Anyone who has purchased any piece of jewelry from a jewelry store can imagine the amount of working capital needed to fund these stores. The prices for these materials has increased over the years as if it was not expensive enough. With the increase in costs, profit margins have reportedly gone down, especially for diamonds.
Many stores have begun doing repair and custom work to compete with these decreasing profit margins. Jewelry does maintain its value longer than other conventional retail products. It is also common for jewelry stores to order too much inventory at a poor time and decrease working capital.
Online marketing has become crucial for jewelry stores as well. Customers want to be able to browse through products on a user-friendly website, while also being able to see details of the jewelry. Long-term marketing campaigns could be easily covered if jewelry sales were not so seasonal. Most stores make a majority of their sales during the wedding season and around the holidays.
First Premier Funding has funded many Jewelry Stores. We can provide you the funding to improve your business and better manage inventory. Contact us today at (888) 358-8484 or apply now to see how First Premier Funding can help your business grow.