Become More Profitable with the Right Jewelry Business Strategy

The jewelry business is a promising industry, especially because of the high public enthusiasm for jewelry as an accessory and investment. However, jewelry business players need to be aware of several factors, such as high price fluctuations and the need to continue to innovate in order to meet consumer demand.

In the following SIGMA article, we have summarized information for you regarding various challenges that must be faced by gold jewelry businesses and how to increase profits with CRM software. Let's read the article together!

Obstacles Faced in the Jewelry Business

In Indonesia, there are still many people who love jewelry, especially gold. This precious metal is widely used by people to save as an investment instrument. Therefore, the jewelry business is still a promising business because it offers high profits.

Even so, the gold jewelry business has high risks because prices can change over time. For example, in 2015, Antam gold in Indonesia was priced at around IDR 490,000 to IDR 530,000 per gram. In the last two years, the price of gold rose significantly and reached IDR 953,000, so the increase in the last 5 years reached a ratio of 50%.

Investors certainly see this phenomenon as an opportunity. However, jewelry business players see this as a nightmare because consumers' interest in buying jewelry has decreased due to the drastic increase in prices.

As a result, jewelry business sales declined. Of course, this can be overcome if you can manage good relationships with customers so that their loyalty grows. Before knowing how to manage relationships with customers, here are other challenges that jewelry businesses must face.

1. Uncertain Global Conditions

Many uncertain conditions can affect the jewelry business. For example, wars, economic crises and recessions can trigger a decrease or increase in jewelry prices.

When economic and political conditions worsen, the price of jewelry soars so that it can be a lifesaver for society. However, when the situation began to improve, people's interest in jewelry began to wane, causing prices to decrease.

The decline in interest in jewelry can actually be prevented if the jewelry business is able to provide the best service, attractive offers, and try to increase customer satisfaction.

2. Tight Market Competition

Uncertain conditions that cause price fluctuations mean that many jewelry businesses have to innovate in order to attract customer interest. As a result, sales figures become uncertain because competition becomes increasingly fierce.

Many business people try to overcome this by giving discounts on jewelry or creating unique jewelry designs to attract customers' attention. Of course, careful decisions need to be taken after business actors have successfully mapped customer opportunities and interests so that the strategies implemented are right on target. Therefore, using CRM software will be very profitable.

3. Lack of Effectiveness in Marketing Strategy

Something that is no less important for jewelry business people to pay attention to is the right marketing strategy. Why is marketing strategy important?

Jewelry is not something that customers will buy carelessly because jewelry is classified as a luxury item. Therefore, customers will try to do research before buying jewelry. This is where marketing strategy plays an important role.

Customers will choose the best offers given by jewelry business players so they need to make a breakthrough so that customers decide to buy jewelry from them.

Business decisions like this will certainly be on target if you are assisted by the right CRM technology.

Tingkatkan Profit Bisnis Perhiasan Emas Anda Bersama Software ERP kami.

If you want to attract customer interest and manage customer relationships well to increase loyalty and maintain sales levels, use the right CRM technology.

CRM technology can help you manage customers, map customer opportunities and interests, and help design sales strategies.

SIGMA offers best-in-class solutions to help you manage your entire customer lifecycle. With ERP CRM from SIGMA, you can easily integrate and automate your business processes to increase performance, efficiency and productivity.

With SIGMA, you can enjoy a variety of benefits, including:

• Improve customer experience by automating customer interactions
• Keep your customer data organized and centralized
• Speed up your business processes and increase efficiency

• Improve collaboration between departments and teams
  

• Reduce operational costs and human errors
  

Also Read: Benefits of ERP Software to Maximize Profits and Reduce Costs in the Mining Industry

In this digital era, having an ERP CRM from SIGMA is a very important investment for your business. Don't miss the opportunity to optimize your business performance. Contact SIGMA now for more information! "CLICK HERE" for a FREE consultation!

Tags : SAP Business One Bandung, SAP Business One Bali, SAP Business One Surabaya, SAP Business One Jakarta, SAP Business One Semarang