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Last updateTue, 03 Dec 2019 11pm

Six ways to make your bridal business more profitable - Overnight

Overnight’s smart solutions to today’s market challenges

This year 2.2 million couples will tie the knot, buying 1.9 million engagement rings. Both men and women are marrying later and they know exactly what they want in bridal rings: uniqueness, an environmentally and ethically friendly product, and quality at a reasonable price. Consumers want to add their own twist to the rest of the jewelry in your cases too.

Welcome to the future of jewelry. If your store is stuck in the past, you’re losing out on sales - and profits.

“Luckily offering unique designs and quality craftsmanship at a reasonable price, and satisfying the socially conscious shopper is easier than ever before thanks to new programs offered by Overnight,” says Jeff Adwar, President of Overnight.

Here are six ways Overnight can help you to future-proof your bridal business and cater to the demanding new jewelry consumer.

1. Turbocharge Your Custom Design

Custom design is more important than ever before, especially to engagement ring customers. Shoppers are looking for jewelry that feels personal. Custom design is the best way to satisfy that desire of something unique and provide the bespoke shopping experience that customers crave.

Overnight custom

Selling custom design has a lot of other advantages as well. According to jewelry sales expert David Geller, selling from the showcase has a closing ratio of 30 percent in most jewelry stores, but custom design has a closing ratio of 70 or even 80 percent.

Custom design is also better for your store because it has higher margins, it’s more difficult to comparison shop, and you don’t need to carry the cost of inventory until you’ve already made the sale.

Custom design is better for the customer too. They don’t have to compromise on any of the details. The size and quality of the stones and the weight of the metal can be adjusted to fit their budget.

Customers are more involved in the process of designing their own rings and adding personal touches so they are more likely to share the results on social media and with friends and family, resulting in more referrals for you.

But for consumers trained for instant gratification, fast turnaround is key. They aren’t satisfied with month-long projects or vague pricing. They want to know exactly what you are offering and how much it will cost. They don’t want to wait for “your guy to get back to you.”

That’s why Overnight offers instant quotes. Just call with the details and you’ll have pricing immediately. Start from scratch or from any style in Overnight’s 650-page bridal catalog.

Overnight books

By the next day, Overnight’s master jewelers will turn a rough sketch or photo into a 3D CAD rendering that shows the customer exactly what their piece will look like. The finished piece is done in 5-7 business days after approval.

“That one-week turnaround on custom design is faster than ordering a stock mounting from many suppliers,” said Adwar.

How does Overnight do it?

Adwar sates Overnight has  become “the country’s most efficient custom design resource.” Overnight created a state-of-the-art CAD/CAM department, with a large and talented in-house CAD design team and a large number of Solidscape and Pro-Jet printers to service the growing demand for custom designs from their retail customers.

“With some of the industry’s best setters, jewelers and model-makers, the quality of our craftsmanship is unrivalled,” said Adwar. Overnight’s skilled CAD artists create the kind of renderings and models that impress consumers.

Overnight has created more than 76,000 custom designs for jewelers across the country. The company prints about 100 custom designs every night on the highest quality equipment. The skilled craftspeople in Overnight’s custom department never met a challenge they couldn’t create. “With Overnight as your custom partner, you can deliver better custom designs more quickly than the competition. That means more happy customers and more referrals,” he says.

2. Offer the Lab-Grown Option

Whether or not you choose to carry lab-grown diamonds, these more affordable alternatives to mined diamonds are becoming more popular with young consumers. Many young consumers see lab-grown diamonds as the environmentally-friendly option. The fact that they are wallet-friendly also is a factor for consumers with a limited budget: they can save the earth and save money at the same time.

When a customer asks about the lab grown option, Overnight makes it easy for you to say yes with thousands of certified center lab-grown diamonds in stock. You don’t have to invest in the category to profit from it and also make your customers happy.

