The # 2 trade secret that jewelry stores don't want you to know is that their
average retail mark-up is 100% and Higher. Actually, this information is
available if you dig through the SEC filing for public jewelry companies.
Why is the mark-up so high on jewelry?
The main reason is that there are lots of costs associated in selling jewelry.
For example, each store has to pay rent, pay commissions, pay its sales staff,
pay for advertising, and hold its own inventory. And because most jewelry
retailers do not sell in high volume, their profit must be high for each item
in order to stay in business.
Another reason some jewelry retailers mark-up the price so high is that they
believe a higher price tag increases its perceived value.
How can jewelry stores that have 50% discounts still stay in business?
Have you ever seen small silver trinkets at jewelry stores selling for over $100?
The mark-up can be as high as a few hundred percent. But a high price tag
at a jewelry store does not necessarily reflect its true value.
Have you ever noticed that some stores always have a 40% sale sign especially
around Holidays?
You should watch out for these stores because they always inflate the price
and give you a big discount so you feel like you are getting a great deal.
So how do you find a good price? The best thing to do is comparison shop on
the internet. After comparison-shopping at least 3 internet jewelers, you will
get a good idea of the lowest price you can find. Even if you don't feel
comfortable buying jewelry on the internet, you can use the price to negotiate
a better price at the jewelry store. Almost all Brick and Mortar jewelry stores
are negotiable on price. Remember, most retailers mark-up their jewelry at
minimum 100%, so if you are ready to purchase, they will definitely negotiate
on price to make the sale. Just tell them the price that you found for the exact
same item on the internet. You will probably not be able to get as low of a price
as the internet, but if you want the peace of mind touching the jewelry and
talking to a sales person, the higher price may be worth it.
How is jewelry so much cheaper on the internet?
The nation's largest jewelry chains have more than 2500 stores nation wide.
Multiply 2500 stores by the cost of rent, salespersons' commissions,
advertising, and the cost of holding inventory. That's a huge expense.
In comparison, most of the largest internet jewelers are direct importers
or wholesalers. This means they supply to 100's or 1000's of retailers in volume.
And an online jeweler only needs 1 distribution center to serve the entire US,
with few sales persons. These cost savings result in lower prices for you.
Secret #2 Summary:
Average Retailer mark-up is 100% and higher
High price tag doesn't always reflect true value
Most prices at jewelry stores are negotiable
Wholesale Jewelry No Minimum
Whether you're a fashion retailer, an e-tailer, an eBay seller, or you simply want to earn some extra income selling costume jewelry, the key to success is finding great wholesale jewelry from a costume jewelry supplier. Finding high quality wholesale fashion jewelry can be an elusive quest, though, so here are five tips to get you started.
1. When it comes to wholesale jewelry, import is king.
Almost all fashion jewelry is imported, so you need to find a costume jewelry supplier that obtains jewelry from around the globe. The more sources of jewelry the supplier has, the more likely it is that you'll be able to find the variety of pieces you need at bargain prices. In addition, you'll be assured of a steady stream of new pieces and your ability to obtain the wholesale jewelry you need won't be hampered by world events that negatively impact those wholesalers with only one supply chain.
2. Find a jewelry trend spotter.
Unless you're steeped in the world of fashion, you won't be exposed to the nuances of seasonal jewelry trends. A good wholesale jewelry store will do your homework for you, and offer pieces that reflect the latest trends in jewelry design. You don't want to be stuck with chunky necklaces when fine filigree is in fashion, but you want to make sure you have enough hoop earrings when they hit the fashion runways.
3. Don't forget the classics.
Although it's important to have a variety of trendy pieces, a good wholesale costume jewelry supplier will also carry the classics, like sterling silver, cubic zirconia, Swarovski crystal, and semi-precious stone jewelry. Unless you specialize in being fashion forward, more traditional pieces are staples that will sell year-round.
4. Look for breadth and depth.
Accessories consist of more than earrings, bracelets, and necklaces, so your wholesale jewelry supplier should carry a wide variety of pieces. Anklets and toe rings are must-haves, but so are body jewelry, cell phone jewelry, hair accessories, key chain charms, and bejeweled belts.
5. Look for minimums, shipping, and customer satisfaction.
When you're shopping for wholesale jewelry, find a costume jewelry supplier that has a reasonable minimum purchase. You may not be able to - or want to - commit to investing a significant sum of money in fashion jewelry. An online wholesale jewelry store, for example, may only have a fifty-dollar minimum order, which is a perfect place to start.
In addition, it's important that the supplier you select has the merchandise in stock, rather than forcing you to wait until they receive their jewelry import. Look for a company that ships on the same business day or by the next business day at the latest.
Finally, one of the best ways to judge a wholesale jewelry supplier is by their commitment to customer satisfaction. The supplier should be able to provide you with testimonials, and attest to the importance of customer satisfaction to their business.
Both Eugenia Bivines & Chris Robertson are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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