If you’ve been in the diamond and jewelry industry for a while, you know that selling diamonds to Millennials isn’t as easy as it was with baby boomers and generation x. Diamonds used to be forever, but Millennials have been putting that mentality to a stop with their newfound ideals. Not only are they getting married at a slower rate, but also taking more time to become informed and educated about their purchases, making sure they are finding the best deal. But the hope of selling your diamonds to this new generation is not all lost. With a few tweaks to your strategy, selling diamonds to Millennials won’t be as difficult as you think.
Love the planet as much as you love diamonds
Millennials are extremely environmentally-conscious. This means that they aren’t interested in brand new, sparkly things anymore. What’s more interesting to them is finding things that have been reused and repurposed. That is why vintage pieces are making a comeback. You can also sell old stones that are put into new settings. Not only are they stunning, but they also keep the environment in mind. Another bonus is that pieces like this are unique. By repurposing diamonds, Millennials are able to find something that is completely their own, not just another generic engagement ring.
Create a valuable experience and affordable rings
Not only does your product have to be a show-stopper, but also the experience you offer. Millennials are looking for something with a low price point and with a lot of value. It’s time to elevate the shopping experience for your customers. By adding a cafe or bar, or just offering personalization, you’re giving Millennials a much more memorable experience than just buying jewelry. Besides creating the ultimate experience, you must also think about your pricing. With so many e-commerce diamond and jewelry stores bringing in affordable options, you need to make sure your prices can compete.
Brilliance and sparkle
Shopping for a diamond that has the 4Cs isn’t so glamorous as it once was. People are realizing that it is just too complicated to understand and creates a more stressful experience for everyone. Selling your diamonds on their brilliance and sparkle factors is an easier way for customers to see the quality and make a decision right away.
Share your diamonds on social media
The time Millennials spend on social media is at an all-time high. And more and more businesses are using this opportunity to reach this younger audience. Figure out which platforms your customers use most and start creating ads. This is a cost-effect and easy way to catch a Millennial’s attention and show that you are up with the trends.
Being able to understand Millennials and reaching their needs through your business will ultimately capture their attention. It’s a different plan of action, but one that will help you in the long run with your future sales. To make things easier, switch to the Barak ERP system to handle most of the workload with any jewelry/diamond-based operation. From tracking inventory, income vs. expenses, pricing, customers, vendors and more…You can save time to focus on the bigger aspects of your business -- Schedule a meeting with a Barak sales rep to get an online demo today!