Silver jewelry:the fastest growing merchandise
By Hannah Connorton http://www.nationaljeweler.com
With retailers reporting strong silver jewelry sales across the country, Michael Barlerin, director of the Silver Promotion Service (SPS), weighed in how to keep this trend alive throughout the holiday season.
“Based on the sales results I’ve seen throughout the year, I’d call holiday 2011 the season of silver,” Barlerin said. “It continues to be the fastest growing merchandise category, and continues to give retailers the best maintained margins.”
Barlerin shared with National Jeweler five tips retailers can use to maximize silver sales in the upcoming months.
First, he said, retailers should merchandise silver more aggressively by carrying large assortments of silver jewelry.
“Shoppers know that certain retailers are carrying plenty of diamonds, watches and gold, but they may not know about an assortment of silver that store may have,” Barlerin said. “Communicating to customers that they are a silver retailer is a very good starting point.”
Second, retailers should offer an array of price points for silver jewelry.
“One of the things happening in the market is a breadth of price points that are increasingly being sold,” Barlerin said. “Merchandising with an array of prices would be very important for a silver retailer, as higher price points are doing well.”
The third thing retailers can do to maximize silver sales is include a section of gem-set sterling silver or silver with treated finishes in their showcase.
“One of the things making silver so buoyant right now is the diversity of the looks,” Barlerin said, “so retailers should be capturing the fact that silver jewelry is available now, not just in exquisitely designed plain silver, but with colored stoned and treated finishes.”
The fourth tip comes in the form of display.
“Silver lends itself to a themed window better than other merchandising classifications,” Barlerin said. “If it’s the season of silver, a great window display with good silver jewelry product and silver ornaments or bowls will look good.”
Lastly, Barlerin said increased signage through the use of visual merchandising kits help jewelers to communicate that silver is in the store.
“I think a retailer should identify his silver jewelry more aggressively in the windows and store levels,” he said. “Signing silver is relevant.”
To assist with this, the SPS is making available silver point of sale kits to identified retailers and would welcome interested inquiries based on availability.
Overall, Barlerin said he looks forward to the results of a special year for silver, what he says is building the foundation for continued growth in 2012.
“The surge in silver sales is not just linked to the gold price,” he said. “There’s been a seat change in the role that silver plays.”
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