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7 Tips on How to Compete with Online Diamond Merchants

May 08, 2018Dana E. , Diamond Specialist & Communications Manager Overview of the Fancy Color Diamond Market

Let’s face it... the growth of online, e-commerce has many small retailers worried about how they can compete with the Amazon-type, multi-billion dollar giants of the world. It’s only natural to be anxious when looking at numbers in the trillions, but fear not jewelers - we’re here to ease your fears and help you succeed against those online conglomerates. Tip #1: Accentuate Your Worth

Each business has its strengths and weaknesses, and the key is to focus on your strengths. Retail jewelers have one thing that online merchants don’t have - a personal touch. Flaunt what you have and use the personal relationships you’ve built with your customers to your advantage. A face-to-face interaction is still an experience that most customers need, especially when making an important purchase, such as a diamond. It comes down to trust. Building trust through a personal relationship with your clients is essential to your business, and it’s something that online merchants have difficulties with. Don’t forget how powerful this is. Tip #2: Get Social Just because you aren’t an e-commerce business doesn’t mean you can’t become a player in the online game. Start using your social media pages to gain new customers. Join a group like Jewelers Conquering the Digital World to get valuable tips. is a tremendous source of FREE all-things-diamond content, so start sharing with your followers.

Tip #3 Learn from Your Competition

Remember the phrase, “if you can’t beat em, join em?” Well, it’s not necessary to go that far, but you can learn from how they operate. Go to sites like Amazon and see what type of selling strategies they use. Tip #4 Branch Out

Becoming a destination retailer is becoming more and more popular, especially when people can Google anything. Find a specific jewelry niche that people are looking for and become the retailer in your area that offers it. Do your research to make sure you are the only one around you who offers this speciality and start advertising. You’ll be surprised how many new clients you can attract.

Tip #5 Learn to be Flexible

Our world is changing faster than most of us can keep up with it, and we need to learn how to roll with the times. Tradition is wonderful, but something that worked 20 years ago, might not work today. You need to adapt to the times if you want to survive. Tip #6 Say NO to Price Wars

You might see online lower prices and think your response should be to lower your prices as well. Don’t do it. Hold on to your prices and remember what your worth! Tip #7 Don’t Stick Your Head in the Sand

Ostridges are notorious for sticking their heads in the sand, meaning “ignore the problem and it will just go away”. Your online competitors are not going anywhere and ignoring them will only hurt your business. It’s time to take your head out of the sand and fight them head on! Ignorance is not bliss, and it’s time to use your competition to make your business that much better!

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