Surveying the Landscape: An Overview of the Jewelry Retail Industry

Many people, even though they have the talent and the skill, do not fulfill their dreams due to the fear of failing. Shying away from success because of uncertainty, ignorance or a few bumps on the road is like purposefully shredding thousands of dollars everyday for no apparent reason.

People who are having second thoughts whether to engage in jewelry retail business due to the present climate of the economy must answer this question, do you really believe that recession will reverse itself without any effort from the people?

If your answer is anything other than a resounding NO, then you may want to think twice about your virtues. Because “making it” does not start with the country’s economic standing but from a person’s belief to one’s self. The economy is the people and the people are the economy.

To diminish your fear when it comes to starting jewelry retail business, here is an overview of what to expect from the industry.

Jewelry has been a part of human civilization for as long as anyone could remember. We may say that we have come far when we talk about our accessories, from using animal skin and bones to harnessing the beauty of metals. Today, jewelry is used as symbols for celebrations like engagements, weddings or anniversaries, symbols for communication using fashion and symbols for individualism and identity.

The jewelry retail industry is estimated to generate annual revenues of about $25 billion from 30,000 specialty stores all across the country alone. What is good with the jewelry retail industry is its fragmented form. Even the top jewelry retail businesses only hold less than fifty percent of the market. The competitive landscape of jewelry retail industry is rather encouraging for small jewelry retailers.

Jewelry sales are only partly dependent on consumer income and with this, small jewelry retailers can effectively compete with bigger jewelry chains because price is not the primary determining factor. When it comes to the jewelry retail industry, profitability depends on good merchandising and effective marketing. Just because there is a big jewelry store on the block does not mean smaller retailers cannot go and share the bounty. The playing field is square and the only thing that separates the victors from the losers is the jewelry retailer’s strategy.

Success is not something that just falls from the sky and lucky is the person who got hit on the head. Any victory in life needs to be achieved by hard work and perseverance. As a line from the movie Princess Diaries states, “Courage is not the absence of fear but rather the judgment that something else is more important than fear.” Forget your cowardice and take the plunge by starting that business you believe in your heart will be a success. After all experience is the most important part of living!