Buoyant retail sales have injected a strong sense of optimism into the jewellery sector.
With customers keen to invest in luxury items, is your store taking advantage of opportunities to earn commission and harness customer loyalty?
British Retail Consortium figures indicate a significant rise in customer spending, with experts citing pent-up demand, the re-opening of the hospitality sector and growing consumer confidence as reasons for the bounce back. While clothing sales represent the biggest increase, jewellery is not far behind.
Simon Dawe, sales director for insurance broker TH March, explains: “The jewellery retail sector has done a brilliant job of adapting over the last few months and the sales figures being reported for the first three quarters of 2021 reflect the resilience of the whole industry.
“By attending shows, conferences and industry awards in recent weeks, I’ve had the opportunity to catch up with many of our partners and customers.
“The message that has shone through is that both high street and boutique jewellers have come back strong after the coronavirus restrictions. We want to ensure that all our retail customers understand how TH March can help them earn commission and nurture customer loyalty.”
Earn commission on customers’ purchases
In adapting to challenges during the pandemic, many jewellery retailers have made changes to their businesses, including recruiting new employees.
Some staff may not be aware of the opportunities to earn commission by recommending their customers to TH March. The insurance broker helps its retail customers earn additional income while also ensuring customers protect their new purchases.
The products and services TH March offers range from March Guard, a point-of-sale insurance product designed for items of £5,000 or under, to bespoke insurance for high-value jewellery and watch purchases.
Retailers can even earn commission on policies with premiums of around £5,000 to £10,000-plus – and sometimes up to and beyond £100,000 – by recommending TH March to high-net worth individuals for their jewellery collections, homes, prestige vehicles and other prized possessions.
The company’s Simon Dawe explains: “Jewellers can maximise on the increase in footfall and sales the sector is enjoying by earning commission on specialist insurance.
“Because all jewellers are different, TH March offers a range of products and services for retailers to promote to their customers.
“For luxury and higher-value items, we offer March Insurance Solutions, which means jewellers refer customers to us so we can find the best insurance for their new purchases. It’s a simple approach but it works.
“The customer benefits from market-leading, best-value insurance cover, designed specifically for their needs, while the retailer earns valuable commission.”
Harnessing loyalty and building trust
In an increasingly competitive market, customer loyalty is more important than ever – particularly when it comes to making a major purchase like jewellery. Many jewellers rely on and pride themselves on establishing long-term and trusting relationships with their regular customers.
TH March can help retailers harness customer loyalty by empowering them to guide their customers to the right insurance for their precious items.
For policies taken out through March Guard or March Insurance Solutions, TH March also endeavours to arrange for customers to return to the recommending jeweller for replacements and repairs, encouraging repeat business.
Simon Dawe tells Professional Jeweller: “We understand that our clients want to give their discerning customers the very best service. And, if they have to make an insurance claim, they want them to come back for repairs or replacements.
“While earning commission gives our retail clients a boost, many choose to offer our services because they know it will help build trust and loyalty with their customers.”
Getting to know your customer base
Whether running an exclusive appointment-only boutique store or a high street chain, most jewellers want to get to know and understand their customers. This may mean helping them to grow and protect their jewellery collections or understanding more about their other interests and passions.
Simon Dawe says: “As TH March approaches its 135th anniversary, with an updated brand and enhanced offering, retailers can be confident in recommending us to their most valued customers.
“The jewellery retail sector has done a brilliant job of adapting over the last few months”
“This does not just mean providing the right cover for their latest jewellery or watch purchase. It also extends to recommending TH March services to high net worth individuals for a whole range of bespoke cover, from protecting prestige cars and antiques to providing home and life insurance.
“Whatever they value most, our retail clients’ customers can relax in the knowledge it is protected through the UK’s most experienced and trusted elite insurance broker.”