornaments, unique gifts, and silver enamel jewelry pieces.
Identify Your Target Market
Who do you sell to at your retail store? What type of customers come to your establishment to purchase specialty products or make regular everyday purchases? Collecting data about your shoppers will help you to provide them with the things they want the next time they come to your store. Creating a balanced product mix will help you with all of your marketing endeavors and allow you to feature more specialty items, either on a seasonal basis or to explore new retail trends. Specialty sterling silver gifts can be tailored to the individual needs of a particular demographic or can be sourced in response to consumer interest and direct requests. Luxury items, including sterling silver gifts and holiday gifts for retail, can also fall into this category, as they are not an everyday convenience, need, or impulse type of purchase.
Procuring high-quality silver enamel jewelry and keepsake items is a must whenever they fall under the specialty product category. Because these are things that consumers seek out directly, a higher level of quality, consistency, and reputation must be maintained. This includes customizations and personalization of existing quality silver objects, if they are offered, to ensure consumer satisfaction. While you want to be flexible and offer your customers as many options as possible, the rewards that come from taking your time to ensure that the items you showcase at your retail store measure up to your high standards of quality will pay off in the end. Working directly with a manufacturer of fine sterling silver can often be the best way to ensure that you are only displaying quality items. JT Inman Company has earned a solid reputation for designing and manufacturing artisan-quality sterling silver gifts that will enhance your retail store.
Offer Multiple Price Points
Every shopper who comes through the doors to your store will have a general price in mind that they want to spend. This is true, whether they are shopping for themselves or others. Specialty items can typically be priced higher than convenience or everyday shopping products, as they are extremely specific and are sold for a certain occasion. This is why holiday gifts for retail often sell for higher prices than similar items that sell during other times of the year. Luxury items can be priced significantly higher than their everyday counterparts, yet it is still crucial to stay on top of current pricing trends to ensure that you do not outprice yourself in the market.
Be careful not to drop your prices too low, even if you experience a sales lull. You might price yourself into a corner, and it could impact other sales as well. Low prices are often a sign of lower quality, which might bring in a whole new demographic of shoppers that demand low prices for cheap products. Try to stay in the middle of the market price range for the best results and raise them as the market will allow. Experiment with limited-time sales if you need to attract new customers, increase profits, or simply explore the way that your customers react to pricing. Just be wary of dropping price tags too low to avoid negative fallout or drastic changes.
If you have questions about pricing and need suggestions for any of the quality silver objects and jewelry that we carry at JT Inman Company, give us a call at 508-226-0080. Our friendly and knowledgeable customer service agents can provide support and offer suggestions for custom or white label opportunities to increase your specialty offerings.