Beware of Self Fulfilling Prophecies…..this is critically important. If you make decisions based on your belief that business will be bad, guess what…your business will be likely be bad. That, by definition, is a self-fulfilling prophecy.
However, we believe the reverse is also true. If you make decisions based on your belief that business will be good, guess what… there’s a real good chance your business will be good. Same self-fulfilling prophecy. Seems simple enough, but it’s not. Right now, we’re (hopefully) beginning to come out of a global pandemic, an economic collapse, and an historic social justice movement that began with many retailers across the country boarding up their windows. Pretty crazy, right? Perhaps, but it is reality. However, we still have our lives to live, and our businesses to run. So what are we going to do about it?
Let us share some of the feedback we’re hearing and seeing firsthand at GCAL, in the hopes you’ll adhere to the reverse self-fulfilling prophecy. We’ve heard very positive results from GCAL customers, both small and large. Of course many consumers are struggling big time, which results in retail struggles. But with the combination of unemployment insurance, plus the extra $600 added to their checks; plus the $1200 stimulus checks, at least some across the country have disposable income. And they are purchasing jewelry. Whether they’re finally getting engaged, purchasing that gift for an important event that was missed, or simply buying jewelry to enjoy one of the biggest benefits of the products you sell – jewelry truly makes people feel better… your store has products people want. And they may want it now!
To drive this point home, according to FDIC data (Federal Deposit Insurance Corp), “there was a record $2 trillion surge in cash that hit the deposit accounts of U.S. banks since the coronavirus first struck the U.S. in January. The wall of money flowing into banks has no precedent in history: in April alone, deposits grew by $865 billion, more than the previous record for an entire year.” With states continuing to lift coronavirus restrictions, people across the U.S. have felt more comfortable traveling, taking transit, eating out and even purchasing a new home. This improvement across the travel and restaurant industries, as well as the housing market, could signal that a broader economic recovery is on the horizon, even though the pandemic is still ongoing. Bottom line: when consumers do feel confident enough to broaden their spending habits, many have a well of money to draw on. So yes, there is plenty of bad news out there. But there’s good news as well. And we believe there are jewelry sales to be made. Think and plan accordingly.
Finally, there is a school of thought that says we should hope for the best, but plan for the worst. Ok, but make those hopes equate into positive thinking. Remember that reverse self-fulfilling prophecy: If you make decisions based on your belief that business will be good, guess what… there’s a real good chance your business will be good. Let’s end by borrowing the lyrics from a 1944 Johnny Mercer song: ” You’ve got to accentuate the positive. Eliminate the negative. And latch on to the affirmative. Don’t mess with Mister In-Between.” Stay safe, but stay focused. And remember, GCAL is here to help.
Sincerely,
Don, Pam, & Angelo Palmieri, Steve Feldman, & The GCAL Team
See an example of the GCAL Certificate with Hearts & Arrows and 360 Video (Link)
See an example of the GCAL Lab Grown Certificate with Hearts & Arrows and 360 Video (Link)
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YOUR BUSINESS
CHECK OUT THESE ARTICLES…
U.S. banks are ‘swimming in money’ as deposits increase by $2 trillion amid the coronavirus
-CNBC
The Essential Guide to Post–Covid-19 Consumers
-Bain & Co,
Five charts that track economic recovery in the U.S.
-CNBC
Apple Mobility Index
-Apple
Visualizing the Growth of COVID-19 in the U.S., Organized by State Peak Date
-Visual Capitalist
The economy is snapping back but still has a long way to go, alternative data shows
-CNBC
How U.S. Consumers are Spending Differently During COVID-19
-Visual Capitalist
How Safe Is Flying in the Age of Coronavirus?