Overnight also has a large selection of lab-grown melee. Customers who love the idea of lab-grown diamonds want all the diamonds in their piece to be lab-grown. Any of Overnight’s designs or custom pieces can be set with lab-grown melee and center stones. Instead of finding vendors for lab-grown center stones, lab-grown melee, lab-grown engagement mountings, and lab-grown diamond wedding bands, Overnight can handle everything.

You can even order Overnight’s popular inside-out hoops set with lab-grown diamonds. And price quotes for pieces made with lab-grown diamonds are instant: just call or use the Overnight website with live triple-key pricing.

“By partnering with Overnight, you can dominate the lab-grown category in your market, without investing in inventory,” Adwar said. All Overnight’s lab-grown diamonds are available on a 10-day memo so the customer can see them before buying. Just order certified lab-grown centers or loose lab-grown melee before 1pm for next day delivery.

3. Choose Recycled Metals

Responsibly sourced conflict-free mined diamonds and lab-grown diamonds are just the beginning of the conversation about responsible sourcing. Your customers who are looking for environmentally-friendly alternatives will also be excited to learn that you can offer them jewelry made with 100% recycled precious metals.

Overnight can help here too: all the company’s 50,000 designs are made with recycled precious metals. All styles are available in 10k, 14k, 18k, platinum, palladium, palladium/18k and silver. Gold can be ordered in white, yellow, rose or green. Many styles are available in two-tone as well. Overnight offers ten different diamond qualities as well as setting services for customer’s stones. All of Overnight’s diamonds are conflict free, from sources that are full participants in the Kimberley Process.

Overnight’s recycled metals casting service can deliver in as little as 24 hours after the order is placed. Finished jewelry is delivered in 3 to 5 business days.

4. Buy American and Stop Worrying About Tariffs

With news reports of the trade war and tariffs on jewelry and gemstones in the spotlight, it’s good to know that Overnight makes 95% of its products in America. When you buy American-made jewelry you don’t have to worry about disruptions in supply, sudden price increases, or inconsistent quality due to your vendor changing their supply chain.

Overnight America

Based in Long Island, New York, Overnight has the advantage of being able to recruit some of America’s best jewelry craftspeople, skilled not only in CAD and casting but stone setting, hand fabrication, filigree, engraving, milgrain and hand finishing. At Overnight, made in America doesn’t only mean reliable fast supply, it also means reliable quality craftsmanship with the capability to take on even the most complicated workmanship.

5. Invest in Your Business, Not in Gold

With gold prices $300 an ounce more than last year and the highest they’ve been in five years, holding live inventory is even more expensive. The money you invest in your stock represents lost opportunity: if you invest that money in marketing instead, you can increase your turnover and generate more sales.

To help you free up your capital, you can outsource your inventory to Overnight. Overnight stocks thousands of products in 14k white gold for next day delivery. And in-stock products aren’t limited to engagement ring settings.

Overnight always has best-selling holiday gifts, anniversary ideas, and the latest jewelry fashion trends, like this season’s linear earrings, ready to ship to you. That means you don’t need to have back stock even for your fastest-turning pieces.

And Overnight’s Couture Collection has high-style designer looks in stock with return privileges so you can keep your cases looking fresh with exciting new designs. Don’t miss the new 50-page Overnight Couture catalog due out this month with all the styles expected to be best-sellers this holiday season.

Overnight men(l-r) David Adwar, Vice President; Matthew Roth, Executive Vice President; Jeffrey Adwar, CEO & President, Mitch Adwar, Vice President.

6. Keep It in the Family

Because people always make the difference between surviving and thriving, make sure you work with suppliers who are real partners in your success. Because Overnight is family owned and operated, you can pick up the phone and talk to Jeff, Matthew, David or Mitchell whenever you need. The company does everything it can to support its customers. Your special orders are always given the special attention they deserve. Despite the company’s growing volume of orders, it still operates with the personal touch of the family business it still is at heart. And you can be proud to tell your customers that these beautiful bridal styles are made right here in America.

For more information contact Overnight at 888-731-1111 or www.overnightmountings.com.

 

 


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