Who are the HENRYs and why do you need to understand them? HENRY stands for High Earning, Not Rich Yet. HENRYs have household incomes between $100,000 and $250,000 but haven’t built wealth. Income refers to how much money comes into…
Meet the HENRYs
Tag: retail
Selling fancy coloured diamonds
The diamond market is sluggish and prices are falling, yet fancy coloured diamonds are among the hottest gems on the market today. They are continually setting auction records, often in the tens of millions of dollars. Fancy coloured diamonds come…
Pokémon Go or no?
Pokemon Go is an augmented reality game created by Nintendo using a smartphone’s GPS and camera to find hidden graphics. Launched in the US, Australia and New Zealand in early July, it is now being rolled out in parts of…
Building a Customer-Centric Culture in the Jewellery Industry
I bought a new car about a year ago. After shopping around, I decided on a dealership nearly an hour from my home because they gave me the most pleasant experience and emphasised their exceptional customer service. And so far,…
Greetings: The First Step in Selling
The first 10-15 seconds from the moment a customer walks through your door is the most crucial part of any sales presentation. It is more important than product knowledge or closing skills. You need to get their attention and build…
Did I get a good deal?
It is the most common and most frustrating of all the questions you will face. If you have a retail jewellery store, you will hear this question all too often. Your customer comes in to ask your professional opinion about a…
5 Summer Events to Boost Your Business
Since there are no gift-giving holidays until December, summertime is a slow season for many jewellers. This year, the jewellery business is experiencing even more of a slowdown due to global political and economic chaos. It will eventually get better,…
Use imagery to prevent stone-switching fraud
Kay Jewelers, one of the largest jewellery chains in the US became the centre of controversy over allegations of switching diamonds in customer’s jewellery. Signet Jewelers Ltd., the owner of the Kay, Zales and Jared jewellery chains, denied they are…
Augmented and Virtual Reality: The Brave New World of Retail
Augmented Reality is an exciting new tool for distributing information through “beacons”, close-proximity, wireless broadcast points. These beacons connect to smartphones, smartwatches, and other wearable technology. By itself, it has tremendous potential. Combined with virtual reality, smart mirrors, virtual fitting…
Young and looking for a job? Read this!
This is a tough time to be young and starting a career in retail jewellery. Too many stores are closing and the competition is fierce. There are plenty of career advisors who will tell you all of the things you are supposed…