-Bloomberg
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THE INDUSTRY
CHECK OUT THESE ARTICLES…
Edge Academy’s Smith Reports Independent Jewelers at 93% of Sales vs 2019
– Centurion
4 Insights from De Beers on Current Consumer Attitudes
– National Jeweler
Ben Chavis on Black Lives Matter and the Jewelry Industry
– JCK
3 Ways To Inject Cash Into Your Jewelry Business
-InStore
GN Diamond Launches Diamond Hunt
-InStore
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WEBINARS
CHECK OUT THESE SEMINARS…
Video Replay (Viewable Anytime)
Achieving Success After COVID-19 Via Vendor-Retailer Collaboration
-Centurion
This Webinar is a Panel Discussion exploring how the better level of the fine jewelry industry can succeed coming out of the COVID-19 Pandemic by using strategic collaboration between Retailers and Vendors as a key support system. It was recorded on April 24, 2020 and makes for fascinating viewing, especially now that openings are well under way and moving into their second and third phases. Panelists include the following top-level execs: Ben Blakeman, Blakeman’s Fine Jewelry, Rogers, AR (shown above); Myriam Gumuchian, Gumuchian, New York, NY; Vik Jain, Fana Jewelry, Ft. Lee, NJ; Craig Rottenberg, Long’s Jewelers, Burlington, MA; Andrew Siegel, Hamilton Jewelers, Princeton, NJ; Peter Smith, Hearts On Fire and Mémoire, Boston, MA. Howard Hauben, President and CEO of Centurion and Publisher of The Centurion is the moderator.
Video Replay (Viewable Anytime)
Acquiring An Online Customer Base Using Google
-Centurion
In this Webinar, Ron Dod from Visiture – an eCommerce Marketing agency with experience in the jewelry industry – explains how to get your jewelry store or brand up and running in today’s eCommerce ecosystem. We’ll learn how to create a strong digital foundation (that leverages Google) which will help you acquire customers that will prepare your store for long-term success.
June 23 at 8 AM EST
Lessons from China’s Covid-19 Retail Experience featuring Kent Wong
– Rapaport
Join Kent Wong, managing director of Chow Tai Fook, and Rapaport Senior Analyst Avi Krawitz as they share insights on jewelry demand in the post-pandemic economy: how consumer habits have changed, how retailers are adapting, and what that means for the rest of the supply chain.
June 23 at 1 PM EST
Responsible Sourcing: How to Get Started
– hosted by MJSA
Andrea Hill interviews responsible sourcing experts Christina Miller and Maggie Gabos about how to get started with responsible sourcing. This will be a practical, applicable, information-packed session that businesses of every size can use to begin a responsible-sourcing process. You don’t have to get it perfect – you just need to get started! Let these experts show you how.
June 25 at 1 PM EST
Moving Online: Protecting Your Business from Cyberattacks
– hosted by MJSA
From identity theft to entire systems shutting down from viruses or ransomware, the online world poses many dangers. As more businesses move online, those threats will only grow. Learn how you can protect your business against cyberattacks so you can not just survive but thrive online
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PODCASTS
CHECK OUT THESE LISTENS…
Interview with David Kellie, Natural Diamond Council
-JCK
In this edition of The Jewelry District you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates interview guest David Kellie, chief executive officer of the Natural Diamond Council (previously the Diamond Producers Association). David discusses the company’s rebranding, his thoughts on the lab-grown diamond industry, and diversity in the industry.
Lucara Diamond Outlines its Coronavirus Response
-Rapaport
Eira Thomas, CEO of Lucara Diamond Corp. appears cautiously confident the mining company has the balance sheet, the sales platform and the right product mix at its high-value Karowe mine in Botswana, to manage through the crisis.
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TRAINING
CHECK OUT OUR EDUCATION…
Selling with GCAL
-GCAL Team
Energize your staff to close more sales with the help of GCAL’s many exclusive, differentiating features. Turn prospects into buyers by skillfully answering questions and explaining the Zero Tolerance, Money-Backed Guaranteed Certs. Email us to schedule a time.
Gemprint – Protection and Profit Center
– Gemprint Team
Gemprint’s rapid and secure fingerprinting system for diamonds is used by every level of our industry to protect diamond assets. Learn how Gemprint technology can be implemented in your business to do everything from streamlining inventory control… to identifying returned diamonds… to earning discounts on jewelers block insurance… to providing a true profit center.
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